Pennsylvania State Employees Retirement System (PennSERS)

The Pennsylvania State Employees’ Retirement System administers the retirement benefits for nearly a quarter-million current and former Pennsylvania employees, their beneficiaries, and survivors. Guided by an 11-member board, its work involves administering nearly $38 billion in assets, as of December 31, 2022. The assets are held as part of the four retirement plans it administers: • Defined Benefit Plan, known as the traditional pension plan, was established in 1923, making it one of the nation’s oldest and largest statewide retirement plans for public employees. • Defined Contribution Plan, is a personal investment plan, similar to a 401(k) plan, that opened to new employees in 2019. • Hybrid Plan, is a combination plan in which employees contribute to both the traditional pension plan and the newer investment plan. It also opened to new employees in 2019. • Deferred Compensation Plan, is a voluntary, supplemental investment plan that has been providing extra retirement savings to SERS members since 1987.