From RH Jones: Summit County RTA Legislative News, a report by Dr. K. Fluke
From RH Jones, March 16, 2006
The following is Dr. K. Fluke's published report in the March 6M, SCRTA News:
"STATE
The STRS report in February 2006 Newsletter indicates many respondents to the STRS survey of services was positive. A review of the Ohio Retirement Study Council (ORSC) annual report 2005, reflects many items were less than positive.
The STRS Ohio News indicates Medicare Part B (medical coverage) will be reimbursed for a 30 year retiree at $62.37 for 2006. In 2005, it was $52.83. Compare this with three other Ohio retirement systems that have been funded fully; and continue to fund at $88.50 monthly which is the current rate.
Ohio uniformed members of retirement systems i.e. OPERS (Ohio Public Employees Retirement System), the Police & Fire RS, and the Highway Patrol RS, receive an employer contribution from 19.5% to 25%. STRS and SERS, representing school employees, are capped at 14%. STRS and health advocates are now seeking legislation to increase the 14% to provide a steady stream of health care money.
STRS is second among the five Ohio retirement systems in the unfunded liability (55 years). Police & Fire RS is in infinity and are number one.
STRS has the lowest percentage of employee contribution allocated to health care. In 2006, the Public Employees RS was 4.5%, the STRS was 1%, the Service Employees RS was 2.3% with a surcharge of up to 1.5% of total active membership payroll, the Police & Fire RS was 7.75% and the Highway Patrol was 3.5%.
Service Employees RS and Highway Patrol RS have dental coverage for retirees, spouse and dependents. Premiums are increasing. The Highway Patrol RS continues to pay the full premium for retirees.
STRS is concerned that an unnamed legislator is recommending a new retirement plan option for K-12 retirees. Under past STRS executive director Herb Dyer, the coordinated and combined plans were introduced in addition to the traditional defined benefit!
FEDERAL
The HCR 20 was introduced 9/15/05. It reminds Congress to reject mandatory social security coverage for Ohio Public Employees. It currently has not passed."
The above was E-mailed by:
RHJones, CORE & SummitCRTA Legislative CMTE Member
The following is Dr. K. Fluke's published report in the March 6M, SCRTA News:
"STATE
The STRS report in February 2006 Newsletter indicates many respondents to the STRS survey of services was positive. A review of the Ohio Retirement Study Council (ORSC) annual report 2005, reflects many items were less than positive.
The STRS Ohio News indicates Medicare Part B (medical coverage) will be reimbursed for a 30 year retiree at $62.37 for 2006. In 2005, it was $52.83. Compare this with three other Ohio retirement systems that have been funded fully; and continue to fund at $88.50 monthly which is the current rate.
Ohio uniformed members of retirement systems i.e. OPERS (Ohio Public Employees Retirement System), the Police & Fire RS, and the Highway Patrol RS, receive an employer contribution from 19.5% to 25%. STRS and SERS, representing school employees, are capped at 14%. STRS and health advocates are now seeking legislation to increase the 14% to provide a steady stream of health care money.
STRS is second among the five Ohio retirement systems in the unfunded liability (55 years). Police & Fire RS is in infinity and are number one.
STRS has the lowest percentage of employee contribution allocated to health care. In 2006, the Public Employees RS was 4.5%, the STRS was 1%, the Service Employees RS was 2.3% with a surcharge of up to 1.5% of total active membership payroll, the Police & Fire RS was 7.75% and the Highway Patrol was 3.5%.
Service Employees RS and Highway Patrol RS have dental coverage for retirees, spouse and dependents. Premiums are increasing. The Highway Patrol RS continues to pay the full premium for retirees.
STRS is concerned that an unnamed legislator is recommending a new retirement plan option for K-12 retirees. Under past STRS executive director Herb Dyer, the coordinated and combined plans were introduced in addition to the traditional defined benefit!
FEDERAL
The HCR 20 was introduced 9/15/05. It reminds Congress to reject mandatory social security coverage for Ohio Public Employees. It currently has not passed."
The above was E-mailed by:
RHJones, CORE & SummitCRTA Legislative CMTE Member
posted by Kathie Bracy at 12:26 PM
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