*Direct deposit notice or check stub will be mailed to all benefit recipients.

You will receive a check stub whenever there is a change to your benefit, such as health care premium change, a tax withholding change, or a bank account change.

SERS strongly encourages all retirees to have their pension payments paid directly to a bank or credit union. Direct deposit of your funds is the only way to assure that your payment will be available on the first of every month. Direct deposit eliminates any concerns about late, lost, or stolen checks. Since pension checks cannot be forwarded, direct deposit also eliminates delays when you travel during retirement. It is your responsibility to make sure the funds are in your account before writing checks against your account.

If you do not enroll in direct deposit, there is no guarantee that you will receive your payment right on the first of every month. Delivery delays might occur that are beyond SERS’ control, such as lost or stolen checks. You must wait 10 days after the expected delivery date before SERS can begin the process of stopping payment and issuing a new check. This delay will not occur if you have direct deposit.

If you have moved in the last 12 months, be sure to submit a change of address request online. We will mail the statements to the address on our records.

"I believe I speak for the entire Board when I say this was the toughest decision we've ever had to make," said Board Chair Barbra Phillips. "After discussing every option available, in the end, the COLA changes address the financial challenges SERS faces and equally and fairly affect active members and retirees.

The Board consciously avoided COLA cuts in 2012 when the economy was weak and everyone was worried about their finances, and instead made age and service eligibility changes that only affected active members.

For more information about the need for the COLA changes, click here to read the COLA Changes - What You Need to Know handout.

If you would like to contact the Board regarding your COLA concerns, you can send an email to pensionreform@ohsers.org. If you have questions about the COLA changes that are not covered in the handout, you can call SERS' Member Services Department toll-free at 866-280-7377.

The Ohio Attorney General offers these tips to help prevent you or a loved one from being scammed:

• Communicate with your family members. Discuss how you and your family members would communicate during a true emergency.
• Verify a caller’s claims. Be suspicious if the caller tells you not to contact any other family members. If you are unsure, ask the caller questions that only your family members would know how to answer, such as the last time you saw each other.
• Limit sharing information online. Be careful what you post online. Avoid posting about upcoming vacation plans or personal information. Check your privacy settings and limit access to personal information.
• Be cautious of specific payment requests. If someone calls you and demands payment by gift card, prepaid reloadable card, money transfer, or cash, it is likely a scam.

For a reminder of these tips, print off the Ohio Attorney General’s phone scam checklist and keep it near your phone for easy reference. 

To be considered for election, the following requirements must be met:

• Obtain signatures of 500 SERS members on a nominating petition provided by SERS with no fewer than 20 signatures of members from each of at least 10 counties where those members are employed
• Make sure that each signing member indicates his or her employer, county of employment, and last four digits of his or her Social Security number
• Begin gathering signatures on or after Sept. 2, 2016
• Deliver petitions with original signatures and a completed original Certification Form to the SERS office no later than 4:30 p.m., EST, Dec. 2, 2016

Those interested in running for the open seat should contact Tim Barbour by phone at 614-222-5901 or by email at tbarbour@ohsers.org. The Official Nominating Position can be downloaded here.

Once they choose a Marketplace plan, additional benefits will be provided through the new SERS Marketplace Wraparound Plan. It helps pay for deductibles, co-pays and other costs. There is no premium for these additional benefits.

To receive the SERS Marketplace Wraparound benefits, eligible participants MUST complete the Marketplace enrollment process through HealthSCOPE Benefits.

Click here for more information on the SERS Marketplace Wraparound Plan.

Key findings of the report include:

1.  Nearly all of the public retirement systems studied offer a DB pension plan. Very few systems provide only a defined contribution plan.

2.  Many public pension plans have adopted plan features that allow individuals who change jobs to retain and even increase their retirement benefits.

3.  Almost all systems allow members to purchase certain types of service credit to increase their pension benefit. SERS allows members, if qualified, to purchase additional service credit, such as refunded or military service credit.

4. Many plans possess features that increase benefits and portability for short- or moderate-term employees.

The full report is available here.