STRS report on December 2010 Board meeting
From STRS, December 10, 2010
This week, the State Teachers Retirement Board held its monthly meeting. Following the regularly scheduled meetings, a report titled "Board News" is posted on the STRS Ohio Web site, as well as mailed to a number of members and education organization representatives who have requested it. As a member of STRS Ohio with an e-mail address on file, you will also receive this report each month. The December report follows.
DECEMBER BOARD NEWS
2010 ANNUAL FINANCIAL STATEMENT AUDIT COMPLETED
Clifton Gunderson reported the results of its audit of the STRS Ohio financial statements for the fiscal year ended June 30, 2010, at the December Retirement Board meeting. The report noted that the system's financial statements were fairly stated in accordance with generally accepted accounting principles; further, no material weaknesses in internal controls or instances of statutory noncompliance were found. As a result, STRS Ohio received a "clean" audit known as an unqualified opinion, which is the highest level of opinion that an organization can receive.
Clifton Gunderson reported the results of its audit of the STRS Ohio financial statements for the fiscal year ended June 30, 2010, at the December Retirement Board meeting. The report noted that the system's financial statements were fairly stated in accordance with generally accepted accounting principles; further, no material weaknesses in internal controls or instances of statutory noncompliance were found. As a result, STRS Ohio received a "clean" audit known as an unqualified opinion, which is the highest level of opinion that an organization can receive.
STRS Ohio's financial statements are included in the 2010 Comprehensive Annual Financial Report, which will be posted on the STRS Ohio Web site by Dec. 31, 2010. Copies of the report can also be requested by calling STRS Ohio's Member Services Center toll-free at 1-888-227-7877. In addition to the financial statements noted above, the report also includes investment, actuarial and statistical information about STRS Ohio.
RETIREMENTS APPROVED
The Retirement Board approved 132 active members and 72 inactive members for service retirement benefits.
The Retirement Board approved 132 active members and 72 inactive members for service retirement benefits.
OTHER STRS OHIO NEWS
SELECT HOME DELIVERY PROGRAM SAVINGS REPORTED
The Select Home Delivery Program through Express Scripts (ESI) was rolled out this summer to STRS Ohio Health Care Program enrollees. The program encouraged individuals who were currently filling prescriptions for long-term maintenance medications at retail pharmacies to move to home delivery and thus incur lower copayments. Through a series of mailings, enrollees were required to take action and could either choose to use home delivery or continue using a retail pharmacy to fill those prescriptions. ESI targeted 54,103 STRS Ohio enrollees who were filling their long-term maintenance medications at retail. Preliminary results show that about 19,000 or 35% of these enrollees made the decision to convert to home delivery. More than 40,000 retail prescriptions were converted to home delivery as of Nov. 30. The total combined savings during the initial start-up period of 3-1/2 months for enrollees and STRS Ohio is about $1 million.
The Select Home Delivery Program through Express Scripts (ESI) was rolled out this summer to STRS Ohio Health Care Program enrollees. The program encouraged individuals who were currently filling prescriptions for long-term maintenance medications at retail pharmacies to move to home delivery and thus incur lower copayments. Through a series of mailings, enrollees were required to take action and could either choose to use home delivery or continue using a retail pharmacy to fill those prescriptions. ESI targeted 54,103 STRS Ohio enrollees who were filling their long-term maintenance medications at retail. Preliminary results show that about 19,000 or 35% of these enrollees made the decision to convert to home delivery. More than 40,000 retail prescriptions were converted to home delivery as of Nov. 30. The total combined savings during the initial start-up period of 3-1/2 months for enrollees and STRS Ohio is about $1 million.
STRS OHIO CONTINUES AS THE PRIMARY CHOICE FOR NEW FACULTY
During the last 12 months, 1,450 new full-time faculty at Ohio public universities and colleges made an election between STRS Ohio's retirement plans and alternative retirement plans (ARPs) run by private vendors. STRS Ohio was the choice of 70% of the educators. Eight vendors shared the 441 new faculty who elected an ARP.
During the last 12 months, 1,450 new full-time faculty at Ohio public universities and colleges made an election between STRS Ohio's retirement plans and alternative retirement plans (ARPs) run by private vendors. STRS Ohio was the choice of 70% of the educators. Eight vendors shared the 441 new faculty who elected an ARP.
RETIREMENT BOARD ELECTION PROCESS UNDER WAY
In spring 2011, an election for one contributing member seat on the State Teachers Retirement Board will be held. The election process begins this fall, when individuals interested in running for this seat can request petitions from STRS Ohio. Those eligible for nomination are individuals presently contributing to STRS Ohio or those who have contributions on deposit with STRS Ohio. STRS Ohio retirees who are reemployed in an STRS Ohio-covered position are not eligible for nomination.
In spring 2011, an election for one contributing member seat on the State Teachers Retirement Board will be held. The election process begins this fall, when individuals interested in running for this seat can request petitions from STRS Ohio. Those eligible for nomination are individuals presently contributing to STRS Ohio or those who have contributions on deposit with STRS Ohio. STRS Ohio retirees who are reemployed in an STRS Ohio-covered position are not eligible for nomination.
Individuals interested in running for this seat can request petitions from STRS Ohio by calling toll-free 1-888-227-7877. The deadline for returning petitions is Feb. 25, 2011. STRS Ohio members will receive their ballots and voting information in April; they will have through May 2 to cast their vote. The winner of the election will begin his or her four-year term on the board on Sept. 1, 2011.
posted by Kathie Bracy at 2:00 PM
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