STRS Board's discussion about potential benefit improvements during the February 17th STRS Board meeting
From Cindy Murphy
February 27, 2022
Listen to the Board's discussion about potential benefit improvements during the February 17th STRS Board meeting. Pay close attention to comments and questions from Board members Rudy Fichtenbaum and Wade Steen.
"At the February meeting of the State Teachers Retirement Board, actuarial consultant Cheiron provided further analysis of potential benefit improvements designed to benefit both active and retired members of the system. The board expressed interest in various options that include a one-time cost-of-living adjustment (COLA) for eligible benefit recipients and a change to the current age and service eligibility requirements for active members, which would allow teachers with 35 years of service to retire at any age (eliminating the age 60 requirement set to be put in place in 2026). The board is also considering a reduction in the member contribution rate to 13% from 14%. Cheiron will complete its analysis of the financial impact of the proposed changes at the March board meeting now that its five-year experience review has concluded." - STRS Ohio
The discussion about benefit improvements begins at 48:00 and lasts 45 minutes.
posted by Kathie Bracy at 7:55 PM
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