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Showing posts from October, 2012

October Board News

(The text below is reprinted from the news release by STRS on 10/19/12.)

Annual Actuarial Valuation Shows Decrease in Member Payroll Causes Slight Decline in STRS OhioFunding
At its October meeting, the State Teachers Retirement Board received a report of the annual pension valuation results from its actuarial consultant, PricewaterhouseCoopers (PwC). The report provides a "snapshot" of the actuarial position of the retirement funds as of July 1, 2012. This year's report shows the funding period for the pension fund increased slightly to 36.4 years, when calculated using the benefit changes resulting from the passage of Sub. S.B. 342. The funded ratio now stands at 64%.

A decrease in contributing payroll, caused primarily by the fact that there were nearly 5,000 fewer active members paying into STRS Ohio, led to the slight decline in overall funding progress. While fiscal year 2012 had a negative impact on STRS Ohio's funding, PwC's report noted that with the new be…