STRS Ohio News for Active Members

Retirement Board approves benefit plan changes for active educators

Earlier this year, the board approved two benefit changes for active members. Over the past three years, the board has made benefit improvements for active and retired members totaling more than $3.8 billion.

The following changes took effect on June 1, 2024:

• The eligibility rule requiring 34 years of service for an unreduced retirement was made permanent. The minimum requirement for unreduced benefits was previously scheduled to increase to 35 years of service in August 2028.
• Eligibility for a reduced retirement benefit was lowered from 30 years of service to 29 years of service. The current eligibility for reduced retirement at age 60 with 5 years of service remains the same.

The changes were reviewed by the board’s actuarial consultant, Cheiron, which is required by law to determine whether proposed benefit changes will materially impair the fiscal integrity of the system.

The board reviews benefits annually as part of its sustainable benefit plan. The board and its actuary will review benefits again, no later than spring 2025 to evaluate whether additional benefit plan design changes may be made in accordance with the laws in effect at that time.

Social Security and your STRS Ohio benefits — what you should know

STRS Ohio-covered employment is exempt from Social Security, but may impact your Social Security benefit. If you or your spouse are eligible for Social Security benefits from other employment, this benefit may be reduced by the Windfall Elimination Provision (WEP) and/or the Government Pension Offset (GPO). Regardless of which provision may apply to your situation, as an STRS Ohio retiree your STRS Ohio retirement benefit will not be reduced.

You can learn more about these provisions or any other Social Security-related questions through the Social Security Administration website.

STRS Ohio supports legislative efforts to repeal the WEP and GPO. It’s important to understand before you retire how the WEP and/or GPO could affect your income in retirement. For more information, check out our Social Security page.

STRS Ohio seeking employer contribution rate increase

STRS Ohio staff members have been meeting with legislators and stakeholder groups to generate support for an increase in the employer contribution rate. The current rate of 14% of payroll has not changed in more than 40 years. An increase in the employer rate will help stabilize the pension fund and may allow the board to consider benefit changes sooner than would otherwise be possible. More details on this effort and how members can help will be available soon. STRS Ohio looks forward to partnering with our members on this important endeavor.

Supplemental savings can boost your retirement

Your STRS Ohio pension can provide a solid foundation toward a secure retirement. A supplemental savings plan can supercharge your retirement. An individual retirement account (IRA), 403(b) plan or a 457(b) plan are just some of the options available to you. These types of accounts each have their own limitations on maximum annual contribution limits, withdrawal limitations and fees. A qualified financial advisor can help you select a plan that fits your needs.

The Ohio Deferred Compensation (Ohio DC) program is a supplemental 457(b) retirement plan that is available to all Ohio public employees. Learn more about this program through the Ohio DC website.

View your Annual Statement of Account, access benefit calculators, schedule appointments and more through your Online Personal Account

If you haven’t registered for your Online Personal Account, you’re missing out on so many ways to manage your STRS Ohio account. Through our secure site you have 24-hour online access to:

• View your Annual Statement
• Create service retirement estimates
• Update your address or change communication preferences
• Schedule a benefits counseling appointment or register for a retirement webinar
• Apply for service retirement
• So much more!

Registering is convenient, easy and secure and you can set up your account in no time. Register today and unlock the services that are waiting for you!

Cyber tip — changing your password can reduce your cyber security risk

Experts recommend changing your online security passwords every 90 days to prevent hackers from accessing your accounts. It’s also recommended to have separate passwords for all your accounts. That way, if one account is breached, it does not affect your other accounts. Consider using a password generator to create and retain passwords for your accounts.

It’s never too early to have a retirement plan — STRS Ohio is here to help

Whether you’re just starting your teaching career or in the home stretch, it’s good to have a retirement plan. STRS Ohio offers the resources you need to plan your retirement with confidence. We offer seminars and webinars to help you learn about your STRS Ohio benefits and prepare for retirement. To learn more or to register, check out our Calenadr of Events page.

Final average salary limitations can affect your retirement benefit

If you plan on retiring in the next several years and are considering taking on additional duties to increase your salary, you need to know there are limits on earnings that are used to determine your final average salary (FAS) that is included in your retirement benefit formula. The FAS is the average of your five highest years of Ohio public earnings, but is subject to certain limits required by law to help ensure that members’ retirement benefits have been properly funded.

Don’t let FAS limits catch you by surprise. For further information on FAS limitations and examples of extra duties that may trigger a limit to your FAS, check out our Eligibility Requirements page. Be sure to discuss your retirement with a benefits counselor at least twice before retirement. For more information or to schedule a counseling appointment, call us at 888‑227‑7877 (toll-free).

Town hall meetings

Pension fund leaders meet with members at town hall meetings throughout Ohio

Acting Executive Director Lynn Hoover and other pension officials have been sharing information about the retirement system with active and retired educators at town hall meetings across the state. The meetings feature a brief presentation, followed by a question-and-answer period with members and retirees in attendance. Additional meetings are planned for September and October. To learn more about these meetings, check out our Town Halls page.

Flanigan wins seat on board; Fichtenbaum named chair

Contributing teacher member Michelle Flanigan was elected to the board in the 2024 election. Flanigan is a social studies teacher for Brunswick City Schools. Her four-year term on the board runs through Aug. 31, 2028.

Retired teacher member Rudy Fichtenbaum was elected board chair at the May board meeting. Retired teacher member Elizabeth Jones was elected vice chair. One contributing member seat on the board is currently vacant. The board will vote on a replacement member at its August or September meeting. Board members receive no compensation for service on the board other than reimbursement for actual necessary expenses.

Annual Statements will be available in late September

Watch for your Annual Statement in your inbox or mailbox in late September. This report includes your account balance and projected retirement benefits information for Defined Benefit and Combined Plan members.