House Bill 69, sponsored by Representative Lynn Wachtmann (R-Napoleon), is scheduled for several weeks of hearings before the House Retirement and Pensions Subcommittee. Currently, the bill is a “placeholder” in that it does not incorporate recent proposed changes to retirement benefits of STRS that were directed by the legislature and approved by the STRS Board in January.

OEA recognizes the need for changes in order to improve the long-term solvency of the pension plans and is supportive of current proposals offered by SERS and OPERS. However, OEA opposes the recent changes proposed by STRS because the benefit reductions go too far, place too great a burden on active teachers and do not provide for the necessary phase-in for teachers nearing the end of their teaching career.

To take action on proposed pension reform visit www.aces.ohea.org

The Subcommittee has announced its schedule for the coming weeks. There will be opportunities for public testimony on the proposed changes to STRS, SERS and OPERS on the following dates:

Tuesdays at 7:00 pm: February 22, March 22, 29 and April 5

Wednesdays at 2:30 pm (or after session): March 9, 16, 23, 30, and April 6

Any OEA member who is interested in offering public testimony is encouraged to contact Robert Davis in Governmental Services at 614-227-3069 or davisr@ohea.org for additional information and assistance.

OEA Talking Points

• Public pensions provide a stable, reliable source of income for those who have spent a career in public service.
• Ohio’s public employees do not contribute to Social Security.  Our pension is our economic security in retirement.
• An employee’s own contributions and investment returns fund approximately three-quarters of his or her lifetime retirement benefit.
• The economic downturn hit the state’s pension systems hard.  Prudent changes will be needed in order to improve the long-term solvency of the pension plans.
• OEA supports the plans adopted by the SERS and OPERS Boards in 2009.
• The plan adopted by the STRS Board in January 2011 calls for drastic benefit reductions.  While change is needed, these cuts are too severe.
• The economy is recovering, yet the STRS plan was developed using calculations that ignore billions of dollars in investment gains over the past six months.
• A phase-in period to limit the impact on those nearing retirement is essential.

Take Action Now

To take action on proposed pension reform visit www.aces.ohea.org