# Pennsylvania State Employees' Retirement System

Pennsylvania State Employees' Retirement System is a Pension Fund based in Harrisburg, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Harrisburg, United States
- **Region:** North America
- **Address:** 30 North 3rd Street Suite 150, Harrisburg, PA, United States
- **Founded:** 1923
- **Assets under management:** 39064 (Altss estimate)
- **Website:** sers.pa.gov
- **LinkedIn:** https://www.linkedin.com/company/pennsylvania-state-employees-retirement-system-pennsers

## Regulatory record

- **Reports private funds:** No

## About

PennSERS was established in 1923 as one of the nation's oldest and largest statewide retirement plans for public employees. It administers retirement benefits for nearly a quarter-million current and former Pennsylvania employees their beneficiaries and survivors. It manages $38 billion in assets across Defined Benefit Defined Contribution Hybrid and Deferred Compensation plans for member financial security in retirement.

## Sectors

- Private Equity
- Real Estate
- Fixed Income

## People

- Joseph Torta — Executive Director
- James Nolan — Chief Investment Officer
- Gregory C. Thall — Board Chairman
- Stacy Garrity — Board Member

## Questions

### Who runs investment decisions at Pennsylvania State Employees' Retirement System?

James Nolan serves as Chief Investment Officer. Joseph Torta acts as Executive Director. The board, chaired by Gregory C. Thall with Stacy Garrity as an ex-officio member, approves strategy and major commitments.

### Does Pennsylvania State Employees' Retirement System participate in fund commitments or only direct deals?

The system commits to funds and secondaries. Holdings include commitments to Blue Owl Real Estate funds, Blackstone Real Estate Partners X, HarbourVest Dover Street XII, and Clearlake Opportunities Partners II.

### What asset classes receive the largest allocations at Pennsylvania State Employees' Retirement System?

Private equity stands at 17.22% against a 16% target. Real estate includes multiple Blue Owl funds and Blackstone Property Partners. Fixed income mandates cover core bond strategies with external managers.

### Which consultants advise Pennsylvania State Employees' Retirement System on manager selection?

Callan serves as general investment consultant. StepStone Group advises on private equity. NEPC provides real estate consulting. Fairview Capital manages the Keystone Legacy Fund.

### How does Pennsylvania State Employees' Retirement System handle ESG and climate reporting?

The system participates in Climate Action 100+ and the Net Zero Asset Managers Initiative through its managers. It endorsed ILPA quarterly reporting standards for private markets.

### What recent board actions addressed investment performance?

In March 2026 the board reviewed 2025 performance that returned 13.7%. Earlier meetings approved $1.5 billion in fixed income allocations and evaluated private market commitments.

### Where does Pennsylvania State Employees' Retirement System custody assets and conduct audits?

BNY Mellon acts as custodian bank. KPMG serves as external auditor. Ernst & Young provides SOC audit services.

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/pennsylvania-state-employees-retirement-system

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