RH Jones: Our Wonderously Fair 13th Check
February 28, 2006
To Molly and all:
It has been 6-yrs. since retirees have been issued the supplementary 13th check. So that everyone knows how fair the check is, please read ORC Section 3307.671. In part, it says:
"On of after July 1, 1980 and on the first day of July of each year thereafter, board may determine the amount to be placed in a temporary supplemental benefit." As you can see the benefit is placed in a temporary fund but can be issued every year thereafter if it meets the following O.R.C. criteria: "Such amount, if placed, shall be not more than twenty-five percent of the income from investments for the twelve months preceding the first day of July not otherwise required to be credited to the several funds set forth in section 3307.14 of the Revised Code."
The fairness of the formula is simply this: There can be an issuance of from 1 to 11-units. The units are decided yearly by a retiree friendly BD. The units are multiplied by the number of years you have been retired, then by your number of years of service.
Incidentally, in the down year of 1987, we got 11-units! Since the BD can issue as low as 1-unit, the check can be modest. At least it would be issued.
Originally, an enlightened OH legislature wanted to "even the playing field" for teachers with the other OH retirement systems -- certainly applaudable. But, the STRS benefits do poorly when measured with some of them. And, it is no wonder: In comparison, our employer contribution is small.
Contradicitng the "glowing" report of the STRS survey, recently published in their newsletter, to see how we compare with the other OH retirement systems, write and request a copy of the ORSC's 2005 report. Write to:
xxxxxAristotle Hutras, Director
xxxxxThe Ohio Retired Study Council
xxxxx88 E. Broad St. Suite, 1175
xxxxxColumbus, OH 43125-3506
With well deserved "Kudos" going to the STRS investment staff, because of some past inequitable and culpable decisions of some legislators, STRS BD and some employees, it is necessary that those presently involved read and study the proper reports and relative ORC's. Never again should we become uninformed about our STRS and the politics that encompass it. And, yes, that includes me, as well.
By the way, of course, I would also appreciate a financially healthy HC/Rx benefit, as everyone does. The power our numbers and astute political decisions at the voting booth, and for the STRS BD elections, will assure it. The 13th check is already "doable". At the moment, HC/Rx is not,unfortunately.
RHJones, CORE & SummitCRTA Legislative CMTE
To Molly and all:
It has been 6-yrs. since retirees have been issued the supplementary 13th check. So that everyone knows how fair the check is, please read ORC Section 3307.671. In part, it says:
"On of after July 1, 1980 and on the first day of July of each year thereafter, board may determine the amount to be placed in a temporary supplemental benefit." As you can see the benefit is placed in a temporary fund but can be issued every year thereafter if it meets the following O.R.C. criteria: "Such amount, if placed, shall be not more than twenty-five percent of the income from investments for the twelve months preceding the first day of July not otherwise required to be credited to the several funds set forth in section 3307.14 of the Revised Code."
The fairness of the formula is simply this: There can be an issuance of from 1 to 11-units. The units are decided yearly by a retiree friendly BD. The units are multiplied by the number of years you have been retired, then by your number of years of service.
Incidentally, in the down year of 1987, we got 11-units! Since the BD can issue as low as 1-unit, the check can be modest. At least it would be issued.
Originally, an enlightened OH legislature wanted to "even the playing field" for teachers with the other OH retirement systems -- certainly applaudable. But, the STRS benefits do poorly when measured with some of them. And, it is no wonder: In comparison, our employer contribution is small.
Contradicitng the "glowing" report of the STRS survey, recently published in their newsletter, to see how we compare with the other OH retirement systems, write and request a copy of the ORSC's 2005 report. Write to:
xxxxxAristotle Hutras, Director
xxxxxThe Ohio Retired Study Council
xxxxx88 E. Broad St. Suite, 1175
xxxxxColumbus, OH 43125-3506
With well deserved "Kudos" going to the STRS investment staff, because of some past inequitable and culpable decisions of some legislators, STRS BD and some employees, it is necessary that those presently involved read and study the proper reports and relative ORC's. Never again should we become uninformed about our STRS and the politics that encompass it. And, yes, that includes me, as well.
By the way, of course, I would also appreciate a financially healthy HC/Rx benefit, as everyone does. The power our numbers and astute political decisions at the voting booth, and for the STRS BD elections, will assure it. The 13th check is already "doable". At the moment, HC/Rx is not,unfortunately.
RHJones, CORE & SummitCRTA Legislative CMTE
posted by Kathie Bracy at 2:03 PM
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