James Carr: Look at the 5 public pension plans, only STRS has reneged on its promise to provide an annual COLA

From James Carr

October 13, 2022

What I am about to say is my opinion, nothing more. We need to stop viewing an annual COLA as being some type of fringe benefit or perk. An annual COLA is an integral and necessary part of any functional pension plan. Just ask S.S. recipients, or those who are members of Federal Employees pension plans. You don't need to look outside of Ohio, look at the 5 public pension plans, only STRS has reneged on its promise to provide an annual COLA.

Somehow, some way, thousands of Ohio teachers have been hoodwinked into believing that their stolen COLA was just an unnecessary add-on, a fringe benefit that can be arbitrarily taken away whenever it becomes inconvenient.

Tell that to Ohio's retired politicians who receive an annual COLA. Tell the retired firefighters, the retired state police officers, the retired school bus drivers and custodians that they really don't need their COLAs.

Think of it this way. When you buy a car, new or used, there are certain items that come with that car that you absolutely cannot do without. The amount you pay for the car, the interest rate of your loan, the length of your loan payments, the type of warranty you receive, are all variable. But you aren't going to buy a car without tires and you aren't going to drive a car without a windshield. We somehow allowed ourselves, several years ago, to accept the premise that the COLA we were promised was just an extra perk we could do without. Well, there was a damned good reason we had a COLA and there is a damned good reason the the other 4 public pensions still have theirs. Right now, with inflation running rampant, we are trying to drive a car without a windshield through a thunderstorm

Friends...of whom, pray tell?

 

STRS, WHY AREN'T YOU PAYING ATTENTION?!?!

How STRS fleeces the teachers.....

October 13, 2022

A teacher comments...

Why is STRS sending an email stating we better start saving to supplement our pensions? Say I make $45,000 (it varies every year I understand that..being conservative). STRS takes 14% of that and another 14% from my employer. In 30 years I should have a principal amount of $378,000. Now if STRS is investing this money wisely and providing proper COLA, I should be able to barely get by like I am now. So what is all the urgency of saying we must start finding ways to supplement our teacher pension? Just curious.

From John Curry

October 13, 2022

They are trying to brace teachers to get them ready for the day that the REAL truth about STRS will become obvious to ALL teachers....that STRS has been losing twice as much money per day as they have been receiving.....and that STRS is NOT a "premier" retirement system after all. 

Those in the STRS administration have known this FACT FOR YEARS NOW...and, at the same time, they have been "extracting" moneys for their high lifestyle and bloated paychecks all along! 

The poor suckers (teachers) whom they have been FLEECING for decades are now finally discovering what the h**l has been happening to them. !! It sucks to be an Ohio teacher, doesn't it? It even sucks worse when an Ohio public school teacher finally wakes up and discovers that this has been happening to them for decades!!!

Three down and two to go.....

3 down, 2 to go! This OEA Hall of Fame will soon be finalized into our Hall of Shame.