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PRINTER'S NO. 1950
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE RESOLUTION
No.
383
Session of
2017
INTRODUCED BY McCARTER, PASHINSKI, TOOHIL, SCHLOSSBERG,
DiGIROLAMO, DRISCOLL, CALTAGIRONE, HENNESSEY, HARKINS, DAVIS,
V. BROWN, O'BRIEN, O'NEILL, W. KELLER, KINSEY, VITALI,
MILLARD, DeLUCA, RABB, READSHAW, ROEBUCK AND D. COSTA,
JUNE 9, 2017
INTRODUCED AS NONCONTROVERSIAL RESOLUTION UNDER RULE 35,
JUNE 9, 2017
A RESOLUTION
Commemorating the 100th anniversary of the Pennsylvania Public
School Employees' Retirement System on July 18, 2017.
WHEREAS, The Pennsylvania Public School Employees' Retirement
System (PSERS) was formed in 1919 and had an initial membership
of 37,503; and
WHEREAS, PSERS currently provides retirement benefits to more
than 500,000 active and retired public school employees; and
WHEREAS, PSERS is the 20th largest state-sponsored defined
benefit public pension fund in the nation; and
WHEREAS, PSERS assets have grown from $6 billion in 1982 to
approximately $51 billion as of December 31, 2016; and
WHEREAS, Fiscal year 2015 saw PSERS distribute $6.3 billion
in annual pension funds to retirees; and
WHEREAS, With the distribution made in 2015, $5.7 billion
went directly to residents of this Commonwealth; and
WHEREAS, Distributions made directly to Pennsylvanians result
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in spending throughout the Commonwealth and equate to an
economic impact of $10.2 billion annually; and
WHEREAS, PSERS as an institution values reliability,
dependability and dedication and works diligently so that its
members can rely on it to provide the benefits and services to
which they are entitled; and
WHEREAS, A defined benefit, as offered by PSERS, provides a
steady monthly income funded by employees making mandatory
contributions into the system throughout their careers; and
WHEREAS, PSERS helps workers by placing the investment and
administrative responsibilities with the system, thus removing
the concern of insufficient time or expertise to manage this
critical aspect of life; therefore be it
RESOLVED, That the House of Representatives commemorate the
100th anniversary of the Pennsylvania School Employees'
Retirement System on July 18, 2017.
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