OPERS bennies to die for - Another coverage comparison!

From John Curry

Sent: Wednesday, August 23, 2006

Subject: OPERS bennies to die for - Another coverage comparison!

While doing a comparison between STRS and OPERS coverages I came upon this item of interest. Even in death an OPERS retiree (30 years service) is worth two and one half times an STRS retiree (30 years service) to his/her family! ...and yet STRS spends monies to pay for private attorneys of STRS witnesses who have been issued a subpoena to testify in court! What's wrong with this picture?

OPERS Death Benefit (taken right from the OPERS website):

"Following the death of a recipient receiving an age and service or disability benefit, a lump sum payment based on years of service is made to the designated beneficiary. If there is no designated beneficiary, PERS may approve payment to a benefit recipient’s spouse, children share and share alike, parents share and share alike, the person responsible for the burial, or to the estate.

The benefit schedule for those whose service credit is less than 10 years would be $500; for service credit of 10 but less than 15 years, $1,000; $1,500 for service credit of 15 but less than 20 years; $2,000 for 20 but less than 25 years of service; and the maximum would be $2,500 for 25 or more years of service credit."

Note from John - the maximum (without additional premiums) amount of the death benefit from STRS is $1,000.