OFT is mobilizing both active and retired teachers to attend the June 15 STRS and SERS board meetings to see how decisions impact your lives now and in the future. Attendees should look at the impact of health care changes, investments in hedge funds, the long-term stability of the pension and spending on staff raises when rationale for elimination of the COLA was lack of funds.
OFT’s Retirement Committee urges members to attend these meetings to express to the boards your views on decisions being made. The retirement committee identified the following issues people might want to bring to the attention of STRS and SERS board members. They are:
- STRS and SERS health care changes - what is the impact on current and future retirees?
- STRS and SERS hedge fund policies - Hedge Fund Model "2 and 20" needs to be cut in half to "1 and 10". The current excessive alternative fee structure needs to be reduced in order to reverse the transfer of wealth to billionaires, especially during times of disappointing rates of return.
- STRS and SERS - what is the long-term stability of the fund? How does this stability compare to similar pension funds across the nation? STRS budget document.
- STRS - why was a 3 percent staff raise announced at the same meeting the COLA was eliminated? What is the rationale for the increase in compensation - retirees did not get an increase due to lack of funds, yet staff got 3 percent? Shouldn't there be shared sacrifice? Learn more.
- SERS - after 2018 the COLA will be reduced from a fixed 3 percent to one that is indexed to the consumer price index between zero and 2.5 percent. Learn more. SERS document - what you should know about the COLA. SERS actuarial statement. SERS May board meeting highlights.
See COLA information for all Ohio pension systems.
The STRS Ohio Board will meet 8:30 a.m. June 15 at 275 E. Broad St., Columbus, OH 43215. The SERS Ohio will meet 8:30 a.m. June 15 at 300 E. Broad St., Suite 100, Columbus, OH 43215. If you plan to attend or speak at the meeting, notify Darold Johnson by emailing djohnson@oft-aft.org or calling 614-257-4191.