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The State Teachers Retirement System of Ohio is facing "a hostile takeover of a public pension by private interests," according to a 14-page anonymous memo that surfaced Wednesday.
Dean and Patty Dennis worked in Ohio schools for 30 years, paying into a state pension plan. Then the pension stopped giving them cost-of-living increases.
STRS is one of five public pension systems in Ohio. Combined, the five systems have about $225 billion invested for 655,000 public employees, 486,000 retirees and 1.1 million former government ...
The State Teachers Retirement System of Ohio serves nearly 493,000 active, inactive and retired Ohio public educators. STRS Ohio is one of the largest public pension funds in the country.
In many states, public employee pension plans are known as Public Employee Retirement Systems (PERS). Pension benefits may or may not be changed after an employee is hired, depending on the state and plan, as well as hiring date, years of service, and grandfathering. Retirement age in the public sector is usually lower than in the private sector.
The current Butch Lewis Act provides a bailout to fund multi-employer pension plans for 30 years. [4] The bill restores pensions to their full amount and increases the national pension insurance cap. [4] Finally, it requires regular reports to Congress on the status of these pension plans as a preventative measure against future collapse. [4]
A battle is under way for the future of Ohio’s $94 billion teacher pension fund, as would-be reformers’ attempts to deliver long-promised benefits to retirees with the help of an aggressive ...
ERISA also does not govern public pension funds, but it is often looked to for guidance regarding fund duties in addition to state pension codes. [19] A major limitation is placed on the insurance exception, known as the "deemer clause", which essentially provides that state insurance law cannot operate on employer self-funded benefit plans.