Stephen S. Aichele Appointed to the Board of The Pennsylvania State Employee Retirement System
(Philadelphia, PA, May 16, 2014) – Saul Ewing LLP today announced that Stephen S. Aichele, a partner in the firm’s Real Estate Practice and the former General Counsel and Chief of Staff to Pennsylvania Gov. Tom Corbett, has been unanimously confirmed by the state Senate to serve on the board of the Pennsylvania State Employee Retirement System (SERS).
“Having spent the last three years immersed in state government, I am excited about this position and my next opportunity for public service,” Aichele said. “I thank Gov. Corbett for nominating me and the Senate for its unanimous confirmation. I look forward to rolling up my sleeves and serving on this important Board that manages retirement and pension funds for hundreds of thousands of former state employees and their families.”
Established in 1923, SERS is one of the nation’s oldest and largest statewide retirement plans for public employees and ranks among the top pension plans in the nation. SERS administers both a defined benefit plan and a defined contribution plan. The defined benefit plan is funded through a combination of employee contributions, employer contributions and investment earnings. The defined contribution plan is funded by voluntary employee contributions and investment earnings. SERS has roughly $26.5 billion in assets and more than 200,000 members.
Mr. Aichele returned to Saul Ewing in November 2013 after leaving the firm in January 2011 to serve in the Governor’s cabinet. Before leaving to work in the Corbett administration, Mr. Aichele held several leadership roles within the firm, including serving as both Managing Partner and Chairman.