Understanding Your Pension and Class of Service

This video tutorial provides an introduction to the Pennsylvania State Employees Retirement System, focusing on how your class of service affects your pension. It explains how the class of service is determined, the criteria for qualifying for an unreduced pension, and the formula used to calculate pension benefits. The video also offers guidance on where to find your class of service information and provides contact details for further inquiries.

What determines your class of service in the Pennsylvania State Employees Retirement System?

• The number of years you plan to work

• Your final average salary

• The date you are hired and your job type

• Your age and years of service

Which classes of service apply to most employees hired before January 1st, 2011?

• Classes A and AA

• Classes E1 and E2

• Classes A5 and A6

• Classes A3 and A4

How can you find out your class of service if you are unsure?

• By contacting the HR department

• By checking your annual SERS member statement

• By looking at your tax return

• By asking your manager

What is the additional requirement for members of classes A3, A4, A5, and A6 to qualify for an unreduced pension?

• They must be at least 60 years old

• They must have 35 years of service and meet a combined age and service threshold

• They must have 40 years of service

• They must retire after the age of 65

What is the formula used to calculate your yearly pension benefit?

• 2% times your class of service multiplier times your years of credited service times your final average salary

• 2% times your final average salary times your years of service

• 2% times your age times your years of service

• 2% times your years of service times your final average salary

What happens to your pension benefit if you retire before reaching the SERS normal retirement age?

• It is reduced for early retirement

• It increases

• It remains the same

• It is doubled

What is the benefit accrual rate?

• The rate at which your salary increases

• The rate at which your years of service are counted

• The rate at which your pension grows each year

• The rate at which your retirement age decreases

What is the significance of the class of service multiplier in the pension formula?

• It sets the retirement age

• It determines your final average salary

• It calculates the number of years of service

• It affects the benefit accrual rate

What should you do if you have a general inquiry about your pension?

• Visit the local library

• Email the pension resource account

• Call your local representative

• Write a letter to the governor

What is the purpose of the 'Your Pension and You' series?

• To help understand retirement decisions and timelines

• To teach financial literacy

• To offer investment advice

• To provide entertainment