State may change pension requirements for teachers

Apr. 26, 2012, Bucyrus Telegraph-Forum

By Jessica Alaimo
CentralOhio.com

Teachers may have to work longer and pay more into their pension system if a proposal to the Ohio Legislature is accepted.

The Legislature is moving on public pension reform, and three of the funds have updated their proposals. The most significant updates are in the State Teachers Retirement System, or STRS.

These reforms are happening because three of the five pension systems don't meet the state-required obligation of being able to pay off all their benchmarks within 30 years. All funds recognize changes need to be made for long-term stability.

Read more in the Bucyrus Telegraph-Forum.

Pensions lurk over state, local governments

July 24, 2010, Fremont News-Messenger

BY JESSICA ALAIMO

Special to the News-Messenger

The good news first: We’re all living longer.

The bad: It’s costing the state and local governments a ton of money.

Since the average person spends many more years in retirement than in years past, there is a looming question of how to pay for it.

Most private sector employers have responded by dropping the traditional pension plan in favor of a 401(k) system, in addition to Social Security benefits. However, public employees still pay a determined amount into one of Ohio’s five public pension funds throughout their working careers. Then, they are guaranteed a pension for the rest of their life, the amount based on their earnings and years in public service.

That guarantee comes at a price — one that cash-poor state and local governments are struggling to pay for. Unless substantial changes aren’t made to Ohio’s pension systems, the funds will need to come from somewhere.

For taxpayers, that could mean fewer government services, higher taxes or both. For retirees, it could mean working longer before they are eligible to retire, and lower payouts when they do.

Ohio pension Q&A

July 24, 2010, Fremont News-Messenger

By JESSICA ALAIMO

CentralOhio.com

Unfunded actuarially accrued liabilities. Benefit accrual rate. Solvency. Fiduciary net assets.

STRS, FAS, YOS?

Yow.

Understanding Ohio’s public pension system — and why it’s a ticking time bomb that is threatening Ohio’s budget — can be daunting.

Here are some questions and answers that will help you wade through all the acronyms and financial jargon.