Essential information on counseling
Video shares tips on meeting with us to prepare for retirement
By Michael Pramik, Ohio Public Employees Retirement System
Sept. 26, 2017 — OPERS has a counseling department eager to help members understand the retirement process. A new OPERS Essentials video explains how the retirement process works and what our counseling staff can do for you.
You can view all of the OPERS Essentials videos on our YouTube channel.
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.
Regarding the amount of savings shown for options involving COLA freezes for 1 thru 5 yrs. If a 1 yr. freeze provides a savings of $2.68 billion, why then doesn’t the 5 year savings reflect 5 times this amount, i.e. 5 x 2.68 million = $13.4 billion savings compared to the $7.68 million savings shown?
Ms. Hishynsky,
The calculations are based on a CPI COLA with 3% cap with a 1 or 2 year freeze. Of the $2.5 and $3.3 billion in savings, approximately $1.7 is generated from the CPI COLA leaving the freeze to account for approximately $800 million per year.
Julie, OPERS
COLA