User:Jay.Darbs/sandbox

Pennsylvania School Employees Retirement System and State Employees Retirement System in 1917 and 1923
The Public-School Employees Retirement System (PSERS) started in 1917 when it became law on July 18th, and its board was made up of seven members. The law took effect July 1, 1919, they started with the merger of 13 school district retirement systems and moving them to the statewide system, at the time, there was a total of 37,503 members. In July 1920, PSERS was able to give 204 of its members, full retirement and 50 of its members, disability claims. In 1924 their membership had gained more than 10,000 people since 1919 PSERS had 7.3 million dollars in the retirement fund. These funds continue to be invested in Pennsylvania state county, city, borough, and township; with a preference for school district bonds. This system was not affected by the stock market crash of 1929. In 1933 their membership was 74,698 people, and they started investing in US government bonds in 1935 at the peak of the Great Depression. These bonds helped create jobs build schools and maintain roads in Pennsylvania. As membership continues to rise so did the assets of the organization. By 1953 they had 91,000 members and 567.7 million dollars worth of assets. The minimum benefit paid to retirees at the time was $100 a month. Several cost-of-living adjustments started in 1967, and by 1970 they developed a formula to achieve the right payment to retirees adequately. By 1974 they formed offices all over Pennsylvania to council members and instruct reporting units.

State Employee Retirement System (SERS)
The Pennsylvania State Employee Retirement System (SERS) manages pension benefits for employees and retirees of the public sector. The state employee retirement system paid 3.2 billion dollars in bonuses and maintained more than 2.75 billion dollars in assets during 2016. The Pennsylvania State Employee Retirement code created this system. It is a multiple employer cost-sharing defined benefit plan that is state required for new employees to join. Employees pay 6.25% of their salary to the state Employee Retirement System and if the employee decides to leave the service before being a symbol for a long-time pension they can withdraw the about they have contributed with 4% interest. The state employees retirement system also offers a voluntary deferred compensation program where employees can choose to use payroll declarations to build additional retirement savings and investment accounts. These organization works are headed by the 11-member state employee retirement board and 165 public employees.

Cost Of Living Adjustments (COLAs) 1968
The Cost Of Living Adjustments (COLAs) is “A percentage of the maximum benefit based on the year of retirement.” It increases the range of retirement benefits from 1% to 150% this increase was granted to all State Employee Retirement System (SERS) members that reach the employee retirement system normal retirement age when they retired and those receiving a SERS disability retirement benefit. The increase does not pass to beneficiaries at the time of the member's death.

Sers - Colas. (n.d.). Retrieved from http://sers.pa.gov/members-COLAs.aspx

Pennsylvania Employment Retirement Commission (PERC) 1981
Abolished by act 100 in 2016. The Pennsylvania Employment Retirement Commission’s (PERC) job was to report and analyze the municipal pension. It was made up of nine members: five Governor appointments, and four Senate appointment leaders of the general assembly. The commission is required to review all legislation that can be applied to public employee pension systems and amend the bill. It also has a regular function for over 3,000 local government systems in the state, and it entails the preparation and submission of periodic employee pension system reports by All County governments. The development of public pension policy research and information with the commission families principles and objectives related to the public employees “pension policy and recommends legislation commensurate with that policy to the governor and the general assembly through the issuance of formal reports.”

Retrieved from http://www.perc.pa.gov/AboutUs/Pages/Narrative.aspx

Act 9: 2007
Act 9 was used to amend titles 24 on education and 71 for the state government of the Pennsylvania Consolidated Statutes to provide public school employees retirement, and state employees retirement. It defines the classifications for existing members and new classifications for prospective members and health Insurance. Act 9 demonstrates the need for credible School service. They have made pension changes through investment returns, and it presents a change in the way benefits are funded.

Act 38: 2005
Act 38 was used to amend title 3 of the Pennsylvania statutes providing “prohibition against unauthorized local government unit actions establishing a cause of action for unauthorized enactment or enforcement of local ordinances governing normal agricultural operations providing for duties of the Attorney General and hearings consolidating the nutrient management act.” It also offers an unprejudiced legal review of local laws reduces the cost associated with determining whether local ordinances comply with the commonwealth a prompt and fair resolution to the conflict.

Bill Information (history) - House Bill 1646.Retrieved from http://www.legis.state.pa.us/cfdocs/billinfo/bill_history.cfm?syear=2005&bod

1954 (Kurtz V. Erie)
Kurtz was employed as salary fireman in Erie, PA for 32 years. He received an aggravated heart condition due to employment. He took sick leave due to the heart condition, and the court ruled his heart condition was exacerbated due to his work in the fire department. In 1935 the legislature made payment by the city to compensate for the medical and hospital expenses of policeman and firefighters that are injured in the performance of their duties and during their absence. This compensation was for any disability which is permanent.

1958 (Harvey V. Allegheny)
Reviewing the provisions of the retirement act of Allegheny County, Harvey was a guard in the county workhouse and inebriate asylum. Where he worked for the county for over 20 years, and he fulfilled all the requirements that were needed for him to retire. At a little, over 50 years old he was hoping to retire.When he filed for a retirement allowance initially, the county said that h Harvey did not deserve it. However, the court ruled it was constitutionally protected that an employee has a right to a pension.

1934 (Retire Board V. McGovern)
The state will contribute money to a fund, and the employees will add to the same fund. Retirement pay is defined as adjusted compensation presently earned which with contributions from employees is payable in the future.

1984
State supreme court ruled the state of Pennsylvania not to be able to raise employee pension contribution rates for existing school employees retroactively.