State Employees' Retirement System
Governor's Executive Budget Program Measures
Number of retirement counseling sessions & Percentage of members counseled
SERS professional staff provide confidential, personalized, one-on-one counseling sessions with retiring members to review and educate them on key issues relating to their pending retirement and help them take full advantage of their benefits and the range of services available to them.
All retiring members can receive one-on-one counseling from SERS specialists.
Number of members and participants attending Lunch and Learn programs
SERS partners with the Office of Administration to present pre-retirement information through a series of monthly “Lunch and Learn” programs. Originally, these were in-person, group informational presentations. With the onset of the pandemic, these presentations were converted to highly successful and well-attended virtual programs that are conducted on a regular basis. The new virtual format will be continued, moving forward.
As the Lunch and Learn programs have evolved, SERS has worked closely with the Governor’s Office to develop and introduce special sessions to accommodate and address the unique concerns and interests of specific employee classes and categories.
Total number of retired employees and beneficiaries & Total dollar amount of benefit payments
The objectives of the SERS Defined Benefit Plan are to provide benefit payments to members and beneficiaries at the lowest cost to the commonwealth and to fund the program through a carefully planned and executed investment program. According to the National Institute on Retirement Security (NIRS), these benefit payments serve as a significant source of economic stimulus as spending by recipients on a wide range of goods and services ripples through the economy. The number of SERS retirees and beneficiaries as well as the total amount of benefit payments have risen steadily over the years and is indicative of a “mature” plan status.