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Showing posts from August, 2012

August Board News

(The text below is reprinted from the news release by STRS on 8/17/12.)

STRS Ohio Presents Pension Reform Proposal to House Subcommittee At the August meeting of the State Teachers Retirement Board, executive director Michael Nehf provided an update on the status of pension legislation that is pending before the Ohio House of Representatives. Nehf told the board that the House Health and Aging Subcommittee on Retirement and Pensions held several hearings on pension bills during the summer. On Aug. 8, Nehf presented STRS Ohio's pension reform proposal to the subcommittee and responded to questions from its members

Nehf told the subcommittee that STRS Ohio's changes are necessary to preserve the pension fund and acknowledged that the board-approved plan has the support of the Healthcare and Pension Advocates for STRS — a coalition that is comprised of groups of active members, retirees and employers. The STRS Ohio plan increases age and service requirements for retirement; calculat…

STRS Ohio Presents Pension Reform Proposal to House Subcommittee

(FROM the STRS Ohio eUPDATE)

On Aug. 8, STRS Ohio executive director Mike Nehf told members of the House Health and Aging Subcommittee on Retirement and Pensions that the pension reform plan unanimously passed by the State Teachers Retirement Board in April is necessary to preserve the pension fund and that the board's action was taken to uphold its fiduciary duty to the members and retirees of the system. The House subcommittee has been holding hearings on pension legislation since mid-July and expects to take action on bills for all five Ohio retirement systems in September.
Mr. Nehf's presentationacknowledged that STRS Ohio's pension proposal is supported by the Healthcare and Pension Advocates for STRS — a coalition that is comprised of groups of active members, retirees and employers.The STRS Ohio planincreases age and service requirements for retirement; calculates pensions on a lower, fixed formula; increases the period for determining final average salary; increases …