Saturday, June 26, 2010
Friday, June 25, 2010
Pros and Cons of the Double Dip
Subject: Re: Fw: Double dip.....another view
Subject: Re: Fw: CORE member Mary Jordan re. Nehf to newspapers.........
1. STRS collects a total of 24% of earnings from the combination of employer and employee contributions. Since 7/1/2005 STRS only gives the re-employed retiree 5% of the 14% from the employer contributions. STRS keeps 1% for the Health Care Stabilization Fund and 8% to pay down the unfunded liability of the system. The unfunded debt has been created by improved benefit formulas over the decades, but, to a much greater extent, the 2008-2009 investment losses of around 35 billion. So the 8% that STRS gets to keep without any benefit to be provided to the re-employed retiree can be used to pay down STRS Debt.2. Most full-time re-employed retirees earn less than they once did before they retired but they still make 70 to 90% more than a beginning teacher. This means that the total STRS contributions would be nearly double those of a beginning teacher. Remember also that re-employed retirees do not receive a defined benefit pension based on their re-employment time. They can convert their account value to an IRA or they can let the STRS get over on them with a terrible Money Purchase payout. This is free money for STRS. If it was not a good deal for them they would have complained long and hard to prevent the practice years ago.3. As long as a re-employed retiree is working for a school district that provides health care for their employees, STRS is not their primary health care provider. This saves STRS around $8000 or more per re-employed retiree.4. Anyone who retires one day and begins again the next day, like Ravenna Superintendent, Tim Calfee, forfeits their first two months of Pension Benefits. In Calfee's case his gift would benefit STRS by about a $16,000 for breaking the two month waiting rule.
Subject: Re: Nehf to newspapers.........
Subject: Nehf to newspapers.........
To the Editor:In response to your articles about reemployed retirees, we at STRS Ohio agree that pension reform is needed and educators must work longer. In the past, as the Ohio Legislature has made changes to the rules governing reemployed retirees, STRS Ohio has made adjustments to help ensure that reemployed retirees do not negatively impact the pension fund or the separate health care fund. These past reforms include no longer providing primary health care coverage to rehired retirees, and also making the payout after a second retirement cost neutral to the system. Reemployed retirees and their employers also pay the same amount in contributions as do non-retirees. More recently, our Retirement Board took the responsible step as system fiduciaries and adopted a plan in September 2009 that proposes a number of changes to pension plan design for Ohio’s public educators. One of the plan’s major components increases the service required for retirement to 35 years. We look forward to our proposed pension plan changes being included in future legislation and will continue to work with the Ohio Retirement Study Council, other legislators and all stakeholder groups to bring about changes that will help ensure the sustainability of STRS Ohio for Ohio taxpayers who have chosen public education as their career.Michael J. Nehf, Executive Director
State Teachers Retirement System of Ohio
275 E. Broad St.
Columbus, OH 43215-3771
Need more evidence that OPERS planned ahead and STRS didn't?
Article published August 9, 2004
The Beacon Journal addresses pension reform issues
Thursday, June 24, 2010
Dr. Leone re: Retire/Rehire
Subject: Re: Comments re.................... PD editorial re. Double > Dipping...."just because it's legal doesn't mean it's right!"
Subject: Re: PD editorial re. Double Dipping...."just because it's legal doesn't mean it's right!"
COLA LAW FIRMS suing CO & SD retirement systems for cutting COLAs
Wednesday, June 23, 2010
Minutes of the June 10, 2010 CORE Meeting
The Concerned Ohio Retired Educators (CORE) held an abbreviated meeting on June 10th in the Sublett Room of the STRS Building in Columbus. President Dave Parshall opened the meeting at 12:05 p.m. by welcoming four first-time attendees and greeting the customary attendees.
Marie M. Fetters
Mike Nehf responds to the Toledo Blade
Toledo Blade, June 23, 2010
State Teachers Retirement System of Ohio
Tuesday, June 22, 2010
Pardon me, Columbus Dispatch....'retirees will have to shoulder more of their health-care burden'?
A retired public school educator
A member of CORE (Concerned Ohio Retired Educators)
PERS 7.00%*STRS 1.00%SERS 4.16%**OP&F 6.75%HPRS 5.50%
**Does not include employer health care surcharge of up to 1.5% of total active member payroll.
Double-dipping, rising health-care costs add up to unsustainable system
Well, Kirk, if you want to protect the retirees then.......
Let's see...we still own 10.9 million shares of this, don't we?
June 22, 2010
Some interesting comments in the Lima News about double dipping.....
SD retirees sue to keep COLA!
Andrea J. Cook, Journal staff | Posted: Tuesday, June 15, 2010 2:40 pm
Monday, June 21, 2010
A reader writes to John Curry re: double dipping......
DDN editorial staff poses retirement questions.....
June 20, 2010
Day II of the assault on Ohio's public retirement systems and a question.........
By JIM PROVANCE
BLADE COLUMBUS BUREAU CHIEF
A number of associations and nonprofit organizations representing retirees affected by the various pension funds have been created to affect legislation and, in some cases, to elect their own representatives to pension boards.
For example, the Police & Fire Retirees of Ohio's political action committee so far has this year contributed $11,400 to legislative candidates, including $300 to Rep. Todd Book (D., McDermott), who heads the Ohio Retirement Oversight Council, and $550 to council member Rep. Lynn Wachtmann (R., Napoleon).
Sunday: An analysis by Ohio's eight largest newspapers finds that one in four public school superintendents in the state's 614 districts double-dips by retiring, collecting a pension, and going back to work.
Monday: Ohio's five public pension systems can use hundreds of thousands of dollars to influence those who write laws affecting their bottom line.
Tuesday: State taxpayers spend more than $4 billion annually on pensions but have little access to retirement records.
Supers get better deal than teachers............
By David Knox
Beacon Journal staff writer