Retirement and Savings Plan Information
Enrollment in the retirement program is available to all permanent, full-time and part-time employees. Eligibility for part-time employees varies baed on position and pay schedule. Employees have 30 days from the first date of eligibility to select enrollment, or the employee will be automatically enrolled in the SERS retirement plan.
Once the retirement plan selection has been made it cannot be changed.
State Retirement Programs
The two state retirement programs offered to PASSHE employees (SERS and PSERS) are similar in that they determine the retirement benefit based on a fixed formula that considers years of service, age and final average salary. The benefit amount is guaranteed and not affected by the investment earnings of the plan. Employees are 100% vested in state retirement plan after five years of service (10 years if employment began after Jan. 1, 2011).
Alternative Retirement Plan
The Alternative Retirement Plan (ARP) works very differently in the way it calculate retirement income. Employee and employer contributions are paid to the employee's retirement account, and employees make investment decisions about their own account. The benefit is determined by the account balance, which is made up of all contributions plus any investment earnings. Employees may invest their ARP contributions with Fidelity Investments, ING, TIAA-CREF or VALIC. ARP Enrollment Form | ARP Allocation Change Form