PSERS board reverses course and raises pension payments for Pa. school employees Joseph N. DiStefano, The Philadelphia Inquirer
In a costly reversal, the state’s largest pension plan said Monday that it would require school employees to pay more to support their retirement after the fund’s executives admitted reporting inflated investment results.
The PSERS board voted, 12-1, to raise the amount that school employees hired since 2011 typically pay into the fund from 7.5% to 8%. Those hired since July 2019 would see a larger jump to 8.25% of their salary. The increases will take effect in July and last for the next three years.