Public pensions took center stage this week with the announcement of Detroit’s bankruptcy eligibility and the passage of pension reform by the Illinois General Assembly.
While some observers attempted to relate the fiscal peril of Detroit and Illinois to the status of public retirement systems around the country, the Ohio Public Employees Retirement System remained strong and stable, just as it was before news of retirement systems in Detroit, Illinois, and recently, Cincinnati, came to the forefront.
Ohio Public Employees Retirement System Executive Director Karen Carraher testified this week before an Ohio House committee that new accounting standards should not “cloud the issue of pension funding.”
Carraher’s testimony about Governmental Accounting Standards Board standards 67 and 68, which will go into effect next year, was in support of a House resolution designed to educate key audiences on the new rules.
Future advances in technology will drive significant change as the planet becomes increasingly crowded, and pinpoint data will be required to maximize investments, a panel of experts told the Ohio Public Employees Retirement System this week.
OPERS investment staff and members of the Board of Trustees took part in several thought-provoking discussions during the 2013 OPERS Investment Forum: “Potential Game Changers: Events & Ideas Shaping the Investment Landscape.”
The Ohio Public Employees Retirement System is preparing new funding policies for its Traditional Pension and Health Care plans.
Reviewed by the OPERS Board of Trustees at its October meeting, the policies identify the funding objectives, funding framework, actuarial methods, amortization period, funding targets and risk management mechanisms proposed for each plan. They provide for a systematic and disciplined accumulation of assets to make pension and health care payments for OPERS members over their lifetimes.
Members in the Ohio Public Employees Retirement System health care plan may be permitted to stop and restart coverage under certain circumstances, according to a recent rule change.
Retirees who voluntarily elect to withdraw from the OPERS health care plan on or after Jan. 1 may re-enroll, but only if they provide “proof of creditable coverage” in another health care plan. Proof of creditable coverage simply means that the retiree must provide evidence that they had health care coverage during the plan year immediately preceding reenrollment in the OPERS health care plan.
The Ohio Public Employees Retirement System Board of Trustees has certified the results of this year’s election for three open seats.
The winning candidates, who were elected by OPERS members and retirees, were:
- County representative: Sean Loftus
- Retiree representative: John Maurer
- Miscellaneous representative: Cinthia Sledz
They will serve four-year terms beginning Jan. 1.
October is open enrollment month for members enrolled in our health care coverage.
In this PERSpectives on Pensions video, OPERS Health Care Director Marianne Steger discusses the key topics of the 2014 health care plan and what members can expect during this year’s open enrollment period.
You can click here to watch the video, which is on our YouTube channel.
Americans are woefully behind in saving for retirement, the National Institute on Retirement Security said in a recent study.
“The Retirement Savings Crisis: Is it Worse Than We Think?” estimates the retirement savings deficit in the United States at $6.8 trillion to $14 trillion. NIRS states that the average working household has virtually no retirement savings.