Ohio, like many states, is struggling with efforts to close a projected budgetary shortfall. UT officials last week asked employees to make sure they are following recent and ongoing conversations among legislators and public pension fund managers that seem likely to result in changes to retirement options and benefits.
“There is rarely an issue that affects every single person in such a direct and personal way as changes to the public pension systems,” said Bill Logie, vice president for human resources and campus safety. “Retirement planning and decisions are for individuals and their families to make, but we can provide assistance and information to help make what can be a pretty complicated system more clear.”
On Monday, Jan. 31, University officials will distribute a communication to employees about tax-deferred annuity programs they can utilize. Last Thursday, The Blade ran an article about Ohio’s public pension funds, presenting benefit cut possibilities to state legislators.
Also last Thursday, President Lloyd Jacobs and Logie discussed the impact on employees, all of whom fall under three of the five funds referenced by The Blade, for “A Presidential Perspective” webcast.
“We’re asking that employees keep themselves educated as legislation makes its way through the Ohio General Assembly,” Logie said, adding that UT would try to help provide links to legislation, information sites and news stories as discussions continue.
Additional information about the pension systems is available at:
Public Employees Retirement System (1 million members)
OPERS website: www.opers.org
OPERS benefits: firstname.lastname@example.org
OPERS health-care questions: email@example.com
OPERS government relations: firstname.lastname@example.org
State Teachers Retirement System (470,000 members)
STRS website: www.strsoh.org
General STRS benefit questions: ContactUs@strsoh.org
STRS health-care questions: HCquestions@strsoh.org
Police & Fire Pension Fund (54,000 members)
OP&F Website: www.op-f.org