Pensions Board Votes To Raise Rates For 94K

HARRISBURG, Pa. (AP) – Pension contribution rates for tens of thousands of public school employees in Pennsylvania could be going up. The board of the $64 billion Public School Employees’ Retirement System voted Monday night to raise pension contribution rates starting next July 1 for about 94,000 public school employees, all hired in 2011 or after. The board made the move as it works to straighten out what it has called a consultant’s mistake that also has drawn queries from federal investigators. The board originally certified rates in December. Senate Appropriations Committee Chairman Pat Browne warned fellow board members that current state law doesn’t allow the board to recertify employee contribution rates.