Phone/fax Member Services Center
Members can call STRS Ohios Member Services Center toll-free at 8882277877, Monday through Friday, 8 a.m.5 p.m.
If you are calling from outside the United States and cannot use the toll-free number, please dial 614-227-4090.
Information can be faxed to the Member Services Center at 6142338713.
The Myth Of Turning Over $65 Billion To Wall Street
The OEA leadership and Board members running for reelection are desperate because they know that members are upset. Active members are finding out the truth that they have the worst deal in the country, paying $1 to get a pension that is worth $0.77. Retired members can see through the scam that is being run on them when they are given a one-time 3% âCOLAâ and told that the Board will look at another âCOLAâ next year i.e., 2024. The truth is the Board just approved an investment allocation that is expected to earn 6% while approving a discount rate â thatâs the expected return on investments â of 7%. Why is this important? It is important because to reduce and eventually eliminate the unfunded liability, STRS needs to earn 7%.
But we should never put all our eggs in one basket. If there are other ways the pension could earn more money, we should explore them openly and honestly. That is why Wade Steen, former board member Bob Stein, and I tried to make a proposal at the November meeting to explore an option that we thought was promising and could earn more money for STRS.
We never got to make our presentation because the staff and STRS consultants, with the complicity of the Board, lied and disrupted our presentation. Then they started telling the big lie that we proposed to give $65 billion to a firm without a track record.
Heres How Old School Investing May Just Protect Your Retirement
At times, I have been engaged by municipalities sponsoring pensions and public pension boards, such as in the cities of Nashville, Jacksonville and Chattanooga. My investigations of the Rhode Island and North Carolina state pensions were funded by state and municipal employee associations or unions. Some of my most notable investigations have been paid for by federal and state regulators and law enforcement. For example, I recently received record-setting whistleblower awards from the State of Indiana, SEC and CFTC.
In order to improve the management of pensions, in my bestselling book Who Stole My Pension?I encourage readers to consider crowdfunding a forensic investigation of any pension they contribute to, or rely upon for their future retirement security. I have conducted three successful crowdfunded forensic investigations, including a review of the New York State Teamsters Pension Fund.
For this Ohio State Teachers Retirement System crowdfunded investigation, we are incorporating four innovations. Whether these innovations will prove workable and useful remains to be seen.
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The State Teachers Retirement System Voted To Bring Back The Cost
More than 150,000 retired Ohio teachers are learning some good news that theyll see a cost of living adjustment, or COLA, in their pension checks for the first time in years starting for some in July.
The board of the State Teachers Retirement System voted to up their benefits, as other pension systems have continued or increased theirs. But that could change again.
The board voted to approve a one-time 3% cost-of-living increase on monthly checks for those who’ve been receiving benefits for at least 60 months, or since before June 1, 2018. The resolution also eliminated the minimum retirement age of 60. That was supposed to take effect in 2026.
But teacher contributions to the fund werent reduced, and another benefit review will happen next spring, so further adjustments could be made. There was some concern expressed that the fund is paying out more than it’s bringing in.
State Teachers Retirement System Director William Neville told the legislatures Retirement Study Council that “strong investment returns” in the last fiscal year have brought STRS to 80.1% funded, up from 77.4%. STRS manages about $94.5 billion in assets for half a million retirees and active public educators.
STRS has maintained the COLA suspension was needed to protect the funds liability. It had reduced the COLA from 3% to 2% in 2013 before suspending it completely in 2017.
The state auditors office is also still working on a review of STRS.
May 4 2022exposing Wall Street’s Pension Looting
“It’s the story of, what I call the largest upward transfer of wealth in modern history, one that most people don’t know very much about. It’s the story of how Wall Street is minting millionaires and billionaires using the retirement savings of teachers, firefighters, sanitation workers and all, really all government workers. And it’s a story that corporate media doesn’t very well cover all that often. And it’s really a story of secrecy. So that’s what we’re going to be discussing tonight” – David Sirota, The Lever
Edward Siedle, who performed the forensic investigation of STRS Ohio, is one of the guests.
Watch the recording of the chat at
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Ohio Teachers Pension Faces Special Audit Over Scathing Report
The state auditor says the information supports a reasonable basis for conducting a probe of the retirement system.
The $95 billion Ohio State Teachers Retirement System is facing a special state audit over a report that accuses the pension fund of secretly collaborating with Wall Street firms, lacking transparency, and wasting billions of dollars.
In June, Benchmark Financial Services released preliminary findings of a forensic investigation of Ohio STRS titled The High Cost of Secrecy. The report ripped into the retirement system, saying it has long abandoned transparency, choosing instead to collaborate with Wall Street firms to eviscerate Ohio public records laws and avoid accountability.
The Ohio Auditor of States Office recently sent a letter to Ohio STRS Executive Director William Neville saying it has received numerous complaints regarding the report and that it had conducted a preliminary examination into the matter.
The information obtained to date supports a reasonable basis for conducting a special audit, the letter said. As such, the Auditor of State is initiating a special audit of the State Teachers Retirement System of Ohio.
The pension fund may also have to foot the bill for the audit, as state law allows the state auditor to charge for audit services.
Teachers Attend Strs Ohio Retirement Board Meetings
During the pandemic, STRS Ohio Board meetings were held virtually. Members attended via webinar software but were not permitted to address the Board during Public Participation.
In-person meetings of the Board resumed on August 19th.
Many thanks to Ohio’s teachers who have travelled to Columbus to attend the Board meetings!
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Strs: Restore Our Promised Cola
It is only through a COLA that retired teachers can keep up with inflation. Many of Ohio’s teachers work in rural areas and retire with very modest pensions. They rely heavily on their promised and earned COLA. The State Teacher Retirement System and elected officials have broken their promises to Ohio’s retirees and have placed an unfair burden on Ohio’s current teachers.
Board Recognizes Chief Investment Officer Morrow For Outstanding Service
The Retirement Board recognized John Morrow who is retiring after 31 years at STRS Ohio, including the past eight years as chief investment officer and deputy executive director Investments. The board noted Morrows personal connection to serving the STRS Ohio membership, with some of his immediate family in the educator community. The board also recognized his commitment to developing internal staff to manage about 70% of system assets, saving the retirement system about $100 million each year instead of using external money managers.
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Please read carefully before using the Bond and Investor Relations area of the OBM Web site. Use of this area of the Web site constitutes acknowledgment and acceptance of the following terms and conditions:
Information in the Bond and Investor Relations area of this Web site is not an offer to sell securities or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
These web pages contain information relating to debt management and bonds or other obligations of the State of Ohio. The purpose of this section is to provide general information about the State of Ohio, its debt management, and its borrowing programs. The information is provided for quick reference only and is not a summary or a compilation of information for any particular bond issue. It does not purport to include every item which may be of interest, nor does it purport to present full and fair disclosure within the meaning of applicable securities law with respect to any of the matters or programs addressed. Investment decisions should be made only after full review of the official statement and other relevant matters in connection with a particular bond issue.
State Teachers Retirement System Of Ohio
Any student no matter the level knows from experience the importance of having a skillful and engaged teacher. Unfortunately, its also been our experience that teachers often spend more time focused on their students growth than on their own financial future.
This occupational hazard is made worse by the fact that states budget constraints are forcing communities throughout the country to work toward permanently reducing the earned pension benefits teachers have spent their entire careers earning. It has always been incumbent on you to coordinate and manage your own future entitlements and to do it while youre still working.
Teachers selflessly spend their days preparing young minds for the future, often to the detriment of their own futures. There is no better time than the present to secure that future.
Educators are covered by the State Teachers Retirement System , which is similar to OPERS in that it also offers Defined Benefit, Defined Contribution, and Combined Plans. However, some members may have the option of an Alternative Retirement Plan . These are generally administered by a third-party vendor, and can vary dramatically. Generally speaking, if these are available to you, its best to contact the third-party vendor about the details of these plans.
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State Teachers Retirement System Of Ohio Columbus Oh
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SCOPE OF WORK
Dynalectric installed complete electrical and teledata systems for a five-story parking garage and a three-story 200,000 square foot addition on top of the garage with a connector over the road to tie back into the original building. The installation included Cat-5 data wiring and coaxial cable at the desktop, so investors can track financial news over a live video feed, computerized office lighting that changes in response to ambient sunlight, a security system with plasma screen monitors and the latest integrated and automated access systems, new 3,000 amp switching gear to accommodate increased building size, and a cellular floor duct system for electrical and communications wiring as well as data cells. The cellular system enables periodic office rearrangement without concern for outlet locations.
State Teachers Retirement System of Ohio is one of the nation’s premier retirement systems, serving more than 400,000 active, inactive, and retired Ohio public educators. With assets of $53 billion, STRS Ohio is one of the largest public pension funds in the country.
Board Reviews Proposed Health Care Program Changes For 2022 Plan Year
At the April meeting of the State Teachers Retirement Board, Member Benefits staff presented the board with several proposed changes for the STRS Ohio Health Care Program for plan year 2022. The proposed changes will have a positive impact on premiums and offset some of the expected rate increases. Staff will provide an initial review of premiums for 2022 at the May board meeting.
Proposed health care plan changes under consideration include:
- Fully funding of hospital coverage for Medicare enrollees with Part B-only coverage through the Health Care Fund rather than through enrollee premiums. This should result in a premium reduction for all Medicare enrollees.
- Moving to Express Scripts National Preferred Formulary for non-Medicare enrollees and to the Premier Performance Formulary for Medicare enrollees. This will add a third tier giving enrollees access to non-preferred brand name drugs while also providing greater rebates to offset premium increases.
- Reducing the specialty copay to the lesser of 8% of costs or $450 from the lesser of 13% of costs or $450.
The Retirement Board is expected to vote on health care program changes at its May meeting.
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May 7 2022strs Ohio Board Election Results
On Saturday, May 7, 2022, the results of the State Teachers Retirement Board election were certified by a board of tellers appointed by the State Teachers Retirement Board and Election Services Company â the independent firm administering the election. The results of the election for the two contributing member seats on the Retirement Board are as follows:
Robert A. McFee, 9,817 votes
Write-Ins, 319 votes
The results of the election for the retired member seat on the Retirement Board are as follows:
Elizabeth Jones, 24,983 votes
Rita J. Walters, 21,229 votes
Write-Ins, 222 votes
The term of office for Steven Foreman, Elizabeth Jones and Julie Sellers will begin on Sept. 1, 2022, and will end on Aug. 31, 2026.
Mandatory Retirement Plan Options
Both you and the university contribute to your retirement account. Your contributions are made on a pre-tax basis federal and state taxes are deferred until benefits are paid. Employees of Ohio public colleges and universities do not participate in the federal Social Security system, other than contributions to Medicare.
The Ohio Public Employees Retirement System , one of two state-mandated retirement programs, was established to provide a secure retirement for Ohios public employees and their families. Staff, post-doctoral researchers and interns are eligible to participate in an OPERS plan. Student employees are encouraged to visit the Student Retirement Benefits webpage.
Learn more at opers.org.
The State Teachers Retirement System , one of two state-mandated retirement programs, was established to provide a secure retirement for Ohios public educators. STRS is available to all faculty members.
Learn more at strsoh.org.
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Ohio Admin Code 3: 12
Current through all regulations passed and filed through December 3, 2021
Members of state teachers retetirement system currently contribute ten percent of their annual salaries and the college board of trustees contributes fourteen percent. An approved tax-deferred program also known as employee pick-up, became effective July 1, 1984, for all employees. There are no deductions for social security. Effective April 1, 1986, all new employees at the college contribute 1.45 percent of their gross salary to medicare.
State teachers retirement system is a defined benefits plan. Retirement benefits, if vested, include optional retirement age, disability retirement income, survivor benefits, optional retirement plans, healthcare plans, withdrawal privileges, opportunity to purchase additional increments, and ability to coordinate with other state retirement programs. Brochures describing this in detail are available from human resources and at the website
The following state regulations pages link to this page.
State regulations are updated quarterly we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
§ 3357:12-5-20. State teachers retirement system
Ohio Teachers Investigation Of State Pension Spurs Special Audit By State Auditor
Forensic investigation commissioned by 19,000 retirees participating in the State Teachers … Retirement System of Ohio spurs a special audit by State Auditor.
A forensic investigation commissioned by 19,000 retirees participating in the State Teachers Retirement System of Ohio spurs a special audit by State Auditor. The information obtained to date supports a reasonable basis for conducting a special audit, says Auditor.
As absurd as it seems, participants in pensions historically have had virtually no say in how their retirement savings are invested. When concerns regarding reckless risk-taking and revelations of avoidable losses arise, there is little pensioners can do to stop the bleeding. Underfunded state and local government pensions, not covered by the federal law protecting pensions or any other comprehensive law, are especially at risk. Its no secret that public pensions are grossly mismanaged. Whats surprising is to learn that concerned active and retired school teachers in Ohio successfully banded together to commission an expert investigation of their state pension and were heard by legislators, as well as other government officials.
Faber stated his Office had conducted a preliminary examination of these matters, the results of which were forwarded to the Auditor of States Special Audit Task Force for consideration.
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Proposed Strs Ohio Operating Budget For Fiscal Year 2022 Reflects Slight Increase From Current Year Budget
STRS Ohios Finance Department presented its proposed system budgets for fiscal year 2022 . The proposed operating budget totals $106 million, an increase of 1.7% from the current year budget. The budget proposal reflects 530 full-time equivalent associates, the same as the current year budget, following seven straight years of headcount declines. The proposed budget includes increases for the actuary and investment consultants to conduct the upcoming five-year experience review and asset-liability study. The proposed budget also includes a 1.4% increase in the Salary & Wages line item, as well as increases to expand cloud backup of data to enhance disaster recovery capabilities and lower future costs in this area. The proposed budget also reflects decreases in staff and board travel and seminars and conferences as travel isnt expected to resume to a more normalized level until the second half of the fiscal year.
The proposed capital budget for fiscal year 2022 totals $9.1 million, an increase of about $4 million dollars over the current years budget. This includes information processing and computer software costs to replace the systems 25-year-old investment accounting system. Fiscal 2022 State of Ohio expenses include an increase in Ohio Retirement Study Council expenses to cover the upcoming fiduciary and actuarial audits conducted under the oversight of the Council.