PSERS Earns Transparency Award for Financial Reporting
For Immediate Release
July 18, 2019
For more Information Contact
Steve Esack
Press Secretary
Public School Employees’ Retirement System
Phone: 717-720-4770
e-mail: stesack@pa.gov
PSERS earns Transparency Award for Financial Reporting
HARRISBURG, PA – The Pennsylvania Public School Employees Retirement System has earned a national transparency award for producing a clear, concise report that summarizes the system’s financial position and investment strategies.
PSERS received the Outstanding Achievement in Popular Annual Financial Reporting [PAFR] Award from the Government Finance Officers Association of the United States and Canada [GFOA]. The Chicago-based association is one of North America’s leading government trade organization with 20,000 elected and appointed officials.
In granting the award on July 10, GFOA’s judges recognized PSERS staff for using “very informative” and “easily understood” financial data, charts, graphics and photos in its Summary Annual Financial Report for the 2017-18 fiscal year that ended June 30, 2018. It’s the third straight year PSERS won the award, which is based on reader appeal, understandability, creativity and its distribution through the internet and member newsletters.
“PSERS has a national reputation for being one of the most transparent large public pension funds,” said Executive Director Glen Grell. “This prestigious award is a testament to our commitment of transparently documenting the benefits and costs of operating the $57 billion fund that provides stable, reliable retirement benefits to over 500,000 active and retired school employees.”
PSERS’ 12-page summary report is a condensed version of its much larger 2018 Comprehensive Annual Financial Report [CAFR]. The 128-page CAFR compiles financial, investment, actuarial, and statistical information in accordance with Pennsylvania law and the Government Finance Officers Association standards.
Earlier this year, PSERS’ CAFR won GFOA’s Certificate of Achievement for Excellence in Financial Reporting. It was the 36th straight year PSERS earned the prestigious national award, which is the highest honor a government agency can receive for accounting and financial reporting that demonstrates a “spirit of full disclosure.”
About the Pennsylvania Public School Employees' Retirement System
PSERS was founded in 1917 to oversee a statewide defined benefit pension plan for public school employees. PSERS’ role expanded in 2019 to include oversight of a new defined contribution plan. PSERS membership covers about 256,000 active and 233,000 retired school employees.