Member Self-Service Portal | Public School Employees' Retirement System (2024)

FAQs

What is the credit rating for PA public school employees retirement system? ›

The rating for the internally-managed PSERS Short-Term Investment Pool is considered Aaa/AAA for credit rating purposes.

You can retire and get your FULL benefit at age 55 with 32 years of service or age 67 with five years of service. You can retire with a smaller, REDUCED benefit at age 57 with 25 years of service or age 62 with five years of service.

AGE + SERVICE CREDIT + SALARY = PENSION

Your pension is based on age, service credit, and salary. The age used in a pension calculation is your actual age at the time you retire.

If you are vested for an APERS benefit (you have five years of actual service), you are entitled to a retirement annuity upon meeting eligibility criteria. For most individuals, applying for normal retirement without any reduction for age or service is possible at age 65 or at any age with 28 years of actual service.

In most cases, yes. The PSERS pension monthly income provides you with consistent lifetime income. This is a great benefit, but it will lose value over time due to inflation.

If you have at least 10 years of creditable service, then you are vested in PSERS. You will eligible to receive a retirement benefit from PSERS the first of the month following your 60th birthday (at a reduced benefit) or the month following your 65th birthday for full benefits.

Vested benefits refer to the portion of a pension plan that an employee is entitled to receive even if they leave their job before retirement age. In essence, it's the money an employee has earned that is theirs to keep, regardless of their employment status.

Keep in mind, your OPERS benefit will not be reduced by any Social Security benefit you may receive. The GPO may also affect you if you are eligible for Social Security benefits through your spouse. The GPO is a reduction of Social Security benefits by two-thirds of your OPERS benefit.

Once a pension has vested, you should be entitled to keep those funds, even if you're fired. However, you aren't always entitled to all the money in your pension fund. In some cases, you might lose some, or even all, of your pension.

The average school employee benefit is $21,588 per year, or $1,799 per month. IPERS covers 80,743 active school employees and 51,884 retired school employees and beneficiaries.

How do I figure out my pension amount? ›

Multipliers are sometimes known by other terms, such as “accrual rate” or “crediting rate” but they mean the same thing. A typical multiplier is 2%. So, if you work 30 years, and your final average salary is $75,000, then your pension would be 30 x 2% x $75,000 = $45,000 a year.

The minimum retirement age for service retirement for most members is 50 years with five years of service credit. The more service credit you have, the higher your retirement benefits will be. There are three basic types of retirement: service, disability, and industrial disability.

If you are no longer employed in a position covered by this system, you are eligible for a lump sum refund of your member contributions plus interest. service (both contributory and noncontributory) and forfeit your rights to all retirement benefits.

Using 30 to 35 years of service is a good rule of thumb for comparing pensions from various states. This means that someone who enters teaching before age 25 with a bachelor's and accumulates 30 or more years of service can usually retire sometime between age 55 and 60.

In September, the Governor announced(opens in a new tab) that Moody's reaffirmed(opens in a new tab) Pennsylvania's Aa3 issuer credit rating and upgraded the Commonwealth's rating outlook to positive from stable.

HARTFORD (S&P Global Ratings) Aug. 22, 2022--S&P Global Ratings assigned its 'A+' long-term rating to the Commonwealth of Pennsylvania's $1 billion first series of 2022 general obligation (GO) bonds. At the same time, we affirmed our 'A+' rating on t...

Harrisburg, PA – Today, Moody's reaffirmed Pennsylvania's Aa3 issuer credit rating and has upgraded the Commonwealth's rating outlook to positive from stable, affirming that Pennsylvania's economy and budgeting practices are strong and setting the Commonwealth up for long-term success.

January 15, 2024 – PSP Capital has launched a new A$ Kangaroo Program December 20, 2023 – Moody's affirms PSPIB's credit rating at 'Aaa'/'P-1'; Outlook Stable.