Kevin Kroskey's Ohio Faculty Advisor

(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...

(The text below is reprinted from the news release by STRS on 3/22/2010.) PENSION COMMUNITY CONTINUES IN HOLDING PATTERN Though recommendations relative to maintaining long-term solvency were submitted to the Ohio Retirement Study Council (ORSC) from the state's five public plans in September 2009, legislation has yet to be introduced. ORSC staff, however, anticipates having a bill before the council members in April, at which time staff will review the bill and provide its recommendation. A vote by ORSC members regarding their recommendation for passage and/or changes to the bill would then likely take place in May. While formal introduction of a bill and committee hearings in the Ohio House of Representatives could occur this spring, it is more likely that serious discussion on the bill will occur after the November election. IMPACT OF HPA'S PROPOSED PENSION PLAN CHANGES REPORTED AT MARCH MEETING At the February 2010 board meeting, the Healthcare & Pension Advocat...

(The text below is reprinted from the news release by STRS on 2/22/2010.) PENSION LEGISLATION SPONSORSHIP WILL BE BIPARTISAN The five Ohio retirement systems, including STRS Ohio, are still waiting for the Legislative Service Commission to finish its work in drafting the legislation designed to keep the systems financially strong and sustainable for all current and future public employees. During the February meeting of the State Teachers Retirement Board, Executive Director Michael Nehf reported that STRS Ohio has learned that the bill sponsorship will be bipartisan. House Assistant Minority Leader Louis Blessing (R-Cincinnati) has agreed to co-sponsor the legislation with Ohio Retirement Study Council Chair Rep. Todd Book (D-Portsmouth). It is anticipated that once a bill is introduced, hearings may occur this spring; however, voting on a bill is not expected until after the November election. On Capitol Hill in Washington, D.C., the focus of legislators and the president appea...

(The text below is reprinted from the news release by STRS on 1/15/2010.) NEW MEMBER JOINS RETIREMENT BOARD Joining the State Teachers Retirement Board at its January meeting was Dr. Daniel J. Martin, who was recently appointed to the board by Treasurer of State Kevin L. Boyce. Martin is currently the president of Mount Vernon Nazarene University. Before assuming this position in 2007, he served as the vice president for University Advancement at Point Loma Nazarene University in San Diego, as well as in various positions with MidAmerica Nazarene University in Olathe, Kan. He holds two doctorate degrees in higher education from the University of Pennsylvania and The University of Kansas, as well as a law degree and a master's in business administration from The University of Kansas. His four-year term on the board will run through Jan. 7, 2014. BOARD CONSIDERS CHANGE TO SERVICE CREDIT RULE FOR PARTIAL YEARS OF TEACHING Currently, STRS Ohio members who are employed on a full-t...

(The text below is reprinted from the news release by STRS on 10/16/2009.) 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. OCTOBER BOARD NEWS ANNUAL ACTUARIAL VALUATION REPORT CONFIRMS NEED FOR PENSION FUNDING CHANGES At its October 2009 meeting, the State Teachers Retirement Board received its first look at the annual actuarial valuation report of STRS Ohio's pension fund from its actuarial consultant, PricewaterhouseCoopers (PwC). This report provides a "snapshot" of the actuarial position of the retirement fund as of July 1, 2009. As expected, the PwC report confirmed the data shared much earlier in the year with...

In support of Financial Planning Week which runs from October 5-11, 2009, the Financial Planning Association of Northeastern Ohio is pleased to announce a public showing of the movie I.O.U.S.A. ( http://www.iousathemovie.com/ ) at the Cedar Lee Theater in Cleveland Heights, OH. One of the missions of the FPA is to raise awareness about the the importance of personal financial planning and offer guidance in making financial decisions. As a Board Member of the association I support and encourage this pro bono event in our community. Tuesday, October 6, 2009 at 7pm Free Admission (with a suggested donation of $3 to go towards Cleveland Saves) Cedar Lee Theater 2163 Lee Road Cleveland Hts., Ohio 44118 Seating is limited, so please register at http://tinyurl.com/ydq99lh . (You must register to attend.) Although the movie is free, there is a suggested donation which will go towards Cleveland Saves, a local non-profit that encourages individuals and families to save money so that they can bui...

(The text below is a copy of the release from STRS made 09/21/2009) Last 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 September report follows. SEPTEMBER BOARD NEWS OHIO'S FIVE PENSION SYSTEMS PRESENT THEIR PLANS TO THE ORSC On Sept. 9, all five Ohio public pension systems - STRS Ohio, Ohio Public Employees Retirement System, School Employees Retirement System, Ohio Police & Fire Pension Fund and the Highway Patrol Retirement System - presented their plans for achieving or maintaining a 30-year funding period to the Ohio Retirement Study Council (ORSC). This council serves as the legislative oversight body for the five systems....