Jan. 15, 2019
HARRISBURG – Rep. Fred Keller (R-Snyder/Union) has been appointed to the Board of Trustees of the Public School Employees’ Retirement System (PSERS) by Speaker of the House Mike Turzai.
“One of the biggest challenges facing our Commonwealth today is the huge unfunded liability of our two public pension systems,” Keller said. “Despite policy changes, our pension debt continues to grow, driving up costs in our school budgets as well as the state budget.
“I look forward to working with my fellow board members to ensure PSERS’ assets are managed prudently to meet our obligations to retirees without draining our taxpayers of their hard-earned money.”
The current unfunded liability within PSERS is estimated at more than $44.5 billion.
The PSERS Board of Trustees, which consists of 15 members, is responsible for managing the pensions of hundreds of thousands of Pennsylvanians, including public school teachers, administrators and other school employees.
In addition to managing assets, the board performs required functions for the administration and execution of the PSERS Code, such as certifying contribution rates, authorizing the actuarial valuation and independent audit of the system, and publishing an annual financial statement of the condition of the retirement fund. Members review the activities performed by the system’s executive director and chief investment officer.
PSERS is the 19th largest state-sponsored defined benefit public pension fund in the nation. It has a membership of more than 600,000 active members and retirees.
Representative Fred Keller
85th District
Pennsylvania House of Representatives
Media Contact: Patricia Hippler
717.772.9846
phippler@pahousegop.com
RepFredKeller.com