Failing State Pensions
PA Charter Schools
Facing the challenge of rising pension costs from an underfunded state pension system, Pennsylvania-based Charter Schools turned to us for help. Working together with representatives from the state pension system, we constructed a program that has been used as a model for charter schools statewide.
Our custom designed governmental 403b plans relieve schools of onerous state pension contribution requirements (around 30%), while improving retirement prospects for younger teachers, who are no longer forced to be part of an underfunded system. We have implemented this alternative to the state pension in over 40 schools across the state.
While the state still struggles with how to fund and reform its pension program, our system now serves more than 3,000 educators and saves our charter school clients over $14 million a year.