The PSFS Constitution requires that a person must have attended three meetings before being voted into membership.
According to John Baltadonis (one of its founders), the new name was inspired by an illuminated sign saying "PSFS" on the Philadelphia Savings Fund Society's building.
The Annual meeting is held in January and sees the seven members of the PSFS Board (President, Vice President, Secretary, Treasurer, and three at-large members) report on their activities for the past year, and elections for new officers are held.
PSFS hosts an annual science fiction convention, Philcon, in or near Philadelphia, usually in November.
In 2006, the 70th anniversary Philcon was held at the Sheraton Philadelphia City Center Hotel.