penn state retirement benefits
Once you have elected to participate in the Penn State Alternate Retirement plan, a mandatory employee contribution of 5% of your gross salary is required and Penn State will contribute 9.29% of your gross salary.
If you have money in other employer's plans, you may be able to transfer or roll it over to the The Pennsylvania State University retirement plan to increase your maximum loan amount. This is only if the The Pennsylvania State University retirement plan accepts rollovers.
Quick Guide to Pennsylvania Retirement Income Taxes. 1  Pennsylvania is tax-friendly toward retirees. 2  Social security income is not taxed. 3  Withdrawals from retirement accounts are not taxed. 4  Wages are taxed at normal rates, your marginal state tax rate is 5.0%. 5  Public pension income is not taxed, private pension income is not taxed.