Benefit changes
The State Teachers Retirement Board approved the following benefit changes in 2022 and after:
March 2022
- 3% permanent cost-of-living adjustment (COLA) for eligible benefit recipients (beginning in fiscal year 2023)
- Age 60 retirement eligibility requirement eliminated
May 2023
- 1% permanent COLA for eligible benefit recipients (beginning in fiscal year 2024)
- Unreduced retirement eligibility at 34 years extended
March 2024
- Unreduced retirement eligibility at 34 years made permanent
- Reduced retirement eligibility lowered to 29 years
Cafeteria for STRS Ohio employees
STRS Ohio’s cafeteria provides soup, salad and sandwiches for purchase by employees and visitors. The availability of the cafeteria onsite minimizes associate time out of the building.
Child Care Center
The Child Care Center at STRS Ohio closed effective Dec. 31, 2023. Parents paid market rates for enrolled children.
Employer contribution rate increase
The employer contribution rate for teachers in Ohio is the second-lowest among states where teachers are not covered by Social Security. The board has directed STRS Ohio staff to pursue legislation that would phase in an increase in employer contributions over a few years. Despite previous efforts to increase the employer rate, it has remained the same since 1984.
STRS Ohio staff is strategically working toward securing sponsors and meeting with legislators, members and stakeholder groups. More details and how you can help will be shared as the process moves forward. We look forward to partnering with our members on this important endeavor.
Having additional resources directed to STRS Ohio would serve to increase the stability of the pension fund and allow the board to consider modest and sustainable benefit changes.
Fitness Center for STRS Ohio employees
STRS Ohio employees pay a monthly fee to use the fitness center located in the basement. The fees cover equipment maintenance and service. Fitness center usage promotes employee wellness which can lower system health care costs, reduce absenteeism and boost productivity. There is no gymnasium, pool or sauna.
Regional offices
STRS Ohio has four regional offices in the U.S. with a few staff members located in each.
The U.S. real estate market contains opportunities for attractive, risk-adjusted returns for those who can navigate its complexity, diversity and locality. To succeed in this market, STRS Ohio real estate staff need to understand the target markets, be present in them and build strong connections with local developers and investors.
STRS Ohio building — artwork
Ohio educators made artwork for STRS Ohio’s 1998 building expansion. STRS Ohio has not spent system funds on artwork in 25 years.
STRS Ohio building — expense
STRS Ohio owns and holds no debt on the building. The maintenance costs are similar to other Ohio public retirement systems. We are constantly evaluating the most cost-effective option for staff location.
STRS Ohio — Claim of worst pension deal in America
At the February 2024 board meeting, STRS Ohio’s chief actuary provided board members with a clear, in-depth explanation of how STRS Ohio compares favorably to teacher pension systems in other states. Presentation topics included benefit structures, normal costs and contributions as well as COLA and inflation projection. Among teacher pension systems, there is not a pension plan in the country that has not gone through funding challenges and benefit changes. While there are different approaches to COLAs, no plans provide full inflation protection. Over long periods of time, differences in investment returns are small relative to the liabilities. For more details, check out the presentation or watch the .
Transparency
One of STRS Ohio’s guiding principles is transparency, demonstrating the commitment to cultivating trust through open, consistent and responsive communications. As a follow up to recommendations from both the fiduciary performance audit and the Ohio Auditor of State special audit, additional efforts are being made to increase transparency with members and stakeholders.
Examples include:
- Town hall meetings with membership throughout Ohio (ongoing). Presentation and question and answer highlights are available on our website.
- Member services including virtual and in-person individual benefits counseling, group benefits counseling, webinars and in-person seminar opportunities, member online account access, a toll-free phone center and a Contact Us email address for sharing questions/concerns.
- Available on our website: Board meeting presentations and videos, annual reports and audit reports, monthly posting of system expenses.
- Investments information posted to our website includes asset mix, net investment returns, investment policy, annual investment plan as well as board meeting presentations and supporting information.
- Annual independent firm validation and reporting of fee accuracy and transparency of alternative investments and real estate funds. (This information is also presented to the board.)
- Top rating under the Ohio Auditor of State’s Sunshine Law (Open Meetings and Public Records Act) compliance review program (four consecutive years).
- Reports provided throughout the year to the Ohio Retirement Study Council (ORSC), including but not limited to STRS Ohio’s fiscal year budget, investment performance, disability and health care information. The ORSC provides legislative oversight of Ohio’s public pension systems. The various reports are available on the ORSC website.
- Response to hundreds of public records requests annually.