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STRS April Board News Details

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(The text below is reprinted from the news release by STRS on 4/16/2010.) PENSION LEGISLATION NOT LIKELY UNTIL FALL The bill that will contain proposed changes for all five Ohio pension systems, including STRS Ohio, still has not been introduced. Consequently, the Ohio Retirement Study Council (ORSC), which is the legislative oversight body for the five systems, has not provided an analysis. Because of the politics surrounding the November elections, it is becoming more and more unlikely a bill will be introduced before November. At the April 2010 State Teachers Retirement Board meeting, additional discussion was held regarding the alternative proposal for pension benefit changes presented earlier this year by the Healthcare & Pension Advocates for STRS (HPA). The HPA proposal calls for a longer phase-in of additional service required for full retirement benefits and provides for a different cost-of-living adjustment (COLA) than the plan approved by the Retirement Board last Se...
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March Board News

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(The text below is reprinted from the news release by STRS)   Solvency Period for Health Care Fund Drops to 15 Years; Board Exploring Options to Preserve Plan   At the March meeting of the State Teachers Retirement Board, Paul Snyder, deputy executive director — Finance and chief financial officer, presented results of Segal Consulting’s annual actuarial valuation of the Health Care Fund. The report shows the funded ratio for the Health Care Fund dropped to 63% from 74% last year. This means STRS Ohio has 63 cents on hand for every dollar needed to continue the current plan indefinitely. The valuation projects the Health Care Fund to remain solvent until 2031, a decrease of four years from last year’s valuation — and a decrease of 33 years from the 2014 valuation. The projected 15-year solvency period is an estimate ­— in actuarial terms, there is a 50% confidence level that the Health Care Fund has at least 15 years of solvency. Depending on the strength of financial...
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STRS Ohio December Board News

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CliftonLarsonAllen Completes Fiscal 2017 Annual Financial Statement Audit and Issues Clean Opinion At the December meeting of the State Teachers Retirement Board, CliftonLarsonAllen reported the results of its audit of the STRS Ohio financial statements for the fiscal year ending June 30, 2017. The report showed that the retirement system’s financial statements were fairly stated in accordance with generally accepted accounting principles and that no material weaknesses in internal controls or instances of noncompliance were found. As a result, STRS Ohio received an unmodified opinion — also known as a “clean” opinion — which is the highest level of opinion that an organization can achieve. STRS Ohio’s financial statements are included in the 2017 Comprehensive Annual Financial Report , which will be posted on the system’s website by Dec. 29, 2017. In addition to the financial statements, the report includes investment, actuarial and statistical information about STRS Ohio. This repor...
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