HARRIBURG – Legislation by Rep. Dawn Keefer (R-Dillsburg) to protect investments made in Pennsylvania’s retirement systems by requiring each to undergo yearly stress tests is now law.  “At the end of the day, the money in these retirement funds are that of the taxpayers, and policymakers must do all they can to protect it,” Keefer said. House Bill 1962, now Act128 of 2020 requires the State Employees’ Retirement System (SERS) and Public School Employees’ Retirement System (PSERS) to perform an annual stress test, which includes a scenario analysis, a simulation analysis and a sensitivity analysis. It then requires each pension system to submit its stress test to the Independent Fiscal Office (IFO) so that it may prepare a report summarizing the stress test. That report from the IFO would then be available to legislators for use during annual budgetary considerations. Consideration of stress test results would aid in budget decisions by allowing legislators to see the potential long-term implications of pension funding decisions and market forces.