STRS Ohio News for Benefit Recipients

Board developing framework, priority setting for potential benefit changes

At its August meeting, the Retirement Board reviewed proposed changes to the system’s pension funding policy. The proposed policy is intended to establish a long-term strategic framework for member benefits and provide direction on priority setting for potential benefit changes. Discussions regarding pension funding policy changes will continue at future board meetings. The board will work with its actuarial consultant to evaluate if benefit changes can be considered in spring 2025.

STRS Ohio seeking employer contribution rate increase

STRS Ohio staff members have been meeting with legislators and stakeholder groups to generate support for an increase in the employer contribution rate. The current rate of 14% of payroll has not changed in more than 40 years. An increase in the employer rate will help stabilize the pension fund and may allow the board to consider benefit changes sooner than would otherwise be possible. More details on this effort and how members can help will be available soon. STRS Ohio looks forward to partnering with our members on this important endeavor.

Direct deposit dates

Direct deposit dates for the rest of 2024 and all of 2025 (always on the first banking day of the month):

2024 calendar year

• Nov. 1
• Dec. 2

2025 calendar year

• Jan. 2
• Feb. 3
• March 3
• April 1
• May 1
• June 2
• July 1
• Aug. 1
• Sept. 2
• Oct. 1
• Nov. 3
• Dec. 1

Town hall meetings

Acting Executive Director Lynn Hoover and other pension officials have been sharing information about the retirement system with active and retired educators at town hall meetings across the state. The meetings feature a brief presentation, followed by a question-and-answer period with members and retirees in attendance. Additional meetings are being planned for the remainder of 2024 and 2025. To learn more about these meetings, check out our Town Halls page.

1099-R tax form available online in January

STRS Ohio benefit recipients will have two options in January for accessing 1099-R tax forms for 2024. The form provides your 2024 pension distribution to use when you prepare your income tax return. The form will be available through your secure Online Personal Account in early January, and it will also be mailed to you by the end of January. To view your form online and to update your correspondence preferences to opt out of the paper mailing, log in to your Online Personal Account.

Flanigan wins seat on Retirement Board; Fichtenbaum named chair

Contributing teacher member Michelle Flanigan was elected to the State Teachers Retirement Board in the 2024 election. Flanigan is a social studies teacher for Brunswick City Schools (Medina County). Her four-year term on the Retirement Board runs through Aug. 31, 2028.

Retired teacher member Rudy Fichtenbaum was elected board chair at the August Retirement Board meeting. Retired teacher member Elizabeth Jones was elected vice chair. The board also elected contributing teacher member Michael Harkness (Akron Public Schools, Summit County) to fill the seat vacated by Steven Foreman. His term runs through Aug. 31, 2025.

Retirement Board election process begins in November

The retiree seat currently held by Rudy Fichtenbaum will be up for election in 2025. The four-year term for this seat will begin on Sept. 1, 2025, and conclude on Aug. 31, 2029. Board members are not compensated for board service other than reimbursement for actual, necessary expenses.

Individuals running for this seat can request nominating petitions from STRS Ohio beginning on Nov. 1, 2024. STRS Ohio retirees will receive their ballots and voting information in April 2025 and will have through May 5 to cast their votes by mail, phone or online. Individuals eligible to be candidates are current service retirement benefit recipients, including disability benefit recipients who converted to service retirement. By law, STRS Ohio retirees who are reemployed in a position requiring them to make contributions to the system are ineligible to serve as a retired teacher member of the board. To obtain nominating petition forms, call us at 888‑227‑7877 (toll-free) starting Nov. 1. Information will also be posted on our website.

Health care program news

Health care open enrollment will begin Nov. 1

More than 90% of current medical plan enrollees will have no premium increase

Open enrollment for STRS Ohio’s medical (including prescriptions), dental and vision plans will take place Nov. 1–26, 2024. This is your time to decide if you want to enroll in a plan or make any changes to your STRS Ohio coverage for next year. Once again in 2025, Aetna will administer all medical coverage and CVS Caremark will provide the prescription plan. The dental and vision plans will be administered by Delta Dental and VSP, respectively.

Watch for open-enrollment materials in late October

All eligible benefit recipients will receive dental and vision plan materials at the end of October. Medical plan information will also be included for current medical plan enrollees. If you are not currently enrolled in an STRS Ohio plan and would like a personalized enrollment packet, call us at 888‑227‑7877 (toll-free) or send us an email.

Updated health care premiums for 2025

In August, the Retirement Board approved premiums that will maintain the current monthly premiums for more than 90% of current medical plan enrollees. For a complete list of medical premiums, check out our Monthly Premiums document.

Monthly enrollee premiums for 2025 — with Medicare^*

(Premiums for benefit recipients with Medicare have been reduced by a $30 Medicare Part B credit.)

Monthly enrollee premiums for 2025 — without Medicare

Dental/vision plan premiums for 2025-2026

In August, the Retirement Board approved premiums for dental and vision coverage for the two-year enrollment period that covers calendar years 2025 and 2026. Coverage remains the same for Delta Dental under the two-year contract.

Monthly dental premiums for 2025-2026

• Benefit recipient only: $34.38
• Each additional adult: $45.16
• Child(ren) — flat rate for all: $25.78

If you have dental plan coverage questions, call Delta Dental directly at 866-349-1286.

Vision coverage under Vision Service Plan’s (VSP) network also remains the same under the current two-year enrollment contract.

Monthly vision premiums for 2025-2026

• Benefit recipient only: $6.70
• Benefit recipient plus another adult: $13.41
• Benefit recipient plus children: $14.43
• Benefit recipient plus another adult plus children: $21.13

If you have vision plan coverage questions, call VSP directly at 800-877-7195.

Health Care Assistance Program with $0 premium is available to those who qualify

STRS Ohio offers a Health Care Assistance Program (HCAP) to service retirement benefit recipients with 25 years of service and disability recipients. This program provides medical and prescription coverage for a $0 premium. Eligibility for the program is based in part on annual family income and the household’s liquid assets each not exceeding 175% of the current year’s federal poverty level for a family household of two persons (a home is not considered a liquid asset).

New HCAP applicants must be eligible for a subsidy under the STRS Ohio Health Care Program to qualify for HCAP enrollment. New and current STRS Ohio Health Care Program enrollees may apply. For the application and additional program details, check out our Premium Subsidy & Assistance page.

Webinars offer details on 2025 health care plan coverage

If you would like to learn more about the features of STRS Ohio’s 2025 health care plans, you should register for one of STRS Ohio’s Understanding Your Health Care Plan webinars. Each webinar will cover:

• Key terms related to out-of-pocket expenses,
• Medical and prescription plan coverage, and
• Open-enrollment details for the 2025 plan year.

Members who are eligible to enroll in the STRS Ohio Health Care Program will receive an email invitation with further details. If you do not have an email address on file with STRS Ohio, you can update your contact information in your Online Personal Account.

Investments and financial news update

STRS Ohio achieves a +10.5% net return for fiscal year 2024

STRS Ohio posted a net total fund return of 10.5% for the year ended June 30, 2024. The fund ended fiscal year 2024 with $95.3 billion in investment assets. STRS Ohio’s investment consultant, Meketa, shared that for the five-year period ending June 30, 2024, STRS Ohio’s total fund earned a net annualized return of 8.8%, and its performance ranked in the top 8% of pension funds across the country.