03/22/2022

OEA Celebrates STRS Board Decision to Restore Some Benefits

A solid pension is a critical incentive to attract and retain high-quality educators

The State Teachers Retirement System Board voted Thursday to approve a 3 percent Cost of Living Adjustment (COLA) to eligible retirees for the 2022-2023 fiscal year and remove the age 60 requirement for retirement eligibility with full benefits that was scheduled to take effect in 2026. The Ohio Education Association (OEA) and its members advocated for these changes and welcome this news.

“The steps by the STRS Board to restore some benefits is a welcome step forward for all, which was made possible because of the improved funding level of the pension plan,” said OEA President Scott DiMauro. “It is absolutely essential to ensure reliable retirement benefits for current and future STRS retirees. The promise of a solid pension is a critical incentive to attract and retain high-quality, experienced teachers our students deserve in their classrooms.”

While celebrating the news that some benefits will be restored, OEA also acknowledges the active and retired teachers whose sacrifices over the years, including higher contributions and suspended COLA payments, have helped to return the STRS fund to a healthy position, enabling the restoration of some benefits now. "After the Great Recession, STRS was projected to run out of money, which would have been devastating for Ohio's teachers and our public schools," DiMauro said.

Please select this link to read the complete press release from the OEA.