The Plans administered by the system, in many respects, have a lot of similar components just like other public retirement systems around the country. However, there are aspects to PSPRS that distinguish it from other public retirement plans. For instance, although PSPRS and CORP are a multiple-employer retirement plan, the System is required to maintain separate accounts for each employer that participates in the System. These individual accounts are used to pay benefits exclusively to current and prior employees that transfer credited service (liability remains with the employer) who are part of that specific employer group.
Another unique aspect of PSPRS and CORP is the requirement that each participating employer establish a Local Board that is responsible to determine eligibility for membership and benefits in accordance with statutory provisions. As such, the System relies the boards to ensure proper administration of the plan provisions, so it is critical that both employers and local boards establish strong partnerships in order to make the plan work for their membership. Some common responsibilities of the local board and employer include:
- New Member Enrollments
- Contribution Reporting
- Completing (Retirement, Survivor and Disability) Packets for Members
- Hiring Retirees
How is the Local Pension Board Comprised
Each employer that participates in PSPRS or CORP must establish a five person Local Board, which includes a chairperson, two appointed persons, and two individuals who are contributing members of the Plan (elected by secret ballot election from all the contributing membership for that group).
Employers who participate in PSPRS or CORP may have multiple local boards since each eligible group (i.e. Police, Fire, Corrections Officer, Detention, etc.) must have a separately established local board. As part of the local board structure, a Local Board Secretary must be appointed. The Secretary is responsible for handling all administrative functions for the local board including completing and retaining the minutes of each local board meeting. The Secretary serves as the liaison between the contributing membership, the local board members, and the PSPRS Administrative Office.
Responsibilities of the Local Board
Local Boards have the responsibility for determining, in accordance with the statutory provisions, eligibility for membership, retirement, disability and survivor benefits; to afford any claimant or the board of trustees a right to a rehearing; to appoint medical boards; and to sue and be sued. The local board calculates benefits and has the responsibility to ensure that all benefit packets are completed prior to submitting to the PSPRS Administrative Office. The local board shall have no power to add to, subtract from, modify or waive any of the terms of the System.
PSPRS Education and Training
To assist you in understanding your responsibilities as a Local Board as it relates to the administration of our Plans, or to learn about upcoming changes, the PSPRS offers a variety of training events; for more information, see Education & Training.