Retiree health care is always among the most-popular issues that we cover in our PERSpective blog.
So we’ve created a video feature in which we address health care-specific questions sent in by our members. This series will feature OPERS Health Care Director Marianne Steger and will appear monthly, at least through 2014.
You can click here to access the first video, which we’ve split into two segments. In Part 1, we discuss upcoming changes taking place in the health care coverage. In Part 2, Steger addresses specific member questions.
Our blog about the 2013 investment earnings of the Ohio Public Employees Retirement System has raised interesting questions about when retirement systems might consider changes to their pension benefits and health care coverage.
Last year, OPERS earned 13.9 percent on its investments, boosting the overall portfolio to a record $88.6 billion. It was among our top 10 annual returns since we began operating in 1935.
The Ohio Public Employees Retirement System earned 13.9 percent on its investments last year, boosting its overall portfolio to a record $88.6 billion, surpassing the $83.6 billion reached in 2007.
The return achieved in 2013 is among the top 10 annual investment returns in OPERS’ history.
Posted in Benefits, DB plans, Health Care, Investments, Pension Reform, Pensions
Tagged defined benefit pensions, investment returns, Ohio PERS, OPERS, pensions, retirement
The management of Ohio’s public pension plans is a bright spot in the state’s overall budgeting process, says a national fiscal policy organization.
The Center on Budget and Policy Priorities lauded Ohio for having regular, accessible reviews of the methods used to determine future pension funding by independent authorities. In a report titled “Budgeting for the Future: Fiscal Planning Tools Can Show the Way,” the center noted the fact that regular actuarial audits and experience studies are required by law in Ohio.
In March 2013 we told you that the Ohio Public Employees Retirement System was seeking the return of more than $100,000 that a Washington state resident allegedly stole by collecting benefits on behalf of his deceased mother.
This week Raymond O’Dell pleaded guilty to multiple charges in Franklin County Common Pleas Court, and officials from the state, Franklin County and OPERS helped OPERS secure the repayment of $102,488.18 worth of pension checks issued to O’Dell’s mother more than 20 years after her death.
The Ohio Public Employees Retirement System has released the Retirement Planner, its latest tool to help members prepare for retirement.
The planner, accessible from our website, permits members closest to retirement in OPERS’ traditional pension plan to estimate pension benefits and health care costs at different retirement dates.
Ohio Public Employee Retirement System members who are registered for online access may retrieve their 2013 tax forms online.
This feature of the OPERS online account can help members get a jump start on filling out their taxes. The 1099-R form can be read and printed if you have an online account. The forms will also be mailed to all members no later than Jan. 31.
A study about state debt across the country released this week makes incorrect assumptions and statements about Ohio’s public pension systems.
The State Debt Study, compiled by think tank State Budget Solutions, claims that Ohio ranks fifth for highest debt load and calls for “drastic action” by lawmakers to reduce it. The report cites the unfunded liabilities of Ohio’s state pension systems as contributing to the state debt.
The Ohio Public Employees Retirement System will list 2013 as the year we began to implement historic pension and health care changes, and we expect that effort to continue in the new year.
We also worked diligently with external stakeholders and prepared for new accounting standards that are headed our way.
Posted in Benefits, Corporate governance, Government Relations, Health Care, Investments, Pensions
Tagged benefits, corporate governance, finance, health care, Ohio PERS, OPERS, risk
Because of the New Year’s Day holiday, January benefit payments made by the Ohio Public Employees Retirement System will be posted to our members’ accounts on Jan. 2.
These payments cannot be made in December because of Internal Revenue Service regulations, so the earliest we can make them is the first day after New Year’s Day.