SERS is a defined benefit public pension plan. This means SERS’ primary responsibility is to ensure sufficient funds will be available to provide lifetime retirement and disability benefits, survivor benefits, Medicare Part B reimbursements, and lump-sum death benefits when they are needed.
The intent of laws governing SERS’ financing is to keep contribution rates approximately level from generation to generation. To meet this standard, SERS works with an actuary to calculate the future cost of benefits being earned today and determine the amount of employer contributions that must be set aside to fund those benefits.
SERS has five primary sources of income:
Deductions from plan net assets represent the expenses SERS covers each year. These expenses include:
We’re glad you’re a member of SERS. If you have questions about your retirement account or benefits, we are here to help.
