Kevin Kroskey's Ohio Faculty Advisor

(The text below is reprinted from the news release by STRS on 06/21/2013.) Retirement Board Chair, Vice Chair Named During its June meeting, the State Teachers Retirement Board elected retired teacher member   Robert Stein as its vice chair for the coming year. According to Board Policies, Dale Price (Toledo Public Schools, Lucas County), who is currently serving as vice chair, automatically moves into the position of chair. Price and Stein will assume their new responsibilities on  Sept. 1, 2013 . Retirement Board Accepts the Annual Investment Plan The Retirement Board voted to accept the Investment Plan for fiscal year 2014 ( July 1, 2013– June 30, 2014 ). The plan details staff’s investment strategy for each asset class in the system’s investment fund. STRS Ohio staff expects only moderate growth in the capital markets during fiscal year 2014. With continuing concern about global financial stress, STRS Ohio will continue to monitor markets to assess ris...

(The text below is reprinted from the news release by STRS on 05/24/2013.)   Stein, McGreevy Win Board Seats; Correthers Unopposed Retired teacher members Robert Stein and James McGreevy were reelected to the State Teachers Retirement Board in the 2013 election. The term for these seats begins Sept. 1, 2013, and ends on Aug. 31, 2017. Contributing member Carol Correthers was the only candidate to file enough petitions for her seat; therefore, by statute, no election needs to be held. Correthers will continue in this seat through Aug. 31, 2017 . Board Approves STRS Ohio Health Care Program Changes; Defers Planned Reduction in Health Care Subsidy Level At the March 2013 Retirement Board meeting, STRS Ohio Member Benefits staff presented several options to consider for 2014 plan changes designed to extend the life of the Health Care Fund. At its May meeting, the Retirement Board took action that will affect STRS Ohio Health Care Program enrollees. Below is a summary of...

(The text below is reprinted from the news release by STRS on 04/19/2013.) Operating Budget for Fiscal Year 2014 Reflects Slight Decrease The Finance Department presented proposed system budgets for the 2014 fiscal year (July 1, 2013–June 30, 2014) during the April meeting of the State Teachers Retirement Board. The proposed operating budget totals $90,504,600, a slight decrease from the current year’s budget. The proposed head count of 585 full-time equivalent associates reflects an increase of six positions for the coming year. The budget provides for the continued implementation of pension reform changes, refinements to the Defined Contribution and Combined Plans, and continued development of Health Care Fund options. The proposed capital budget for fiscal year 2014 totals $1,684,300. The Retirement Board will be asked to approve the budgets at its June meeting. Retirements Approved The Retirement Board approved 191 active members and 118 inactive members for retiremen...

(The text below is reprinted from the news release by STRS on 02/15/2013.) Funding Status Improves for STRS Ohio’s Health Care Fund Changes in plan costs and a better than assumed investment return on assets were two key factors that led to a strengthening financial picture for STRS Ohio’s Health Care Fund as of Jan. 1, 2013. At the February meeting of the State Teachers Retirement Board, STRS Ohio’s actuarial consultant, PricewaterhouseCoopers (PwC), presented the results of the annual actuarial valuation of the fund, showing the projected life of the STRS Ohio Health Care Fund now extends to 2060 — an increase of about 21 years from last year’s valuation. Though the report showed improved solvency, the health care program still requires changes in coverage features, program eligibility and/or premium subsidies to attain the three primary goals set by the board. Costs for the health care program are paid out of the Health Care Fund, which is currently funded through premiums cha...

(The text below is reprinted from the news release by STRS on 01/18/2013.) 2012 Member Survey Results Presented Results of membership surveys conducted in December 2012 show that more than 90% of STRS Ohio members continue to have positive overall impressions of STRS Ohio and most still consider their pension an excellent or good valu e. These were just a sample of the findings from the annual membership surveys presented by Dr. Marty Saperstein at the board's January 2013 meeting. Dr. Saperstein's Columbus-based research firm, Saperstein Associates, conducted interviews with 602 randomly selected participants (301 active members and 301 retirees). The surveys averaged about 15 minutes in lengt h. This year's results also showed the following : ·         About half of the active members surveyed indicated they plan to teach longer than they originally thought, and the most common reason cited for this was pension reform legislation...

(The text below is reprinted from the news release by STRS on 12/17/12.) CliftonLarsonAllen reported the results of its audit of the STRS Ohio financial statements for the fiscal year ended June 30, 2012, at the December Retirement Board meeting. The report noted that the system's financial statements were fairly stated in accordance with generally accepted accounting principles; further, no material weaknesses in internal controls or instances of statutory noncompliance were found. As a result, STRS Ohio received an unqualified audit — 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 2012 Comprehensive Annual Financial Report, which will be posted on the STRS Ohio website by Dec. 28, 2012. Copies of the report can also be requested by calling STRS Ohio's Member Services Center toll-free at 1-888-227-7877. In addition to the financial statements note...

(The text below is reprinted from the news release by STRS on 11/16/12.) Retirement Board Resumes Health Care Strategic Planning Discussions At its November 2012 meeting, the Retirement Board reviewed the three primary goals of the health care strategic plan: ·          Establish Medicare as the health care program's cornerstone, to help the largest number of retirees for the longest period of time ; ·          Achieve 30 years of solvency for the health care program by 2016; ·          Extend forecasted solvency to 65 or more years by 2025. The Retirement Board discussed ways to extend the solvency of the Health Care Stabilization Fund, as health plans around the nation wait to see just how the Affordable Care Act (ACA) will shape the industry. One key issue surrounding the ACA is if and how the health care exchanges will develop in Ohio. These...