It looks like it has a pushed in glass effect, it seems it also has a drop shadow and inner shadow, but i'm not sure how I can get the pushed in glass effect.
As I said the text itself has no effects applied directly to it with a layer style. It only has a painted white layer above it.
Text
Create a new layer and highlight.
Make a selection of the text layer by Cmd/Cntrl clicking the text layers thumbnail.
Use your Brush Tool set to white.
Use a large soft brush and lower your floe setting.
Brush from left to right while holding the shift key.
Make one pass wide and then make your brush smaller for the second pass.
Cmd/Cntrl + D to deselect.
Use the move tool to move the white layer down and to the right.
Lower the white layers opacity.
You can add a Gaussian Blur if desired.
(changed the BG color to match your example)