The Ohio Public Employees Retirement System is publishing a series of five videos to explain the key factors of the pension bill, which goes into effect on Jan. 7.
The fourth video in the series is on changes to Final Average Salary. The video features Gordon Gatien, OPERS government relations officer.
You can click here to watch the video, which is on our YouTube channel.
Will my payout of accrued sick time and vacation be added to my final average salary? If I retired right now, and was payed out for all my leave time it would be over 14 weeks. My concern is, would I then fall under the anti spiking, as this would cause my salary to jump.
Art,
Your accrued sick time and vacation pay will not be added to your final average salary.
–Ohio PERS
Will you be posting the Monthly Disbursement Schedule?
Marcia,
It’s already on our website:
https://www.opers.org/retirees/receiving/payschedule.shtml
–Ohio PERS
I’d like to know why it takes so long to calculate ones final average salary. I am on the vurge of running out of funds to pay my bills and can’t afford medical prescipts based on my decission made by your estimates and plop amount promised. How much longer will this process take. I know many people have retired but an order in which they do should be in affect
Malick,
It takes 30-45 business days after your effective date to receive an initial benefit payment.
–Ohio PERS
Is there a limit on how much money I can deposit into an annuity from my accumulated sick leave and vacation time when I retire? I am looking to deposit about $45,000. Is this possible?
Funds from sick leave and vacation time cannot be deposited into an OPERS annuity. You can, however, roll over funds from Ohio Deferred Compensation into an OPERS annuity. Please contact Deferred Compensation for more information: 614-466-7245.
–Ohio PERS
I read an article today That my state Representative introduced a bill on Wednesday that certain people that had provided “personal Services” to a public employee but never classified as a public employee may be eligible for benefits from the Public Employees Retirement System. Can someone provide me information on this Bill 343………Thank you
Classey,
We have covered this topic extensively in the Special Coverage section of http://www.opers.org. We also wrote a blog on the topic:
http://perspective.opers.org/benefits/time-limit-extended-for-determination-requests/
–Ohio PERS