Erisa Retirement Plan For Teachers In Pennsylvania
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FAQ
The Public School Employees' Retirement System (PSERS) is an agency of the Commonwealth of Pennsylvania that administers the pension plan for Pennsylvania's public school employees. The PSERS pension plan is a governmental defined benefit plan, classified by the Internal Revenue Service Code as a 401(a) plan.
Employees may begin collecting full benefits at age 65 if they have completed 10 years of service. Those with 35 years of completed service may retire as soon as the sum of their age and years of service total 92. Employees are required to contribute 6.25 percent of their salaries each year to the plan.
Age 65 with at least three (3) years of credited service, or any age/service combination that totals 92 (“Rule of 92”) with a minimum of 35 years of service. Example: A member age 57 with35 years of credited service (57 age + 35 service = 92) would total 92 and, therefore, would be superannuated.
Plans must meet minimum ERISA requirements The Department of Labor's Employee Benefits Security Administration currently oversees ERISA. Your retirement plan administrator should be able to tell you whether or not your retirement plan qualifies for ERISA.
Class T-F members will receive an annual retirement benefit, payable monthly, under the following calculation: 2.5% x Final Average Salary x Years of Credited Service = Yearly Benefit under the Maximum Single Life Annuity.
A qualified retirement plan is included in Section 401(a) of the Tax Code and falls under the jurisdiction of ERISA guidelines. Employee and/or employer contributions are distinct from the employer's balance sheet and are owned by the employee.
SERS manages the public pension system for most state employees while PSERS serves state employees in the field of education. If you want extra guidance navigating the Pennsylvania retirement system, or your retirement plan as a whole, consider working with a financial advisor.
Check Your Plan Documents: Review your Summary Plan Description (SPD) or other documents. ERISA plans must provide an SPD that clearly states they are an ERISA plan. Look at Employer Contributions: If your employer contributes to the plan or matches your contributions, it's likely an ERISA plan.
ERISA plan is not subject to annual 5500 reporting. ERISA plan with over 100 participants does not require an annual audit. ERISA plan is not subject to the strict ERISA fiduciary standards, but it is subject to state law and other standards.