The Public School Employees’ Retirement System board on Thursday approved an employer contribution rate of 34.94% for 2021-22 – up from this year’s 34.51% rate. The state and school districts split the tab, which next year will total $4.99 billion. Actuaries determined the increase is needed to meet future pension obligations. That reflects an increase of roughly $130 million from this year.
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Source: Penn Live, December 3, 2020.