Yes, I think it helps with the transition to middle school. Our fifth graders have "jobs" around the school (like help walk the youngest kids to/from their classroom before school, man the school store, help teachers decorate, etc) to give them a sense of ownership. They also have.a fun day, clap out, and special field trip toward the end of the year. It's been interesting seeing how psyched my DS is about being a 5th grader even though most of the fun stuff isn't until May; it just seems like a status and traditions thing.
There hasn't been a special PTA call or money requests.