They won!
We support the restoration of Ohio Educator's COLA, by the State Teacher Retirement System(STRS)
Retirees have lost their COLA solely because STRS changed how much money they project to earn on their investments over the next 30 years. This projection is referred to as the earnings assumption. The reason they use 30 years, is because was the number of years a person had to work before they retired.
STRS has always earned above 8% on their investments over a 30 year period. However, STRS decided to lower their earnings assumption to only 7.45%. When you have 77 billion dollars to invest over a 30 year period, lowering the earnings assumption this much creates an enormous paper shortfall. In order to cover this shortfall, STRS is withholding our COLA. The average retiree will unfairly lose $54,000 before STRS has even agreed to revisit the COLA. We are the only pension group that has had a promised benefit taken away from us after we have retired. This is illegal under Ohio Article II, Section 28 of Ohio's Constitution.
Please sign and share this petition to get the attention of Ohio's legislators: restoreourcola.com
Retirees have lost their COLA solely because STRS changed how much money they project to earn on their investments over the next 30 years. This projection is referred to as the earnings assumption. The reason they use 30 years, is because was the number of years a person had to work before they retired.
STRS has always earned above 8% on their investments over a 30 year period. However, STRS decided to lower their earnings assumption to only 7.45%. When you have 77 billion dollars to invest over a 30 year period, lowering the earnings assumption this much creates an enormous paper shortfall. In order to cover this shortfall, STRS is withholding our COLA. The average retiree will unfairly lose $54,000 before STRS has even agreed to revisit the COLA. We are the only pension group that has had a promised benefit taken away from us after we have retired. This is illegal under Ohio Article II, Section 28 of Ohio's Constitution.
Please sign and share this petition to get the attention of Ohio's legislators: restoreourcola.com
Hamilton County Retired Teachers Association is an affiliate of the Ohio Retired Teachers Association.
Webmaster: Michael Ward
Webmaster's E-mail: wardret@yahoo.com
Website updated: 12-27-2020
Copyright © 2021 Hamilton County Retired Teachers. All rights reserved.
Webmaster: Michael Ward
Webmaster's E-mail: wardret@yahoo.com
Website updated: 12-27-2020
Copyright © 2021 Hamilton County Retired Teachers. All rights reserved.