The precursor to PMRS was the Municipal Employees Retirement System which was established by the General Assembly in 1943. From 1962 to 1974, we were a division within the State Employees' Retirement System which was part of the Department of State. Act 15 of 1974 took the nucleus of the Municipal Employees Retirement System and the Municipal Police Retirement System (established in 1968) and formed an independent state agency to administer public employee pension plans. This agency is PMRS, the Pennsylvania Municipal Retirement System!
PMRS has had three Secretaries since its creation: Robert C. Rossman (deceased) was appointed in June 1974 as the System's first Secretary, followed by James B. Allen in 1984, and finally by Steven W. Vaughn, who was welcomed aboard in June 2014.
How we have grown! We started with 21 plans in 1962, grew to 175 plans in 1974, and now administer over 900 plans. Over the past 35 years, the number of individual members has increased from 4,400 to over 14,000. Since 1974, the System's assets increased from $14 million to approximately $1.4 billion. Investments are diverse and include stocks in well-known large companies along with investments in smaller companies as well as corporate and governmental bonds and real estate. The Board places great emphasis on quality of investments, consistency of return, and adding value to the municipal plan assets while placing them at minimum risk.
Chairman Barry Sherman and all Board members are committed to cost-efficient administration and financially secure retirement benefits to Commonwealth municipalities and their employees. The Pennsylvania Municipal Retirement Board and PMRS staff would like to thank our member municipalities for their continued support and for giving us the opportunity to meet their pension needs.