Defined benefit pension systems typically use the final average salary of their members when determining the retirement benefit. It’s a common misconception that public employees can use years of unpaid time off to significantly boost their final pension amounts.
That does not happen at the Ohio Public Employees Retirement System, which has substantial measures in place to limit the spiking of retiree benefits.
Some members of the Ohio Public Employees Retirement System either have received or soon will be receiving Benefit Change Notices for 2015.
We issue these notices when there are federal tax table changes that impact withholdings and thus the amount of monthly pension benefits. Because OPERS doesn’t receive the table changes in time to make them effective for the January benefit, the withholdings change for the February benefit.
An important part of a successful retirement is planning for it along the way.
While the Ohio Public Employees Retirement System strives to ensure retirement security for its members, it’s important for our members to know when to retire. OPERS has a section of its website devoted to this topic. The “Learn, Plan, Act” pages can help you make an informed decision when to retire, and they offer assistance along the way.
Ohio Public Employees Retirement System members who are registered for online access may retrieve their 2014 tax forms online beginning Friday.
This feature of the OPERS online account can help members begin to file their taxes. Members can read the 1099-R form online and print it out. The forms will be mailed to all members no later than Jan. 31.
The Ohio Public Employees Retirement System will spend much of this year transitioning eligible retirees to the OPERS Medicare Connector, which begins operations in 2016. The preparation gets started this week, with the mailing of our Connector Readiness Kit.
The Ohio Public Employees Retirement System’s Member Services department is often the best place for our members to gain information about their accounts and answers to their questions about pensions and health care.
Member Services employees assist our more than 1 million members with their individual accounts, retirement and health care, and many other issues. Last year was no exception. Here are some examples of the many ways our Member Services associates helped you in 2014:
As a reminder to our members and retirees, the Ohio Public Employees Retirement System will be observing the following schedule around the holidays:
- We will be closed on Christmas Day and New Year’s Day.
- Our downtown Columbus offices and call center will close at 2:30 p.m. on Christmas Eve and New Year’s Eve in advance of the holidays.
- We will be open for business as usual on the day after Christmas and the day after New Year’s.
The Ohio Public Employees Retirement System has released the latest monthly health care chat with OPERS Health Care Director Marianne Steger.
In the December video, Steger addresses questions that members have sent to us via the PERSpective blog. She covers topics related to the OPERS Medicare Connector, including veterans benefits and how “snowbirds” will sign up for coverage. There also is a discussion about long-term care insurance.
You can click here to access the video, which we’ve posted on our YouTube channel.
The Ohio General Assembly this week approved legislation that will have a positive effect on Ohio Public Employees Retirement System members.
The bill included two proposals endorsed by OPERS: one on joint retirement and another that will allow participation in the OPERS Medicare Connector by members who do not qualify for premium-free Medicare Part A insurance. Lawmakers included the measures in Senate Bill 42, which focused on education safety.