The North American Securities Administrators Association has issued an investor advisory on pension advance scams that could promise upfront cash to retirees for their pensions.
While the association’s role is to protect investors, its advice applies to pension recipients as well.
The Ohio Public Employees Retirement System uses a reimbursement process administered by OneExchange to help participants in the OPERS Medicare Connector pay their expenses. This mechanism requires specific actions to receive reimbursement.
We realize that the process can become frustrating. It requires participants to first pay their health care costs, then apply to OneExchange for reimbursement from their Health Reimbursement Arrangement accounts. We fund these accounts each month.
Consider the OPERS annual benefit statement as a check point for your retirement security.
The Ohio Public Employees Retirement System has begun mailing this year’s annual statements to all active members and vested inactive members of our Traditional and Combined plans. The statements will be mailed throughout April, so not all members will receive them at the same time.
OneExchange is waiving Connector fees for the first three months of 2016, OPERS Health Care Director Marianne Steger says in her monthly health care chat.
Members of the OPERS Medicare Connector won’t be charged manitenance fees of $2.33 for the months of January, February and March, Steger tells OPERS’ Michael Pramik in the March health care chat. She also addresses other issues regarding the Connector.
We’ve posted the video on our YouTube channel.
Women who participate in defined benefit pension plans have higher incomes in retirement and lower poverty rates than those who don’t, a study states.
In “Shortchanged in Retirement: The Continuing Challenges to Women’s Financial Future,” the National Institute on Retirement Security found that women working in the health care, education and public administration fields are likely to be better off in retirement than women working elsewhere. That’s because those fields are more likely to offer employees access to DB plans.
Fifty-seven percent of OPERS retirees are women.
OPERS members who call us will spend less time on hold and have an easier time reaching the right customer service representatives, thanks to recent improvements to our phone system.
The Ohio Public Employees Retirement System offers a variety of educational opportunities in various formats for members, retirees and employers.
Whether it’s guiding new members in their selection of a retirement plan, helping them learn the importance of saving or aiding those approaching retirement, our education subject roster is comprehensive. It includes in-person seminars, live webinars, recorded presentations and a large library of written information.
The Ohio Public Employees Retirement System is going the extra mile to locate the last of our potential Connector participants.
When we introduced the OPERS Medicare Connector, our information indicated that more than 143,000 retired members would be eligible to take part in Medicare coverage on the open market. As we prepared for a historical outreach effort to these retirees, we said we would take extraordinary efforts to reach out to those who didn’t get the message if need be.
A recent editorial in the Columbus Dispatch urged Ohio politicians not to meddle in the investment decisions made by the state’s pension systems.
While OPERS is clearly against terrorism, we agree with the editorial. Our job at OPERS is not to influence foreign policy.