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Showing posts from June, 2015

June Board News

(The text below is reprinted from the news release by STRS on 6/19/15.)   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, contributing teacher member Carol Correthers (Lorain City Schools, Lorain County), who is currently serving as vice chair, automatically moves into the position of chair. Correthers and Stein will assume their new responsibilities on Sept. 1, 2015. Board members receive no compensation for serving on the board other than reimbursement for necessary expenses.   Board Amends Prior Action on Mitigating Rate The mitigating rate, established by law, is a portion of the employer contribution that is used by the retirement system to offset the negative impact of participation in a defined contribution plan. At its April 2015 meeting, the Retirement Board approved a 1% increase in the mitigating rate