FOR IMMEDIATE RELEASE
MEDIA CONTACT: Steve Esack, 717-418-7526, stesack@pa.gov
HARRISBURG, PA – The Public School Employees' Retirement System (PSERS) reported total fund performance of 2.95% for the quarter ending March 31, 2024, and 8.10% for the 1-year trailing period through the same date.
“The 1-year trailing return in excess of our target rate is reassuring," PSERS Chief Investment Officer Ben Cotton stated, adding that he expects the 1-year return through the fiscal year ending 2024 to also be just over 8.0% based on preliminary estimates still to be confirmed.
Performance over the 3, 5, and 10-year trailing periods posted results of 6.59%, 5.94%, and 7.10%, respectively. Total invested assets increased by $2.3 billion to $74.6 billion between Dec. 31, 2023, quarter close and the March 31, 2024, close. The full report is available online, on PSERS' website.
Also, PSERS Board Chairperson Richard Vague shared the following statement regarding the recent passage of the commonwealth budget that continued support for PSERS members and secured significant investments in public education:
“Last week, the General Assembly and Governor Shapiro signed into law a $47.6B budget plan for Fiscal Year 2024-25. This was the ninth consecutive year in which the state budget contained 100% of the actuarially determined employer contributions. These contributions reinforce the strong foundation upon which the fund's long-term financial health is built. We thank policymakers for their continued dedication to school employees in this regard."
About the Pennsylvania Public School Employees' Retirement System
PSERS, founded in 1917, began operations in 1919 to oversee a statewide defined benefit pension plan for public school employees. PSERS' role expanded upon the passage of Act 5 of 2017 to include oversight of two new benefit options consisting of defined benefit and defined contribution (DC) components and a stand-alone DC plan. As of March 31, 2024, PSERS had total net assets of $76.5 billion and a membership of about 251,000 active, 250,000 retired school employees and 27,000 vested inactive members.