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Pension benefits are primarily designed to favor workers who work a full career (typically at least 25 years of service), which account for approximately 24% of state-level public workers. In a study of 335 statewide retirement plans, Equable Institute found that 74.1% of pension plans in the US served this group of workers well.
More than 500,000 beneficiaries rely on the STRS pension fund, 157,000 of them retirees. Ohio teachers contribute 14 percent of their salaries to the fund each year, an amount matched by their ...
The State Teachers Retirement System of Ohio is the state's second largest public pension fund and oversees about $90 billion invested on behalf of 500,000 teachers and retirees.
The largest teacher pension system in Ohio wants school districts to pay more, which would cost taxpayers an additional $533 million a year.
Retirement plans are classified as either defined benefit plans or defined contribution plans, depending on how benefits are determined.. In a defined benefit (or pension) plan, benefits are calculated using a fixed formula that typically factors in final pay and service with an employer, and payments are made from a trust fund specifically dedicated to the plan.
The benefit promised need not follow any of the rules associated with qualified plans (e.g. the 25% or $44,000 limit on contributions to defined contribution plans). The vesting schedule can be whatever the employer would like it to be. [30] Companies may provide deferred compensation benefits to independent contractors, not just employees.
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.
The 2023 median annual base salary for Ohio State employees was $53,867, up from $50,065 in 2022. Sheridan Hendrix is a higher education reporter for The Columbus Dispatch.