What Kind Of Retirement Plan Is Psers?

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    Larry GilmorePRO
    Agent Owner, Gilmore Insurance Services, Marysville, Washington State
    What kind of retirement plan is a PSERS?  While not familiar with the letters as they may be different in my state, I will assume you are asking about PERS?  PERS is short for the Public Employees Retirement System. It is the pension plan in my state for our public school teachers and has several versions. The first PERS1 was created in 1947 and closed in 1977. The second PERSII was created in 1977 and closed around 2000. PERS III is currently in effect and may close in the next few years as legislature moves to reduce their liability to employees for retirement. When these plans close, they do not end, they just stop taking new participants. The state does not lose their obligation to employees and retirees in these plans.
    Answered on June 3, 2013
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