Saturday, May 06, 2017

The Urban Institute on state pension systems; guess where STRS Ohio ranks

Seen in the New York Times: the Urban Institute gives STRS Ohio an "F"
"No states got an A and only six states received a B: Arkansas, Delaware, Florida, New York, Oregon and Wyoming. Most states — 33 — received a C, while six got a D. The last six — Connecticut, the District of Columbia, Kentucky, Massachusetts, Ohio and Rhode Island — each received an F."
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Bob Buerkle to Mario Iacone, May 4, 2017
Subject: Re: How Does STRS Rank Compared to other retirement Systems
This article based it's information on data that became obsolete between two and six weeks after it was written because STRS lowered it's earning assumption 30 basis points below the 7.75% the authors used and then the Board eliminated the COLA for Ohio Retirees which massively worsens our position.
I bet we now have surpassed Massachusetts and hold the rank of the worst of all states, and future retirees will never get back the value of their employee and employer contributions plus the added investment earnings value during their lifetime.
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