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Showing posts from February, 2011

STRS January Board News Details

(The text below is reprinted from the news release by STRS on 1/27/11.)

RETIREMENT BOARD ADOPTS PLAN CONTAINING PENSION DESIGN AND CONTRIBUTION CHANGES  The State Teachers Retirement Board took an important step to strengthen the financial condition of the pension fund by approving a plan at its Jan. 27, 2011, meeting that will help ensure STRS Ohio can continue to pay pensions to future generations of teachers. The board's plan is projected to save about $10.9 billion in accrued liabilities and does not include any increase in employer contributions. All of the changes contained in the plan require legislative action by the Ohio General Assembly and the governor to be implemented.

The plan's components increase member contributions; increase age and service requirements for retirement; calculate pensions on a lower, fixed formula; increase the period for determining final average salary; and reduce the annual cost-of-living adjustment (COLA) for current and future retirees an…