STRS forgot the other half of the story!

From John Curry, August 10, 2009

Benjamin Franklin once said, "Half a truth is a great lie."

Yesterday I received the August edition of the "STRS Ohio News." On page 2 (the scanned page in the attachment to this email) a spokesperson for STRS makes the statement:

"A change to the COLA would, in fact, affect all STRS Ohio members---future, current, and retired educators. But, it actually has a greater financial impact on future retirees than current retirees because current retirees have already been receiving an annual COLA throughout retirement. These increases would not be taken away. A change in the COLA would only affect future COLA payments. For members who have yet to retire, they will be financially impacted by a change in the COLA throughout their entire retirement."

The other "half" of this little story that STRS didn't relate is that those current educators who will retire in the future will do so at a final average salary that the current retirees could have never dreamed of. Also, many current retirees could not take advantage of the 35 year/88% enhanced benefit....now could they? You know, the one that OPERS never implemented because they knew they never could afford it. Of course, their healthcare package rates for their retirees would put STRS's package rates to shame, wouldn't they?
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