Educators and Retired Educators and the unkindly push to transform our pensions into a Defined Contribution model

A forum for Ohio educators interested in bringing needed reform to our pension system (STRS Ohio). John Curry (strswatchdog@yahoo.com) researches many issues related to STRS Ohio and contributes them to this blog. Contributions from others are welcome, and may be sent to Kathie Bracy (kbb47@aol.com).
• Increasing age and service requirements for retirement.• Lowering the benefit formula.• Increasing the number of years in the final average salary calculation.• Increasing the member contribution rate.• Lowering the cost-of-living adjustment (COLA) for current and future retirees; freezing the COLA for one year for current retirees; and deferring the COLA until 60 months after the date of retirement for new retirees.
• Changing AultCare deductibles, out-of-pocket maximums and copayments for emergency room and urgent care to levels similar to the Medical Mutual Plus Plan and Aetna Medicare Plan (PPO).• Eliminating one of two Medicare Paramount plans that has only eight enrollees.• Applying the Express Scripts pharmacy changes (approved by the board in April) to the AultCare and Paramount plans.
• Increasing age and service requirements for retirement• Lowering the benefit formula• Increasing the number of years in the final average salary calculation• Increasing the member contribution rate• Lowering the cost-of-living adjustment (COLA) for current and future retirees; freezing the COLA for one year for current retirees; and deferring the COLA until 60 months after the date of retirement for new retirees.
2. The annual cost of living adjustment (COLA) applied to eligible retirees will range between 0% - 3%. The percentage rate will be determined by the Board as deemed necessary to comply with the actuarial valuation requirements of ORC 5505.121.Exceptions are still in place for our oldest retirees who receive limited benefits.
The Union has stated clearly that its opposition to the HPRS proposed language for incorporation into the Senate bills is driven by its belief that its members, who have by virtue of their service, acquired "vested" pension rights and by virtue of such rights [are] entitled to protection from alteration of the terms of their retirement as such relate to "cost of living provisions" and the "computation of final average salary".
Larry Kehres | Mount Union Collge Division III |