Can you believe school’s almost out for the summer? 😎 Man, time flies when you’re having fun! Actually, it flies no matter what. Like Taylor Swift’s private jet. ✈️
Ohio’s retired teachers have been asking for a cost-of-living adjustment. 💰 Now, they’re getting that and a little something extra. Read on to get schooled! 🙌
Here’s Five Fast Facts on Ohio teachers and retirement:
- 🧑🏫 Hot For Teacher - Thanks to a recent board approval by the State Teachers Retirement System of Ohio (STRS), certain retired teachers will get a 1.5% pay bump in 2026. Teachers retiring in the near future will also be able to retire a bit earlier without a reduction in benefits.
- 🏫 The Backstory - Back in 2017, Ohio put a stop to cost-of-living increases for STRS retirees. This stemmed from a 2012 pension reform law requiring public employees to work longer for less benefits. In 2022, a 3% cost-of-living adjustment was made, but retirees say it wasn’t enough.
- 💵 A Little Help - Per the new approval, STRS dropped the required years of service to 32 from 33 for anyone retiring between June 1 and May 1, 2030. Required years of service for teachers retiring between June 1, 2030 and May 1, 2032 are temporarily dropped to 33 years. After June 1, 2032, a minimum of 34 years of service will be required. For reduced retirement benefits, the eligibility requirements dropped to 27 from 28 years.
- 📚 On the Books - STRS approved the increase in a recent board meeting - six members said yay and four said nay. Supporters say these new changes give more choices to hardworking teachers. Those opposed to the changes worry they’re too costly and wouldn’t guarantee a positive long-term financial outcome.
- 🤑 Runnin’ Up That Bill - The total cost for these plan changes? Roughly $1.8 billion. Right now, roughly half a million teachers and retirees are paid into the STRS retirement plan or currently receiving benefits.
🔥Bottom line: Retired teachers worked their butts off to mold those young minds. A cost-of-living pay bump and the perk of working a little less before retirement are two wins. Did you hear about the newly proposed bill aiming to cut funds for Ohio’s losing sports teams? Check out all those details right here.
Are you a teacher working in Ohio?
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