PSERS Investments Exceed Expectations

Taxpayers and public school employees should expect some good news later this year when one of state’s major public pension systems releases its investment returns for the most recent fiscal year.

The state Public School Employees Retirement System, or PSERS, earned nearly 15 percent during the fiscal year that ended on June 30. A press release on the organization’s website Monday revealed the latest findings.

Exceeding the annual investment earnings assumption of 7.5 percent helps to ease the burden of the unfunded liability that must be made up in the future by some combination of future investment returns, contributions from workers and tax dollars.

Read more: http://lancasteronline.com/news/local/psers-investments-exceed-expectations/article_285ee46e-4e4c-11e4-b1be-001a4bcf6878.html

Wyomissing School District And Reading Hospital Reach Deal On Tax Dispute

Map of Berks County, Pennsylvania, United Stat...

Map of Berks County, Pennsylvania, United States Public School Districts (Photo credit: Wikipedia)

The Wyomissing School District has reached an agreement with Reading Hospital in an ongoing dispute over tax-exempt status for hospital properties in the district.

On Monday the hospital announced that it had agreed to provide $408,500 in annual health-related services to the district in an effort to help offset the annual deficit caused by decreases to state funding and local tax revenue, as well as mandated increases in the Public School Employee Retirement System contributions.

The agreement puts an end to the district’s efforts to increase the amount of property tax it collects from the hospital. However, it does not include a pending tax assessment appeal by The Highlands at Wyomissing.

Read more: http://readingeagle.com/article.aspx?id=399500