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Showing posts from May, 2011

Pension Legislation Update

(The text below is reprinted from the news release by STRS on 5/13/11.)

ORSC ANNOUNCES PLANS TO HIRE ACTUARY AND POLICY ADVISOR TO REVIEW PENSION LEGISLATION

During the May 12, 2011, meeting of the Ohio Retirement Study Council (ORSC), Sen. Keith Faber, who chairs the committee, announced that he is creating a subcommittee to develop a request for proposal for an independent actuary and policy advisor in regard to pension reform issues. This consulting expert will be asked to help the ORSC members analyze the plans the five public pension systems have developed to strengthen the solvency of their pension funds and other potential retirement-related changes. Faber noted he wants someone who can advise on reform trends in other states and the private sector.

Through media reports, Faber indicated the Senate is not likely to proceed with any pension legislation until this review is completed. It is expected that this process will take pension reform discussions into the fall. The members o…

STRS May Board News Details - Retirement Board Actions and Discussions

(The text below is reprinted from the news release by STRS on 5/19/11.)

This week, the State Teachers Retirement Board held its monthly meeting. Following the regularly scheduled meetings, a report titled "Board News" is posted on the STRS Ohio Web site, as well as mailed to a number of members and education organization representatives who have requested it. As a member of STRS Ohio with an e-mail address on file, you will also receive this report each month. The May report follows.

CONTRIBUTING MEMBER TAIYIA L. HAYDEN WINS BOARD SEAT
Taiyia (Tai) L. Hayden was reelected to the State Teachers Retirement Board in the recent election. The term for this seat begins on Sept. 1, 2011, and ends on Aug. 31, 2015.

PENSION LEGISLATION ON HOLD PENDING INDEPENDENT REVIEW
During the May 12, 2011, meeting of the Ohio Retirement Study Council (ORSC), Sen. Keith Faber, who chairs the committee, announced that he is creating a subcommittee to develop a request for proposal for an independent…

STRS May Board News Details

(The text below is reprinted from the news release by STRS on 4/29/11.)

CONTRIBUTION CHANGE REMOVED FROM BUDGET BILL
The proposed state budget no longer includes language that would set the contributions for public employers and their employees to 12% from each. On April 28, Substitute House Bill 153 (commonly referred to as the "budget bill") was presented at the House Finance and Appropriations Committee meeting with the proposed contribution change removed. This now enables any discussion of contributions to be held within the context of the pension reform package proposed by the five Ohio statewide public pension systems.

STRS Ohio's proposed pension reform plan calls for a 3% increase in member contributions, to 13% from 10%, and no change in the current 14% employer contributions as a way to help the pension fund meet the 30-year funding requirement. STRS Ohio was on record as opposing the 12-and-12 scenario, noting that the resulting decrease in revenue would requi…