Pennsylvania State Employees' Retirement System (PennSERS) Revenue and Competitors

The Pennsylvania State Employees’ Retirement System is a small agency with a big purpose: administering the retirement benefits for nearly a quarter-million current and former Pennsylvania employees, their beneficiaries, and survivors. \n\nFor most of our members and participants, these retirement benefits are their biggest assets, and are meant to support them for life after retirement. With that as our driving force, all of us at PennSERS share a singular focus: help prepare our members and participants to achieve financial security in retirement. \n\nGuided by an 11-member board, our work involves administering nearly $38 billion in assets, as of December 31, 2022. The assets are held in trust for our members and participants as part of the four retirement plans we administer:\n\n• 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. \n\n• Defined Contribution Plan, is a personal investment plan, similar to a 401(k) plan, that opened to new employees in 2019. \n\n• 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. \n\n• Deferred Compensation Plan, is a voluntary, supplemental investment plan that has been providing extra retirement savings to SERS members since 1987.