HARRISBURG, PA -- The Pennsylvania Public School Employees Retirement System has continued its decades-long streak of earning a top financial transparency award from one of North America’s leading government trade associations.
PSERS received the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada [GFOA]. The Chicago-based organization represents 20,000 elected and appointed officials in the two countries. PSERS’ staff were recognized for clearly and concisely publicizing the system’s assets, liabilities, and investment and actuarial strategies in its 2018 Comprehensive Annual Financial Report [CAFR].
It is the 36th straight year PSERS has earned this prestigious national award, which is the highest honor a government agency can receive for accounting and financial reporting that demonstrates a “spirit of full disclosure.”
The annual report is compiled in accordance with Pennsylvania law and accounting principles generally accepted in the United States of America. Copies are distributed to the governor, General Assembly, PSERS’ Board of Trustees and PSERS’ employers. The report is also posted on PSERS’ website (psers.pa.gov) under the “Financial Publications” link.
The 128-page report is a one-stop shop for the public to learn about PSERS’ role in overseeing retirement benefits for Pennsylvania’s public school employees in the 2018 and 2017 fiscal years (July 1-June 30). It includes color charts, maps and graphs showing pension benefit disbursements by county and funding sources. It also includes detailed tables showing assets and expenses over time. The CAFR also contains plain-language descriptions explaining how PSERS conducts long-term investments and actuarial calculations.
About the Pennsylvania Public School Employees' Retirement System
Founded in 1917, PSERS is the 15th largest state-sponsored defined benefit public pension fund in the nation. As of December 31, 2018, PSERS had net assets of approximately $54.9 billion and a membership of over 256,000 active school employees and over 233,000 retirees.