Hot off the press: Your pension system's version of The Real Story #3 (but never fear; Rudy got it right in the above article)

From STRS

April 27, 2023

The Real Story (Part 3) — Pensions for Educators With 34 or More Years of Service

There's been a lot shared about STRS Ohio lately on social media, the Internet and email. Sadly, much of this information has been incomplete at best and incorrect at worst.
In this edition of “The Real Story” we’ll share more undeniable facts about the pensions enjoyed by many new STRS Ohio retirees with 34 or more years of service.

FACT 1:
These new STRS Ohio retirees receive on average an annual pension benefit of about $69,000.*

FACT 2:
About one in five retiring educators elect to receive a Partial Lump-Sum Option Plan (PLOP) payment immediately upon retirement. The average PLOP paid to these new retirees was approximately $157,000.*

FACT 3:
Removing reductions for PLOP payments and Joint and Survivor Annuities (many choose to protect loved ones via these options), the average new STRS Ohio retiree with 34 or more years of service receives an annual pension of more than $77,000.*

*All figures are from fiscal year 2022.