![Approximately 150,000 retired teachers will receive a one-time 1% cost-of-living increase in pension checks from the Ohio Teachers' Retirement System.](https://www.gannett-cdn.com/presto/2022/06/30/USAT/0dfab15a-a018-4346-8000-53e40b01d337-GettyImages-1339040571.jpg?width=660&height=446&fit=crop&format=pjpg&auto=webp)
Approximately 150,000 retired teachers will receive a one-time 1% cost-of-living increase in pension checks from the Ohio Teachers’ Retirement System.
The STRS Ohio board of directors approved COLA and decided to defer a change that would require incumbent teachers to remain in service for 35 years until they are fully retired. Instead, the teacher can continue to receive full retirement benefits when she turns 34.
The series of changes is expected to cost the system $825 million.
In 2012, lawmakers approved a pension reform bill that would force civil servants to work longer with reduced benefits. Beginning in 2013, STRS retirees were eligible to receive a lower cost of living benefit, which was subsequently suspended in 2017.
The COLA cut was made to strengthen the pension fund. A one-time 3% cost-of-living allowance has been restored from July 2022, but it is still not at the level retirees want.
“Where’s Wade?”
The audience booed, councilors asked pointed questions, and people posted leaflets asking, “Where’s Wade?” at the meeting on Thursday.
It will be the first time the 11-member board has met since Gov. Mike DeWine canceled Wade Steen’s appointment and replaced him with G. Brent Bishop. The move came on May 5, a day before votes for another board seat election were tallied.
The governor’s office cited Steen’s attendance record (he missed three of six meetings) as the reason for the change.
Board member Julie Sellers provided details to STRS Director Bill Neville on how DeWine’s office obtained attendance records and when Neville was notified of Steen’s replacement. Asked.
Board member Rudy Fichtenbaum, an ally of Mr. Steen, said it was shocking that the governor’s office checked attendance at dozens of boards and committees appointed by Mr. Dewine. said. “This will not pass the odor test,” he said.
Steen, who has hired an attorney, claims that it was not the governor’s wishes, and that he is to serve on the board until September 2024. He sent a letter to board members on May 17, notifying them that their STRS accounts had been deactivated.
Infighting within the board has continued over the past few years, with board members voting for new board members in the past two elections. The board oversees nearly $95 billion invested for half a million teachers and retirees.
Retirees are angered by the abolition of cost-of-living benefits, lack of transparency and bonus payments to pension management staff.