Molly Janczyk & June Hughes on SB 190

From: Molly Janczyk

Sent: Monday, January 23, 2006

Subject: Re: $3Million goes for?13th; SB190:Retired Teachers not keeping up with the COLA.

Buser said all retirees were raised............clarification? Everyone has ques and I'm trying to get clear answers. He said all were raised to 85% of their original formula at retirement. I don't know what that means. But he said all benefited by increases.

From: June Hughes

To: Molly Janczyk

Subject: Re: $3Million goes for?13th; SB190:Retired Teachers not keeping up with the COLA. Date: Mon, 23 Jan 2006 19:03:06 -0500

I retired in 1990 and I sure didn't get a raise like that because of SB190!!! At this point, I'll take either one. The same situation happened to many retirees before me - that of not being able to keep up financially because of costs. The amount contributed was raised and I was not retired and was shocked to find the plight those people were in. I didn't mind the raise in retirement contribution - mainly because Ohio USED to have the best retirement plan in the U.S.

June On Jan 23, 2006, at 5:41 PM, Molly Janczyk wrote:

Just using me; do your own math:

SB190 raised my pension by approx. $1500 annually which is over triple what my only 13th was which = approx. $468 annually.

I learned today that ALL retirees benefitted by SB190. Previously I thought it was only from 1999 and beyond. So, SB190 was an enhancement for ALL of us if this is true over and above our previous 13th cks. We got our last 13th ck when SB 190 was enacted. We are better off as a result. We evidently can't have both. I'll take my enhancement over the 13th cks. If all above is accurate, then think of it as an imporvement replacement for all of us.

IF AND WHEN STRS is again in the 30 or below unfunded liability and has money to spare, let 's ask for another enhancement. That may never happen, so let's get HC funded and see if there is extra to come back to STRS membership.

I'd like to know where the $300,000,000 goes however, saved by STRS due to SB190. Does the report say?

Could that be applied to a beneficial item for membership? It wouldn't last as a 13th ck for long.

Is any of that money up for membership or to be reinvested ?

All retirees are under STRS and receive the same thing. No grp of retirees can legis. a 13 th ck just for their grp of STRS retirees, could they? If a 13th ck was issued by OFt, it would be for actives, I would think. Something we enjoyed as actives as well. Correct me if I am wrong.

From: Tom Curtis (to RH Jones)

Subject: Re: Retired Teachers not keeping up with the COLA.

Date: Mon, 23 Jan 2006 15:14:01 -0600

Hello Bob,

The discussion by the board of the recommendations by Aon for increases in wages for non-investment employees, I believe is dead. I do not think the board will vote for any increases in non-investment wages at this time. The other retiree on our board is Jeff Chapman, who is the George you referred to?

Tom Curtis