The State Teachers Retirement System of Ohio board approved a one-time, 3% cost of living bump for eligible retirees starting July 1.
Retirees, who retired before July 1, 2018, will receive the boost on the anniversary of their retirements. It'll be 3% of their base pension check.
Teacher Julie Sellers and retiree Elizabeth Jones said in a written, joint statement that"A one-time COLA is a step in the right direction, but falls short of what STRS retirees need and deserve. Likewise, elimination of the age threshold for full retirement benefits is a positive change but the result is that it's still harder to retire today than it was 10 years ago."
STRS has roughly $98 billion invested on behalf of 500,000 Ohioans. Public employees in Ohio do not participate in Social Security so the retirement systems are their main pension resource.
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