RH Jones re: an unacceptable ORTA older retiree COLA guideline

From RH Jones, January 11, 2012

To all retired teachers:

Especially for the ORTA dues paying members, I would like to communicate to you that, according to the “Winter 2012 ORTA Quarterly”, your ORTA officials on 10/27/2011 created “Legislative Guidelines for 2012” that included a guideline “STRS Ohio” which states in number 2 as a priority that: “Continue working to improve the formula for computing bases pension amounts for all recipients and to maintain a minimum COLA for older retirees.”

ORTA members, their work to continue to improve the formula base pension amounts for all recipients is, agreeably, a real priority for us in the never ending inflation of the dollar; but, however, the ORTA statement “… to maintain a minimum for older retirees” is totally unacceptable. It just lacks common sense. I cannot imagine their thinking. My dictionary states that the word minimum means: “1. Lowest possible degree: the lowest possible amount.” Do they really want that the older retirees to have the lowest possible amount of COLA? This Life Member thinks that the ORTA officials should print a retraction of that unacceptable priority goal for 2012.

Personally, I think the best way for them to eliminate this obvious mistake is to just erase “and to maintain a minimum COLA for older retirees.” As a retired teacher, I am fine with “ … improve the formula base pension amounts for all recipients. …” period; but not with keeping older retirees at a lowest possible amount. If anything, older retirees should be kept at the highest amount of the COLA. A reasonable person knows that the older STRS retiree’s present non-compounded 3% COLA does not keep retirees up with inflation.

RHJones, ORTA Life Member

STRS Board to meet January 18-19, 2012

From STRS, January 11, 2012

PUBLIC MEETING NOTICE

The State Teachers Retirement Board and Committee meetings currently scheduled at the STRS Ohio offices, 275 East Broad Street, Columbus, Ohio 43215, are as follows:

Wednesday, January 18, 2012

...1:30 p.m. Disability Review Panel (Executive Session)

Thursday, January 19, 2012

...9 a.m. Retirement Board Meeting, followed by Staff Benefits Committee

The Retirement Board meeting will come to order on Thursday, Jan. 19, 2012, and begin with a Report From the Investment Department, followed by the next segment of the Asset/Liability Study, a Report From the Finance Department, the Executive Director's Report, public participation, a Report From the Communication Services Department, routine matters, old business, new business and any other matters requiring attention.