Wellyn Collins is the new President of The Hamilton County Retired Teachers Association. Ms. Collins is a retired teacher from Cincinnati Public School. She has been active in teacher training and educational issues. Ms. Collins has been an HCRTA member for 8 years, having served the past 5 years as a HCRTA Board member. We are very excited about Ms. Collins leading the HCRTA!
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