How much have you lost without that COLA? Bob's chart will give you an idea!

From Bob Buerkle

May 11, 2019

(Click image to enlarge)

Additionally, even if STRS restores your original 3% COLA amount in 2020, you will continue to lose the value of FIVE 3% COLA's forever, since they were never added to your pension base. For someone who retired with a $40,000 pension, that equals a permanent $6,000 annual loss. If you live another 25 years you will lose another $150,000.

To figure your cumulative losses for another FIVE YEARS multiply your first five-year loss by 3.6667. For example, a retiree who started with a $40,000 pension and a $1200 COLA promise would lose $66,000 over a ten-year period. (3.6667 X $18,000 = $66,000)

This loss amounts to 165% of your beginning pension amount!
Note: The 3.6667 multiplier can't be used to calculate the next five-year loss from 10-15 years.

Post 08/01/2013 Retiree COLA losses
Retirees after 08/01/2013 have never received their 2% COLA promised by STRS. They were told they would receive a 2% COLA after five years due to the changes in Ohio Revised Code 3307.67. However, as of 08/01/19 these retirees will have gone SIX YEARS without a COLA.