Pennsylvania State ERS Basics

  • Established 1923
  • Currently open to new hires
  • Plan covers state employees
  • Plan members covered by Social Security
  • Multiple employer, cost sharing plan

Assets, Participants, and Benefits

Assets at Year-End, Pennsylvania State ERS, 2001-2018

Fiscal Year Net Assets (billions)
2001 24.7
2002 20.9
2003 24.5
2004 26.6
2005 28.8
2006 32.1
2007 35.5
2008 22.8
2009 24.7
2010 25.9
2011 24.4
2012 25.4
2013 27.4
2014 27.3
2015 26.1
2016 26.4
2017 29.4
2018 26.9

Source: Public Plans Database

Number of Actives per Annuitant, 2001-2018

Fiscal Year Pennsylvania State ERS US State and Local Pensions
2001 1.2 2.5
2002 1.2 2.4
2003 1.2 2.3
2004 1.1 2.3
2005 1.1 2.2
2006 1.1 2.1
2007 1.0 2.1
2008 1.0 2.1
2009 1.0 2.0
2010 1.0 1.9
2011 0.9 1.7
2012 0.9 1.7
2013 0.9 1.6
2014 0.9 1.5
2015 0.8 1.4
2016 0.8 1.4
2017 0.8 1.3
2018 0.8 1.3

Source: Public Plans Database

National data averages are weighted by plan size.

Costs

Employer's Annual Required Contribution as a Percentage of Payroll and Portion Paid for Pennsylvania State ERS, 2001-2018

Fiscal Year Portion of Employer ARC paid Portion of Employer ARC left unpaid US Avg Employer ARC ARC as a Percent of Payroll {role:annotation}
2001 1.6 0.0 5.0 1.1 1.1
2002 1.0 0.0 4.8 0.4 0.4
2003 1.4 0.0 5.7 1.1 1.1
2004 2.1 0.0 7.3 2.1 2.1
2005 2.9 3.3 9.0 6.2 6.2
2006 3.5 6.2 9.3 9.7 9.7
2007 4.4 6.8 10.0 11.2 11.2
2008 4.1 6.2 10.4 10.3 10.3
2009 4.2 6.6 10.2 10.8 10.8
2010 4.7 10.2 10.5 14.8 14.8
2011 6.6 8.9 12.5 15.5 15.5
2012 9.6 8.3 12.9 17.9 17.9
2013 13.4 8.9 14.0 22.3 22.3
2014 18.0 5.4 14.4 23.4 23.4
2015 21.7 1.8 14.9 23.5 23.5
2016 26.1 0.0 14.8 26.1 26.1
2017 30.1 0.0 15.1 30.1 30.1
2018 31.5 0.0 15.9 31.5 31.5

Source: Public Plans Database

National data averages are weighted by plan size.

Actuarial Funding

Actuarial Funded Ratio for Pennsylvania State ERS, 2001-2018

Fiscal Year Pennsylvania State ERS National Data
2001 116.3 106.5
2002 107.2 101.1
2003 104.9 94.2
2004 96.1 93.1
2005 92.9 91.1
2006 92.7 90.5
2007 97.1 91.2
2008 89.0 90.2
2009 84.4 83.2
2010 75.2 81.5
2011 65.3 80.4
2012 58.8 78.9
2013 59.2 78.7
2014 59.4 79.0
2015 58.0 78.2
2016 58.1 76.3
2017 59.4 76.4
2018 56.0 76.6

Source: Public Plans Database

National data averages are weighted by plan size and reflects the average for plans of similar type and Social Security coverage.

Investments

Asset Allocation for Pennsylvania State ERS, 2018

Category Percent
Equities 51.6
Fixed Income 14.8
Private Equity 14.5
Real Estate 7.3
Cash 2.8
Other 0.0
Commodities 0.0
Hedge Fund 9.0
Misc. Alternatives 0.0

Source: Public Plans Database

Asset Allocation for State and Local Pensions, 2018

Category Percent
Equities 48.3
Fixed Income 22.2
Private Equity 9.0
Real Estate 8.4
Cash 1.8
Other 0.3
Commodities 1.9
Hedge Fund 7.0
Misc. Alternatives 1.2

Source: Public Plans Database

National data averages are weighted by plan size.


Asset allocation for Pennsylvania State ERS, 2001-2018

Fiscal Year Equities Fixed Income Private Equity Real Estate Cash Other Commodities Hedge Fund Misc. Alternatives
2001 55.8 17.5 10.0 10.3 0.3 0.1 1.0 4.9 0.0
2002 54.8 20.0 11.7 11.6 0.5 -0.2 1.6 0.0 0.0
2003 60.5 16.8 10.8 9.1 0.9 -0.1 2.0 0.0 0.0
2004 58.9 21.5 11.1 8.1 0.6 -0.2 0.0 0.0 0.0
2005 54.9 23.4 12.6 6.8 2.1 0.2 0.0 0.0 0.0
2006 56.3 21.4 13.2 7.9 1.2 0.0 0.0 0.0 0.0
2007 45.2 21.2 15.6 8.6 0.0 0.0 0.0 9.4 0.0
2008 33.3 20.7 21.5 10.7 3.3 0.0 0.0 10.5 0.0
2009 25.4 18.2 24.3 8.1 1.3 0.0 0.0 22.7 0.0
2010 27.6 19.1 26.0 9.1 3.0 0.0 0.0 15.2 0.0
2011 28.9 22.5 26.8 10.6 3.1 0.0 0.0 8.1 0.0
2012 33.7 15.3 24.4 16.4 2.4 0.0 0.0 7.8 0.0
2013 35.7 14.7 22.4 15.6 4.8 0.0 0.0 6.9 0.0
2014 36.5 16.2 19.9 15.4 5.7 0.0 0.0 6.3 0.0
2015 38.7 16.5 18.0 13.8 6.6 0.0 0.0 6.4 0.0
2016 46.3 16.4 15.9 8.6 5.0 0.0 0.0 7.8 0.0
2017 53.0 14.5 13.9 7.5 3.2 0.0 0.0 7.9 0.0
2018 51.6 14.8 14.5 7.3 2.8 0.0 0.0 9.0 0.0

Source: Public Plans Database


Annual Return as of December 31 for Pennsylvania State ERS, 2001-2018

Fiscal Year Pennsylvania State ERS Assumed return
2001 -7.90 8.50
2002 -10.90 8.50
2003 24.30 8.50
2004 15.10 8.50
2005 14.50 8.50
2006 16.40 8.50
2007 17.20 8.50
2008 -28.70 8.00
2009 9.10 8.00
2010 11.90 8.00
2011 2.70 7.50
2012 12.00 7.50
2013 13.60 7.50
2014 6.40 7.50
2015 0.40 7.50
2016 6.50 7.50
2017 15.10 7.25
2018 -4.60 7.25

Source: Public Plans Database

National data averages are weighted by plan size.

Cash Flows

Cash Flow vs. Total Assets (Millions)
Pennsylvania State ERS
2001-2018

Fiscal Year Cash Flow Assets
2001 -948.8 24,706.1
2002 -1,095.2 20,879.6
2003 -1,279.3 24,535.9
2004 -1,463.9 26,641.4
2005 -1,512.3 28,751.9
2006 -1,429.1 32,052.8
2007 -1,783.4 35,516.2
2008 -1,659.2 22,795.8
2009 -1,695.4 24,661.9
2010 -1,852.3 25,886.1
2011 -1,989.4 24,377.2
2012 -1,782.8 25,389.3
2013 -1,719.2 27,394.2
2014 -1,518.4 27,337.8
2015 -1,370.9 26,054.9
2016 -1,253.9 26,387.9
2017 -1,048.9 29,405.0
2018 -978.1 26,937.0

Source: Public Plans Database


Cash Flow as a Percentage of Assets
Pennsylvania State ERS
2001-2018

Fiscal Year Pennsylvania State ERS National Average
2001 -3.8 -2.0
2002 -5.2 -2.7
2003 -5.2 -2.2
2004 -5.5 -1.6
2005 -5.3 -2.0
2006 -4.5 -1.9
2007 -5.0 -2.0
2008 -7.3 -3.0
2009 -6.9 -2.6
2010 -7.2 -2.4
2011 -8.2 -2.7
2012 -7.0 -2.6
2013 -6.3 -2.3
2014 -5.6 -2.3
2015 -5.3 -2.7
2016 -4.8 -2.2
2017 -3.6 -2.7
2018 -3.6 -3.0

Source: Public Plans Database

National data averages are weighted by plan size.

2018 Financial Reports

Benefits

Website for Pennsylvania State ERS benefit descriptions.