Connector prep session available online

Ohio Public Employees Retirement System and OneExchange representatives are conducting seminars to help retirees transition to the OPERS Medicare Connector.

Our Get Ready with OneExchange seminars are designed to present you with information about Medicare and the Connector, the private Medicare exchange in which participants will select their own supplemental health care coverage. We’ll be conducting them around Ohio, and in Florida and Arizona, throughout August and September.

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Posted in Connector, Health Care, Ohio PERS, OPERS | Tagged , , | 10 Comments

Many Ohioans not prepared for retirement

Fewer than half of Ohioans have a retirement plan where they work, making retirement security a risky proposition for younger generations of employees.

The state of Ohio scored five on a scale of 10 in the 2015 Financial Security Scorecard report, released last week by the National Institute on Retirement Security. Nearly every state fell far short in meeting their economic needs in retirement, NIRS said.

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OPERS delegation backs exemption from excise tax

The Ohio Public Employees Retirement System is evaluating the impact of the Cadillac tax provisions of the Affordable Care Act on the OPERS health care plan and supports an exemption from the tax for retiree-only plans.

The excise tax is scheduled to go into effect in 2018 and would apply a fee to health care providers when their coverage value exceeds certain thresholds. The tax could wind up costing OPERS millions of dollars when our system already has made changes to our health care to ensure that OPERS can continue providing coverage to our retirees and benefit recipients into the future.

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Annual reports contain vital information

The Ohio Public Employees Retirement System has published the 2014 versions of its main financial reports.

The 2014 Comprehensive Annual Financial Report, and a condensed version called the 2014 Summary Annual Financial Report, are available on the OPERS website. They contain important financial, investment, actuarial and statistical information about our retirement system as of the end of last year.

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OPERS to recognize same-sex marriages

The Ohio Public Employees Retirement System will recognize same-sex marriages in accordance with the recent U.S. Supreme Court ruling stating that all couples have a constitutional right to marry.

On June 26, the court decision in Obergefell v. Hodges held that the 14th Amendment requires the state “to recognize a marriage between two people of the same sex when their marriage was lawfully licensed and performed out-of-state.” The decision will impact several features of OPERS’ pension benefits and health care coverage. Here is a look at some of the highlights:

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Posted in Benefits, Health Care, Ohio PERS, OPERS, Pensions | Tagged , | 8 Comments

Video highlights under-65 health care

The Ohio Public Employees Retirement System has released the July health care chat with OPERS Health Care Director Marianne Steger.

This month Steger talks about the 2016 health care plan for those under 65. She also addresses member questions about our health care coverage.

You can click here to access the video, which we’ve posted on our YouTube channel.

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OPERS benefits and taxes

One of the recurring topics of concern to OPERS retirees and benefits recipients is how to manage their taxes.

While OPERS can provide general guidance on the impact of federal and state income tax withholding on benefits, retirees and benefit recipients should consult with their own tax advisor for specific information.

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Pension redesign having its intended effect

Occasionally we see misinformation about public pension systems in general, and the Ohio Public Employees Retirement System in particular. When that occurs, we believe we must set the record straight.

Most recently, OPERS and the other Ohio public pension systems were admonished for not attaining progress fast enough after achieving pension redesign in 2012.

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Posted in Ohio PERS, OPERS, Pension Reform, Pensions | Tagged , , | 15 Comments

Review your info, preferences in online account

The Ohio Public Employees Retirement System recently sent notices to some of our active and inactive members who have not updated their beneficiaries in five or more years.

This is a good reminder for all OPERS members to update all of their individual information if there have been any recent changes.

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Posted in Benefits, Member Services, Pensions | Tagged , | 12 Comments

Under-65 health care plan approved for 2016

Participants in the Ohio Public Employees Retirement System’s health care plan for retirees under 65 will face some increased costs in 2016 as the system adjusts to pending federal rule changes.

Medical-plan deductibles, out-of-pocket costs and copays will rise, as will deductibles for and the cost of many pharmaceutical products, although the out-of-pocket maximum for drugs will decline for the nearly 50,000 OPERS retirees in the plan.

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Posted in Health Care | Tagged , , | 40 Comments