Week of 6-10-2024

Inside this issue

• Breaking News: PA House passes landmark basic education funding bill
• PSEA-Retired member talks COLA with “NBC Nightly News”
• Member Benefits spotlight: AmeriServ mortgage and home equity loans

This afternoon, the Pennsylvania House of Representatives passed legislation that would increase basic education funding by more than $1 billion in the FY 2024-25 state budget. The bill now goes to the state Senate.

House Bill 2370 contains many of the recommendations included in the Basic Education Funding Commission’s majority report and represents a significant step toward ensuring that the commonwealth’s basic education funding system passes constitutional muster. Learn more at www.psea.org/schoolfunding.

Here’s what you need to know about this bill:

• Adequacy supplement. Includes $736 million for school districts that currently spend less than $13,704 per student.
• Tax effort supplement. Includes $136 million for school districts that have local tax effort in the top 34 percent of all school districts.
• Salary and wage increases. Allows school districts to use adequacy supplement funds to increase EA minimum salaries to $60,000 and ESP minimum wages to at least $20 per hour.
• Student supports. Allows school districts to use funds to support student learning, assist students with academic or behavioral needs, improve educational outcomes, and establish healthy learning systems, among others.

The bill reflects much of the budget proposal Gov. Josh Shapiro unveiled in February.

Stay tuned for updates.

PSEA-Retired member Jacqualyn James spent more than 30 years teaching American history and psychology in Stroudsburg Area public schools, and retired in 1998.

She's just one of nearly 43,000 retired educators and support professionals who haven’t seen a COLA in more than 20 years. These dedicated people spent their careers in PA’s schools and classrooms.

Securing a COLA for pre-Act 9 retires like Jacqualyn is one of PSEA’s top priorities, and we are working to get a COLA as part of the FY 2024-25 state budget.

“PSEA is not going to forget about the pre-Act 9 retirees who desperately need a COLA. Not for one second,” said PSEA Vice President Jeff Ney. “And we’re not going to let a single elected official forget about them either. We’re pushing as hard as we can to get this done.”

On average, pre-Act 9 retirees are 83 years old, and their pensions are less than $20,000.

Click the thumbnail image above or the link below to watch the “NBC Nightly News” interview with Jacqualyn James.

Looking to buy a house?

Interest rates have been dropping. Now is a great time to start looking for the home of your dreams, whether it be a starter, vacation, or your next home. Enjoy these PSEA exclusive mortgage benefits with our preferred partner, AmeriServ:

• Market leading rates
• No origination fee (savings of $695)
• One FREE rate re-lock opportunity ($400 value)
• $250 credit on interest rate buy-down options

Already own a home? Take advantage of your home’s equity.

AmeriServ offers a home equity product we call Loan in a Line. Use it as a home equity credit line while also having the capability to take out fixed-rate term loans at the same time. Enjoy the flexibility this product offers for home improvements, debt consolidation, tuition, vacations, or simply to have the peace of mind to know it’s there when you need it. Your benefits include market leading rates, along with waiving annual and other fees. 

Many members took advantage of historic low mortgage interest rates in the past couple of years. Now is a great time to establish a home equity loan and obtain low fixed-rate options. These products and benefits are available to PSEA members and their families (parents, children, and siblings). 

To learn more and to view current rates visit us at www.ameriserv.com/psea