Benefit improvements
The State Teachers Retirement Board approved the following benefit changes in 2022 and after:
March 2022
- 3% permanent cost-of-living adjustment (COLA) for eligible benefit recipients (beginning in fiscal year 2023)
- Age 60 retirement eligibility requirement eliminated
May 2023
- 1% permanent COLA for eligible benefit recipients (beginning in fiscal year 2024)
- Unreduced retirement eligibility at 34 years extended
March 2024
- Unreduced retirement eligibility at 34 years made permanent
- Reduced retirement eligibility lowered to 29 years
Cafeteria for STRS Ohio employees
STRS Ohio’s cafeteria provides soup, salad and sandwiches for purchase by employees and visitors. The availability of the cafeteria onsite minimizes associate time out of the building.
Child Care Center
The Child Care Center at STRS Ohio closed effective Dec. 31, 2023. Parents paid market rates for enrolled children.
Employer contribution rate increase
The employer contribution rate for teachers in Ohio is the second-lowest among states where teachers are not covered by Social Security. The board has directed STRS Ohio staff to pursue legislation that would phase in an increase in employer contributions over a few years. Despite previous efforts to increase the employer rate, it has remained the same since 1984.
We are beginning to work with the state legislature and encouraging members and other stakeholders to join us in these important conversations. More details on the efforts to pursue an employer rate increase and how you can help will be available soon. We look forward to partnering with our members on this important endeavor.
Having additional resources directed to STRS Ohio would serve to bolster the resiliency of the pension fund and allow the board to consider benefit improvements — such as sustainable inflation protection for retirees and reductions in service eligibility requirements for active teachers — sooner than would otherwise be possible.
Fitness Center for STRS Ohio employees
STRS Ohio employees pay a monthly fee to use the fitness center located in the basement. The fees cover equipment maintenance and service. Fitness center usage promotes employee wellness which can lower system health care costs, reduce absenteeism and boost productivity. There is no gymnasium, pool or sauna.
Regional offices
STRS Ohio has four regional offices in the U.S. with a few staff members located in each.
The U.S. real estate market contains opportunities for attractive, risk-adjusted returns for those who can navigate its complexity, diversity and locality. To succeed in this market, STRS Ohio real estate staff need to understand the target markets, be present in them and build strong connections with local developers and investors.
STRS Ohio building — artwork
Ohio educators made artwork for STRS Ohio’s 1998 building expansion. STRS Ohio has not spent system funds on artwork in 25 years.
STRS Ohio building — expense
STRS Ohio owns and holds no debt on the building. The maintenance costs are similar to other Ohio public retirement systems. We are constantly evaluating the most cost-effective option for staff location.
STRS Ohio — Claim of worst pension deal in America
That is not true. At a recent board meeting, STRS Ohio’s chief actuary provided board members with a clear, in-depth explanation of how STRS Ohio compares favorably to teacher pension systems in other states. For more details, check out the presentation or watch the .
Transparency
One of STRS Ohio’s guiding principles is transparency, demonstrating the commitment to cultivating trust through open, consistent and responsive communications. As a follow up to recommendations from both the fiduciary performance audit and the Ohio Auditor of State special audit, additional efforts are being made to increase transparency with members and stakeholders.
Examples include:
- Town hall meetings throughout Ohio and in-person and virtual member education opportunities allowing members to interact with staff directly.
- Presentations, minutes and recordings of board meetings, annual reports and audit reports are available on the website.
- System expenses, including detail at the payee level, are posted to the website every month.
- An independent firm validates fee accuracy and transparency on all STRS Ohio alternative investments and real estate funds.
- For the fourth consecutive year, STRS Ohio was awarded the top rating under the Ohio Auditor of State’s Sunshine Law (Open Meetings and Public Records Act) compliance review program.
- STRS Ohio responds to hundreds of public records requests annually.