CEM Benchmarking says system ranks highly among its industry peers

By Michael Pramik, Ohio Public Employees Retirement System

Nov. 5, 2026 – The Ohio Public Employees Retirement System continues to provide a high level of member service at a lower cost than its peers, says CEM Benchmarking, an independent pension consulting firm.

CEM compared OPERS to a custom peer group of 13 U.S. pension systems and found that OPERS delivers above-average service while maintaining significantly lower administrative costs.

Administration

CEM reported that OPERS earned a member service score of 90 out of 100, above the peer median of 83, while its administrative cost of $54 per member was $45 below the peer average of $99. The service score has risen from 87 in 2018.

CEM placed OPERS in the “enhanced service, lower cost” category, indicating that the system provides stronger service at a lower cost than comparable pension organizations.

OPERS’ total pension administration cost was $54 per active member, compared with the peer average of $99. Excluding project-related expenses, the cost was $48, compared with $88 for peers. Over the past eight years, OPERS’ pension administration cost declined by 0.7% annually, while peers’ cost increased more than 4% annually. CEM attributed the difference largely to efficient staffing levels and lower support costs driven by technology, database and application strategies.

Service

OPERS’ overall service score of 90 exceeded the peer median of 83, with the system outperforming peers across all four major member journeys: active members (88), inactive members (76), retiring members (90) and annuitants (94).

The report highlighted strengths in self-service transactions, retirement communications, annuitant outreach and contact-center performance.

Members reached a service representative in an average of 180 seconds, versus 455 seconds for peers, while 83% of OPERS interactions occurred through self-service channels, compared with a peer average of 76%.

Investments

OPERS also participates in CEM’s investment benchmarking program, which compares results with 35 U.S. public pension plans and a custom peer group of 15 U.S. public systems of similar size. CEM said OPERS’ 2025 investment costs, excluding private-asset performance fees, were 2.4 basis points below the peer benchmark (one basis point equals 0.01 percentage point). The fund’s total investment cost was 33.3 basis points. This reflects a lower-cost implementation style and lower costs for similar services.

For the five years ending Dec. 31, 2025, OPERS earned a net total return of 7.1%, compared with a U.S. public-plan median of 7.7% and a peer median of 7.9%. Its five-year policy return (the return of its target investment mix) was 6.9%, close to the peer median of 7.0%.

OPERS’ five-year net value added, which measures how much active management added above the policy return, was 0.2%, compared with a U.S. public-plan median of 0.4%. CEM noted that when private-equity benchmarks are standardized for comparison, OPERS’ five-year net value added increases to 0.3%.

CEM also reported that OPERS’ portfolio risk level of 11.4% was generally in line with the 11.3% median for comparable pension plans. The firm placed OPERS in the quadrant for plans with positive net value added and below-benchmark investment costs over both five- and 10-year periods.

This month: We address open enrollment, benefits and beneficiary questions

By Michael Pramik, Ohio Public Employees Retirement System

Oct. 29, 2026 – 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.

Q: Do I need to do anything during open enrollment if I don’t have any changes I want to make?

A: No action is required on your part if you are not making any changes to the coverage for 2027. But it’s  always a good idea to review your coverage to make sure it’s still meeting your needs.

If you’re satisfied with your current coverage elections and do not wish to make any changes, you generally do not need to take any action during Open Enrollment. Your current elections will continue into the new plan year, subject to any plan, premium, or coverage changes. Be sure to review open enrollment materials you receive from both OPERS and your other insurance carriers to ensure you are aware of any changes.

Q: How do I change the bank account I use for direct deposit of my OPERS pension benefit?

A: You can update the bank information by clicking on Benefit from the My Account dropdown at the top of your online account and then click on the Edit link in the Bank Information section. As a reminder, if you update bank account information with OPERS, it does not automatically update with Via Benefits, so be sure to contact Via Benefits if you’d like to update that account information.

Q: What’s the best way for me to find out what retirement group I’m in?

A: You can view the retirement group in your most recent annual statement which is available in the Documents section of your online account. Regarding your eligibility for retirement, the group you’re in is factored into the benefit estimates that you can run through your OPERS online account.

Q: If I pass away before or after retirement will my beneficiary receive the money I put into my retirement account?

A: Information about the benefits available to beneficiaries when a member passes away prior to retirement can be found in the OPERS Survivor Benefit leaflet.

At Service Retirement the member selects a plan of payment to determine the benefit to be paid to beneficiaries upon their passing. If you chose a Single Life plan, (which does not leave a monthly benefit to a beneficiary after your passing), your beneficiaries would still receive any funds left in your guaranteed account. Your monthly benefits are paid first from the guaranteed account, which includes your contributions plus interest, and is usually exhausted within four years of retirement.

Q: I will turn 73 in 2027. As a rehired retiree, if I resign this year, what are my options to begin receiving and continue receiving the accrued funds in my OPERS Money Purchase account?

A: Once you terminate your employment, you’ll have the option to take the funds in your Money Purchase Account as a lump sum refund, or possibly an additional monthly benefit.

For specific account information, call us at 800-222-7377. Or, you can forward your inquiry through the message center in your online account, there we will be able to review your account specific information and respond to your question.

Q:  I tried to go online to my OPERS account and it required my Social Security number, which I will never put on the Internet. What are my options for logging in?

A: The Social Security number, plus additional information, is required to register for the OPERS online account or to reset the password. The security of your information is our top priority, and this is a critical piece of information we need to verify your identity to create your account.

Q: I have 25 years of service but I am just turning 55 years old next month of 2026. I would like to retire early but I am not sure what preparation I have to make leading to it. How can I get more information?

A: Your personal earliest eligible Service Retirement effective date is provided in the Annual Statement. You also have access to run benefit estimates through your online account. Please submit a message through your OPERS online account or call 1-800-222-7377 for account specific information. 

OPERS also offers a seminar/webinar, titled “Retirement Readiness,” which reviews all of the decisions you’ll need to make. We offer one-on-one counseling in person at our office, over the phone or virtually through Zoom. You can register for any of these options through your online account.

New study shows retirees value guaranteed income most of all

By Michael Pramik, Ohio Public Employees Retirement System

Oct. 22, 2026 – A new national study from The Harris Poll, conducted for Transamerica, offers a clear message about retirement in America: people want stability. In a world of market swings, rising prices, and longer lifespans, Americans say the most important ingredient for a confident retirement is guaranteed monthly income.

The study, titled Life and Money: Retirement Security in the USA, surveyed thousands of adults across the country. Its findings are encouraging for anyone who participates in a pension plan or supports public employees who rely on one. It’s also a timely read, because October is National Retirement Security Month.

First, the research shows that guaranteed income is the number‑one feature Americans want in retirement. More than investment choice, more than account balances, more than flexibility — people value predictability. They want to know that each month a payment will arrive that covers the basics. Defined-benefit pensions, as well as annuitized defined-contribution pensions, deliver that assurance.

The Harris Poll also found that retirement confidence rises sharply among those who expect lifetime income. Respondents with pensions or annuities were far more likely to say they feel prepared for retirement, even when facing economic uncertainty. This information aligns with other national research showing that retirees with guaranteed income maintain steadier spending, preserve more of their savings and experience less financial stress.

Another important insight from the study is the desire for simplicity. Many Americans report feeling overwhelmed by managing investments, monitoring markets, and planning withdrawals. Pensions eliminate that burden. They provide automatic, professionally managed lifetime income — a feature that becomes increasingly valuable as people age and financial decision‑making becomes more complex.

The study also highlights growing concerns about longevity. Americans know they’re living longer, and many worry about outliving their savings. Defined benefit pensions directly address this challenge by providing income that lasts as long as the retiree does, no matter how many years that may be.

Taken together, the findings from the study reinforce a powerful message: guaranteed income works. It provides confidence, stability, and peace of mind — qualities that retirees value more than ever.

For public employees and retirees who participate in defined benefit plans, this research is a reminder that their pension remains one of the most effective tools for achieving long‑term financial security. And for policymakers and employers, it underscores the importance of preserving and strengthening these systems for the future.

Separate dates are set up for pre-Medicare and Medicare retirees

By Michael Pramik, Ohio Public Employees Retirement System

Oct. 15, 2026 – Open enrollment has begun for the 2027 OPERS Health Care Program, giving eligible retirees the opportunity to review their coverage, make changes if needed and prepare for the coming year.

While some will simply confirm that their current coverage still meets their needs, others may want to explore new medical, prescription drug, vision or dental options before enrollment deadlines arrive.

The open enrollment process differs depending on whether you are Medicare-eligible or not, so now is a good time to review your materials and understand the decisions you'll need to make before coverage begins Jan. 1, 2027. The OPERS website has been updated to include a wealth of information about open enrollment.

Start with a coverage checkup

No matter which health care program you participate in, open enrollment is an opportunity to ask a simple question: Does my current coverage still work for me?

Take time to review materials from OPERS, Via Benefits and your insurance carriers. Look for changes in premiums, covered services, provider networks, prescription drug formularies and other plan details that could affect you in 2027.

You also may want to revisit your vision and dental coverage needs, especially if you carry coverage through multiple providers.

Know your open enrollment deadlines

Open enrollment dates vary by coverage type:

Pre-Medicare benefit recipients

Open enrollment runs between Nov. 1 and Dec. 15. Contact Via Benefits here.

Medicare-eligible benefit recipients

Medicare's annual enrollment period runs from Oct. 15 through Dec. 7. Contact Via Benefits here.

OPERS vision and dental plans

Benefit recipients who want to enroll, make changes or cancel coverage in the OPERS vision or dental plans must do so by Dec. 15. Requests received after that date cannot be accepted. If you are satisfied with your current coverage, your enrollment will automatically continue into 2027.

Watch for your open enrollment materials

All eligible benefit recipients will receive personalized information in the mail this fall.

Eligible Health Reimbursement Arrangement participants will receive a personalized statement showing their 2027 monthly HRA allowance, along with vision and dental premium information and educational materials about the OPERS health care program. They’ll also receive the 2027 Open Enrollment Insert, which provides information about open enrollment, the OPERS health care program, and more.

Benefit recipients who are enrolled in OPERS vision and dental coverage but are not eligible for the HRA will receive premium information, vision and dental enrollment materials and forms needed to make coverage.

Be sure to review these materials carefully when they arrive.

Pre-Medicare participants: Review your funding decision

If you are eligible for the OPERS HRA and have not yet reached Medicare eligibility, open enrollment is also your opportunity to review your HRA funding decision.

Each year, eligible participants can choose whether to receive support through the OPERS HRA or pursue the Premium Tax Credit available through the federal health insurance marketplace. A change made during the 2027 open enrollment period will take effect Jan. 1, 2027.

Remember that choosing the HRA option does not automatically enroll you in medical insurance. You still must obtain medical coverage. However, declining participation in the HRA means turning down OPERS-provided funds that could help reimburse qualified medical expenses.

Medicare participants: Review your prescription drug plan

Open Enrollment is the best time to update your Medicare Advantage, Prescription Drug, and OPERS vision and dental plans. If you have a Medicare Supplement (Medigap) or non-OPERS dental/vision plan, you can make changes any time of year.  To avoid delays, we recommend updating Medigap plans outside the Open Enrollment period, unless you’re unhappy with your current coverage.

Also, remember that you must enroll or remain enrolled in a Medicare plan through Via Benefits to continue receiving HRA deposits.

Schedule time with Via Benefits

If you have questions about your medical coverage or are considering changes for 2027, a conversation with a Via Benefits adviser can help.

Appointments are not required, but they are strongly recommended during open enrollment. Advisers can review your current coverage, answer questions about plan changes and help you evaluate available options.

To reduce wait times, OPERS has published call-volume charts identifying the best days and times to contact Via Benefits.

Don't overlook vision and dental coverage

Open enrollment isn't just about medical insurance. It's also the only time each year eligible benefit recipients can enroll in, make changes to or cancel OPERS vision and dental coverage.

If you are enrolled in vision or dental coverage through both OPERS and another provider, review your benefits carefully to determine whether maintaining both plans still makes sense for your situation.

Benefit recipients who are happy with their current OPERS vision and dental coverage do not need to take any action. Coverage will continue automatically in 2027.

HRA participants: Check your automatic reimbursement settings

If you are enrolled in OPERS vision and/or dental coverage and have an HRA, your premiums may qualify for automatic reimbursement through Via Benefits when funds are available.

Open enrollment is a good time to log in to your Via Benefits account and verify that your reimbursement preferences are still correct.

Important reminder for members who become Medicare-eligible before age 65

Some OPERS benefit recipients become eligible for Medicare before turning 65 due to disability or other qualifying circumstances.

If you receive notice from the Social Security Administration that you are eligible for Medicare, you must notify both OPERS and Via Benefits within 30 days. Your HRA allowance changes once you become eligible for Medicare, and timely notification helps prevent overpayments that would have to be repaid later.

Learn more

To help benefit recipients understand the open enrollment process, OPERS has created educational videos covering both HRA-related topics and the OPERS vision and dental plans.

Open enrollment may not require changes for everyone, but it is an important opportunity to review your health care decisions, understand your options and make sure your coverage remains aligned with your needs for the year ahead.

Here’s what happens to OPERS benefits after a member’s death

By Michael Pramik, Ohio Public Employees Retirement System

Oct. 8, 2026 – No one likes to think about end-of-life matters, but understanding what happens to your OPERS benefits can help provide peace of mind for you and your loved ones. It also can make an already difficult time a little easier for the family members or caregivers who may need to act on your behalf.

OPERS provides a variety of survivor and death benefits, depending on your retirement plan, employment status and beneficiary designations. It’s helpful to understand these benefits, as well as how to report the death of a loved one to OPERS.

If an OPERS member dies before retirement

For members in the Traditional Pension Plan or Combined Plan, eligible survivors may qualify for survivor benefits if the member dies while actively employed or receiving a disability benefit.

Generally, the member must have at least 18 months of full-time service, including at least three months within the 2½ years before death. Depending on the circumstances, eligible beneficiaries may receive a monthly survivor benefit or a lump-sum payment of refundable account contributions.

Members in the Member-Directed Plan do not have a monthly survivor benefit. Instead, qualified survivors may receive the vested balance of the member's account as a refund. Vested balances in Retiree Medical Accounts may be used by qualified dependents for the reimbursement of qualified health care expenses.

If an OPERS retiree dies

When a retiree dies, OPERS benefits and health care coverage stop. The benefits that may be payable afterward depend largely on the retirement payment plan the retiree selected.

Under a Single Life Plan, monthly pension payments end at death. Under Joint Life and Multiple Life plans, continuing pension benefits may be available to designated beneficiaries, and qualifying beneficiaries may also have access to available OPERS health care coverage.

Survivors of retired members or disability benefit recipients also may qualify for a one-time lump-sum death benefit based on the retiree's years of service.

How to report a death to OPERS

It’s very important that OPERS be notified as soon as possible when an active member, retiree, disability benefit recipient or beneficiary dies. Prompt notification allows OPERS to stop benefit payments, prevent overpayments and begin the process of determining whether survivor or death benefits are payable.

Once OPERS receives notification, the account is secured, and online access is disabled to protect the member's personal information. OPERS will then contact beneficiaries and provide any required forms and instructions. Outstanding overpayments must be resolved before any benefits can be released to beneficiaries.

A death can be reported to OPERS by phone, mail or in person. After all required documents have been received, survivor benefits generally take about 25 business days to process.

Information for caregivers

If you are helping care for an OPERS member or retiree, it’s important to make sure the proper documents are on file with OPERS before they are needed. Depending on your situation, that may include an Authorization for Release of Account Information form, a HIPAA authorization, a Durable Power of Attorney or Letters of Guardianship. Having these documents in place can help you access account information and assist with financial or health care decisions if your loved one becomes unable to manage their affairs.

For more information about any of this information, visit the Life Events/Death of an OPERS Member section of OPERS.org.

DC participants can take advantage through target date funds

By Michael Pramik, Ohio Public Employees Retirement System

Oct. 1, 2026 – Investing for the future can be challenging. Markets are unpredictable, and stocks, bonds and other assets that produce strong returns one year can turn in disappointing results the next.

OPERS investment professionals manage this uncertainty through diversification. It's the familiar concept of not putting all your eggs in one basket. By investing in a variety of assets, you can reduce the risk that poor performance in one area will have an outsized effect on your overall portfolio.

The idea is fairly simple. Different investments respond differently to changing economic conditions. When stocks decline, for example, bonds or other investments may help offset some of those losses. Ideally, a diversified portfolio contains assets that don't always move in the same direction. Some will zig while others zag.

Consider two extremes: a portfolio consisting of a single stock and one consisting of 500 stocks. If you own just one stock, your investment depends entirely on the fortunes of that company. Owning 500 stocks spreads that risk across many companies. A setback at one company is less likely to significantly affect your overall investment.

But owning hundreds of stocks doesn't eliminate market risk. If the entire stock market declines, even a portfolio containing 500 stocks can lose value. That's why diversification across asset classes – such as stocks, bonds and alternative investments – is important.

Recent market history provides a useful reminder. In 2022, both stocks and bonds experienced substantial losses as inflation and rising interest rates affected financial markets. The experience demonstrated that diversification can help manage risk, but it cannot eliminate losses or guarantee positive returns.

For OPERS members participating in the Defined Contribution Plan, target date funds offer a convenient way to achieve diversification. Each fund invests in a mix of underlying investments and is designed for members who expect to retire around a particular year.

Target date funds also automatically adjust their investment mix over time. Generally, they hold more stocks when retirement is many years away and gradually shift toward a more conservative allocation as retirement approaches. This approach seeks to balance the need for long-term growth with the importance of managing risk.

A target date fund can serve as a complete retirement investment portfolio, eliminating the need to select and manage several individual funds. However, members should understand that these funds are not guaranteed investments, and their value can decline. The appropriate fund also depends on an individual's retirement plans and tolerance for risk.

Diversification remains important after retirement, too. Retirees may need their savings to last for decades, making it important to balance investments that provide growth with those that help manage market volatility.

Whether you're just beginning your career, approaching retirement or already retired, the basic principle remains the same: Diversification can help you manage investment risk without having to predict which investments will perform best.

Robocalls, phony polls and other schemes seek your personal information

By Michael Pramik, Ohio Public Employees Retirement System

Sept. 24, 2026 – Election season is a time of heightened civic engagement, but it’s also a time when scammers ramp up efforts to steal money and personal information.

Recent warnings from the Federal Trade Commission, cybersecurity experts and election officials show that fraudsters are increasingly using artificial intelligence, spoofed phone numbers, fake websites and text messages to make their scams appear legitimate.

Here are a few election-related scams to watch out for this year:

Phony PACs and political donation scams

Fake Political Action Committees, or PACs, and fraudulent campaign fundraising efforts continue to target voters through phone calls, emails, text messages, and social media. Scammers may claim to support a favorite candidate or political cause, then keep the money for themselves.

Before donating, verify the organization through the Federal Election Commission and consider donating directly through a candidate's official website. Be cautious of high-pressure tactics, unsolicited requests for donations or demands for unusual payment methods. Legitimate political organizations will not ask for payment through gift cards, wire transfers or cryptocurrency.

AI-powered robocalls and deepfake messages

Artificial intelligence has made election scams more convincing. Fraudsters can now use AI-generated voices to impersonate candidates, public officials or political organizations. Some scams may urge voters to donate, while others may spread false information about voting procedures.

Never rely on information from an unsolicited call, text or voicemail. If you receive a political message that seems suspicious, verify it through official government election websites or trusted news sources. Do not provide personal or financial information during an unexpected call.

Voter registration and voting information scams

Scammers may contact voters claiming there is a problem with their registration, that they need to re-register, or that they must pay a fee before voting. Others may send text messages or emails directing recipients to fake registration websites designed to steal personal information.

Remember that voter registration is free. If you have questions about your registration status or polling location, check directly with your state's election office or visit Vote.gov. Avoid clicking links in unsolicited messages, even if they appear to come from election officials.

Fake polls, surveys and prizes

Another common scam involves fake polls or voter surveys. Fraudsters may offer gift cards, prizes or rewards in exchange for participating. During the survey, they attempt to collect personal information such as Social Security numbers, financial account details, passwords or other sensitive data.

Legitimate polling organizations typically ask only for opinions and basic demographic information. They will not request banking information, passwords or payment to claim a reward. If a survey asks for sensitive information, end the conversation immediately.

If you encounter a suspected scam, report it to the FTC at ReportFraud.ftc.gov.

Longevity expectations can have big impact on retirement readiness

By Michael Pramik, Ohio Public Employees Retirement System

Sept. 17, 2026 – When most people think about retirement planning, they focus on one question: "How much money will I need?"

A growing body of research suggests there is another question that may be just as important: "How long will my retirement last?"

A recent study by the TIAA Institute and Stanford University's Global Financial Literacy Excellence Center found that many Americans underestimate how long people typically live after reaching age 65. Researchers call this "longevity literacy," or understanding life expectancy and how it affects financial planning. The study found that people who expect shorter retirements generally save less, plan less and are less likely to think about how they will generate income throughout retirement.

Why does this matter? Because retirement today can last 20, 25, or even 30 years for many people. A retirement that spans several decades presents challenges that previous generations did not face to the same extent, including inflation, rising health care costs and market volatility. Planning for a long retirement may require a different mindset than simply reaching a target retirement age.

The research found a clear relationship between retirement expectations and retirement behavior. Workers who expected to spend more years in retirement were significantly more likely to save regularly and seek professional guidance. They also were more likely to think about how their savings would eventually be converted into retirement income. Meanwhile, individuals who expected shorter retirements were less likely to engage in those activities.

For OPERS members, the lesson is straightforward: Retirement planning should account not only for when you retire, but also for how long your retirement may last. Members participating in the Traditional Pension Plan have the advantage of a lifetime monthly benefit, while participants in the Member-Directed and Combined plans should regularly review their savings levels, investment allocations and long-term goals. Regardless of plan choice, understanding longevity can help members make more informed financial decisions throughout their careers.

Retirees may benefit from the same perspective. A retirement that lasts several decades requires careful attention to spending, health care planning and preserving financial resources for the future. While no one can predict exactly how long they will live, considering a longer retirement horizon can help reduce the risk of outliving one's financial resources.

As supported by the TIAA Institute study, one of the most powerful retirement planning approaches is to understand that retirement may last much longer than you think.

Enrollment ends on Sept. 22 for Colonial Life’s term- and whole-life policies

By Michael Pramik, Ohio Public Employees Retirement System

Sept. 10, 2026 – OPERS members have less than two weeks to apply for term- and whole-life policies this year through Colonial Life & Accident Insurance Co.

It’s the ninth-consecutive year that the insurer is offering the policies to active members, their spouses and children. The voluntary insurance would be in addition to life insurance that members’ employers might offer, and OPERS members would bear the cost.

The policies will be guaranteed issue, within certain limits, and this year’s open enrollment period ends Sept. 22.

OPERS members can obtain a policy only by speaking with a Colonial Life benefits counselor through a virtual enrollment option. Virtual enrollment allows members the flexibility of connecting with their benefits counselor via conference call, video chat or screen-share.

Three Colonial Life digital postcards emailed to OPERS members in 2026 contain more information about virtual enrollment. The postcards include a link to schedule a session with a local benefits counselor and other information about life insurance coverage.

For more information, refer to this postcard.

You also can listen to a recorded webinar that provides additional details on the 2026 open enrollment period and the voluntary benefits that are available.

For the first time, election officials are no longer considered OPERS members

By Michael Pramik, Ohio Public Employees Retirement System

Sept. 3, 2026 – With Election Day approaching, OPERS members and retirees should know about a recent change affecting those who work at the polls.

Ohio House Bill 96, which took effect Sept. 30, 2025, changed how OPERS treats service as a precinct election official, the position formerly commonly called an “election worker” or “poll worker.” Section 145.012 of the Ohio Revised Code now exempts anyone appointed as a precinct election official from OPERS membership for that service. Precinct election officials must be qualified voters and serve as election officers for their precincts.

Because precinct election officials no longer participate in OPERS for this service, the amount they earn working at the polls during a calendar year no longer affects their OPERS membership status.

If you have questions about becoming a precinct election official, contact your local board of elections.