Pensions board votes to raise rates for 94K school employees
Associated PressHARRISBURG, Pa. — The board of Pennsylvania’s largest public pension system on Monday night voted to raise contribution rates for tens of thousands of public school employees, part of the fallout from what system officials have called a mistake in calculating the fund’s long-term investment performance. If the increases take effect, contribution rates would rise starting next July 1 for about 94,000 public school employees, all hired in 2011 or after. If the higher rates take effect, most of those 94,000 school employees would see their contribution rate rise by 0.5% of their salary. System officials only confirmed the existence of a subpoena after state Treasurer Stacy Garrity told lawmakers at a Senate Appropriations Committee hearing that “federal subpoenas have been served on several PSERS management officials.” Garrity, system officials and board members — which includes state lawmakers and two members of Gov.
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