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Remember that the STRS Ohio Retirement Board granted a one-time COLA for 2023 for qualified benefit recipients. There will be a 3% increase based on your initial pension benefit. Your anniversary date - which always comes on the first of the month, will mark the start of the raise. However, members who retired on or after July 1, 2018, are not eligible for this increase. For the 3% increase, the member must have received benefits for 60 months.
The STRS Ohio Board has removed the 60-year-old age requirement initially set to take effect in 2026. Due to the adjustment, members will now qualify for an unreduced benefit at a younger age. The revisions should be included in your annual statement, which you received in September, and include any updated retirement projections.
A 3% COLA will be granted to all eligible retirees. The increase is based on your initial pension benefit. The COLA will begin on the anniversary of the retiree's effective date.
Although the summer has ended, the holiday season is quickly approaching. Suppose your child finds work with a public entity in Ohio. In that case, there's a good chance that OPERS will cover your child's seasonal employment. Your child will have the chance to get paid and contribute to a pension regardless of the work. Your child will have 180 days to select from the Traditional Plan or the Member-Directed Plan. When choosing a plan, there are factors to take into account. You can compare plans by visiting the OPERS website, logging in, or creating an online account. When you have online access, you can use a plan comparison calculator to help determine the best plan for your child.
Understanding the DROP Election Form and the percentage you want to leave to your beneficiary is crucial if you consider entering DROP. You have a choice not to leave a Joint Survivor Annuity (JSA) percentage. Suppose you choose not to leave a JSA payment plan. In that case, you are still automatically eligible for a Pre-Retirement Survivor Annuity (PRSA). A PRSA will provide 50% of your reduced monthly retirement allowance to your surviving spouse or your approved contingent dependent beneficiary. If you do not choose a JSA payment plan, your monthly allowance going into DROP will not be reduced. When making this choice, it's critical to understand your family's financial health and needs. If you choose a JSA payment plan, the decision cannot be reversed, and your monthly allowance going into DROP will be decreased.
Over the years, health care and benefits have been reduced for OP&F Members. Additionally, employee contributions have gone up. With the help of this bill, increasing employer contributions would help provide more stability for the OP&F Pension Fund. This bill was introduced in December of 2021 and has been pending in the House Insurance Committee since being referred to in January 2022.