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06/14/2024 01:06 AM
Pennsylvania House of Representatives
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=H&SPick=20230&cosponId=39645
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House Co-Sponsorship Memoranda

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House of Representatives
Session of 2023 - 2024 Regular Session

MEMORANDUM

Posted: February 1, 2023 02:41 PM
From: Representative Robert E. Merski
To: All House members
Subject: Early Retirement Study
 
Pennsylvania is currently experiencing a public pension funding crisis. The State Employees’ Retirement System (SERS) and the Public-School Employees’ Retirement Systems (PSERS) are the largest public pension systems in the state, but do not currently hold enough money to fully fund all of their members. 
 
Over the past 40 years, Pennsylvania has intermittently allowed for members of SERS and PSERS to retire early with no reduction in their retirement benefits. In 2005, the General Assembly directed the Legislative Budget and Finance Committee to perform a study on early retirement proposals. This was the last major study conducted in Pennsylvania that analyzed the benefits and drawbacks of allowing early retirement for public pension holders. 
 
I believe it is time for another study to be performed. That is why I am introducing a resolution directing the Legislative Budget and Finance Committee to conduct a cost analysis study of early retirement for members of SERS and PSERS who are 55 years old or have 30 years of service. The study will fiscally and actuarially analyze the option of early retirement to determine if it should be established for state and public-school employees. Please join me in supporting this resolution to help mitigate the public pension funding crisis in our state.



Introduced as HR28