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The pay date for December is 12/01/2016.[Read More...]
*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.[Hide]
(11/15/16) - Due to a small Cost-of-Living Adjustment (COLA) increase of 0.3% for Social Security recipients, and a Hold Harmless provision in the Social Security law, retired Ohio public employees may see a 10% increase in their 2017 Medicare Part B premiums.
The Hold Harmless provision prevents an increase in Medicare Part B premiums greater than the dollar amount of the increase of an individual’s Social Security benefit. Approximately 70% of Medicare Part B recipients are protected by this provision.
This provision DOES NOT apply to the approximately 30% of Medicare Part B participants who:
The impact of the Hold Harmless provision is unfair to retirees who do not pay into Social Security. This group will disproportionately shoulder the entire increase.
More than 9,000 retirees contacted their legislators last year and, as a result, legislation was passed to reduce 2016 Medicare Part B premiums for retirees in non-Social Security states.
We urge all SERS retirees to contact their congressional representatives to prevent this increase and urge lawmakers to replace the Hold Harmless provision with a fairer formula. You can do this from the Legislative Action Center on the front page of the SERS website.
We will keep you informed of any updates.[Read More...]
(11/4/16) - Are you aware that the federal government offers a tax credit to low-income earners who contribute to a retirement plan?
The non-refundable credit, called the Saver’s Credit, is available to individuals who make less than $30,750 a year, or married couples who make less than $61,500 a year. Because it is non-refundable, it will decrease the amount of taxes you owe, but cannot provide a refund.[Read More...]
The credit could equate to 10% to 50% of the total amount you saved for retirement during the year.
Only about 25% of those eligible for the Saver’s Credit apply for it. For more information on how to file for it, requirements, and more, download the fact sheet from the National Institute on Retirement Security and Pension Rights Center here.[Hide]
(9/23/16) - All active members of SERS will soon receive an SERS Update, in addition to their 2016 Member Annual Statement. For the fourth year, the statement will reflect changes resulting from SERS' pension reform.
Our videos also are available on our YouTube page.[Read More...]
(9/20/16) - At the Sept. 15, 2016 Board meeting, SERS' Board of Trustees approved the following changes to SERS' Cost-of-Living Adjustment (COLA):
"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 firstname.lastname@example.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.[Hide]
(9/14/16) – Ohio Attorney General Mike DeWine is cautioning families to watch out for a scam that is on the rise in Ohio. This one targets grandparents.
The “grandparent scam” often involves the scam artist calling the victim, pretending to be a grandchild who is in trouble. Usually, the caller states they were recently in an accident, found with drugs, driving under the influence, or arrested.
The caller then requests grandparents go to the store immediately to buy gifts cards, such as iTunes or Amazon gift cards, and read the card number over the phone to them. Callers may request grandparents to send money transfers or cash instead.[Read More...]
The Ohio Attorney General offers these tips to help prevent you or a loved one from being scammed:
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.[Hide]
(9/8/16) - Two employee-member seats are up for election with the term beginning July 1, 2017, and ending June 30, 2021. Any member of SERS, other than a disability benefit recipient, is eligible to run an employee-member seat.[Read More...]
To be considered for election, the following requirements must be met:
(9/8/16) - In 2017, SERS is partnering with HealthSCOPE Benefits to offer a new coverage option – the SERS Marketplace Wraparound Plan.
This option is available to SERS’ health care participants who are not eligible for Medicare and who are not enrolled in Medicaid.
Non-Medicare participants will be able to choose health care coverage through the federal Marketplace, and if eligible, receive a federal subsidy to lower the premium for their Marketplace plan.[Read More...]
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.[Hide]
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Executive Director Search
SERS is searching for its next Executive Director.
The Executive Director, reporting to the Retirement Board, and to the Board Chair, administratively, is the central point of responsibility and accountability for the $29 million administrative and professional budgets across all operations, actuarial, investment management, accounting and financial, benefits administration, etc.
Contact Congress Regarding Two Important Issues Affecting SERS Retirees
Contacting your legislators is easy using SERS' Legislative Action Alert. By entering your ZIP code, you’ll have access to the contact information (e-mail address, phone number, and mailing address) of your federal legislators.
STOP THE PROPOSED 2017 MEDICARE PART B PREMIUM INCREASE
Due to a "hold harmless" provision, SERS retirees may see a drastic increase in their 2017 Medicare Part B premiums.
OPPOSE SOCIAL SECURITY OFFSET AND WINDFALL PENALTIES
We encourage SERS members and retirees to contact their members of Congress to ask them to support elimination of these provisions.
COLA Changes: What You Need to Know
Click here to read about the proposed changes to the Cost-of-Living Adjustment.
Monthly Administrative Expense Reports
The Monthly Administrative Expense Reports contain information about SERS' day-to-day operating expenses and is provided in both summary and detail formats.
Click here to view these administrative expense reports.
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