Answers to OPERS member questions
This month, learn about the COLA, your OPERS ID and how to ask for help
By Michael Pramik, Ohio Public Employees Retirement System
Aug. 24, 2023 – Members and retirees often ask us questions through our social media channels that others could benefit from. Periodically we post these questions and answers in our PERSpective blog.
This month we’re addressing questions about the COLA process, how to secure your OPERS ID and how to schedule a counseling session.
Q: If OPERS’ inflation-based COLA is capped at 3 percent, why isn’t there a floor, some amount that has to be a minimum COLA issued each year?
A: The inflation-based COLA was implemented as part of pension reform in 2012. It applies to those who retired in 2013 or later. The Ohio legislature approved that change, and many others, that helped to strengthen our system for the long term.
A little history about our cost-of-living adjustment might help you understand how it’s implemented today.
OPERS started providing a COLA in 1970, and it has changed several times since then. COLAs were always meant to lessen the impacts of inflation, not completely offset the effects of inflation on a pension benefit. Thus, even in the record-high inflationary periods of the 1970s, the OPERS COLA was set at a modest rate.
With that in mind, the COLA that’s granted based on inflation measures the change in inflation (as represented by the CPI-W measured June-to-June). If the change is zero, then the adjustment is zero for those retirees. That’s why there cannot be a “floor,” or minimum increase, in an inflation-related COLA.
Remember that your vested pension benefit is guaranteed by statute. Cost-of-living adjustments are not.
Q: I worked in an OPERS position some time ago, but I’m not active now. I do not have my OPERS ID number. What can I do to get it?
A: Members can use the OPERS ID in place of their Social Security number in many instances, such as verifying their identity over the phone and submitting forms. If you’ve received a recent mailing from us, you’ll find the OPERS ID at the top-right corner of the first page. If you don’t have your OPERS ID, contact our Member Services department at 800-222-7377.
Q: I’m planning to retire in a couple of years, and I’d really like to straighten out several issues about my OPERS account before then. Is there someone I can talk with who can help me?
A: Members at any stage of their career can schedule a personal appointment with an OPERS counselor to review their questions and receive guidance with a form, application or process. You can speak with a representative in our Member Service Center by calling 800-222-7377 or by using the Message Center in your online account to receive a response to your question in one business day.
OPERS recommends those approaching retirement to set up an appointment with one of our counselors.
Phone counseling is perfect for those who just have a few questions or need some clarification.
Virtual counseling is conducted via Zoom and offers a face-to-face appointment without the need to travel. During a virtual appointment, screen sharing allows our counselors to navigate our website, assist with online forms, help with the retirement application and much more. You’ll need a computer with Internet access and a working camera.
In-house counseling is conducted at OPERS’ Columbus office, face-to-face with a counselor. This option is for those who appreciate in-person support or don’t want to conduct the session over the Internet.
You can schedule an individual counseling appointment through your OPERS online account or by calling us at 800-222-7377.
Michael Pramik
Michael Pramik is communication strategist for the Ohio Public Employees Retirement System and editor of the PERSpective blog. As an experienced business journalist, he clarifies complex pension policies and helps members make smart choices to secure their retirement.
I worked in an OPERS position some time ago, but I’m not active now. The company quit paying into OPERS. I did withdrawal my money from OPERS and rolled it over to an IRA. I started working for the STRS. Can the years I worked in OPERS count towards the STRS time even though I drew out the money?
Rhonda, OPERS service credit is forfeited when the account is refunded. In order to be able to combine your non-concurrent OPERS and STRS service at retirement you would need to purchase the OPERS redeposit service. Here is a link to additional information about purchasing service credit, https://www.opers.org/pubs-archive/leaflets/ISL-F-Service-Credit-and-Contributing-Months.pdf. Information about purchasing service credit begins on page 4 of the leaflet.
If SS raise is 3.2 % in 2024 why is Opers only 2.3 %?
Elaine,
The way OPERS determines the COLA for those who retired prior to 2013 is explained in this blog.
Hello,
Health care benefits are not guaranteed, COLA is not guaranteed…..We have heard these statements several times from OPERS. They are understood. COLA has changed several times (as stated in the article) — has it ever increased? For a selected number of retirees, 2.3% COLA isn’t much! We should all be getting 3%.
CherylH
The tax year 2023 video is incorrect. The final day for filing is April 15, 2024.
Richard,
The 2024 deadline is for filing your calendar year 2023 taxes. The video clearly was referring to taxes on income received in 2022, not 2023.
I was an OPERS member from 1984 to 1997. After leaving I took a lump sum payout. Can I buy back the vested benefits of OPERS at this time?
John, Please send your questions through the online account message center so we can provide account specific answers, or you can contact our Member Services Center at 1-800-222-7377 for further assistance.
My divorce decree ordered that I receive a percentage of my ex-wife’s retirement with OPERS. I have completed the form that you sent and returned it. I have been trying to access my account info on your website but will not allow access. I have tried calling and was left on hold for lengthy amount of time.
Could you please forward the member ID that I need to access the information regarding my account with you.
Frank,
We can’t send member IDs through the blog. Please contact us at 800-222-7377 (early in the morning, midweek is best), or send us a secure message through your online account.
I’ve had the same amount in my OPERS account for 20 years. Why isn’t it growing like a 401k? What are the penalties to withdrawing it?
Tiffany,
Please call our Member Services department at 800-222-7377, and they can assist you.
Hi,
OPERS contribution is being deducted from my every paycheck. How can I see the details of my account?
I don’t have any OPERS ID.
Chiranjit, You can view your account information in your OPERS online account. If you are not registered for an online account, you will need to have your OPERS ID in order to register. The OPERS ID is an 11-digit number. If you have received a correspondence from OPERS recently it may be listed in the top right hand corner. If not, please contact OPERS at 1-800-222-7377 for further assistance. Thank you, OPERS