|Members Retirees Employers|
The pay date for October is 09/30/2016.[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]
(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]
(8/26/16) - The School Employees Retirement System of Ohio (SERS) pension fund returned a net 1.38% for the fiscal year ended June 30, 2016, surpassing its benchmark return by 45 basis points. Real assets had the strongest return at 12.33% followed by Private Equity at 11.40%. The biggest detractor was non-US equity which returned -8.38%. The fund’s net one-year return and three-year return of 7.29% ranked SERS in the top quartile of public funds over $1 billion according to the BNY Mellon U.S. Master Trust Universe.
The $12.5 billion pension fund has a target asset allocation of 22.5% each for domestic and international equity, 19% for global bonds, 15% for global real assets, 10% each for global private equity and multi-asset strategies, and 1% for short-term securities.
The fund will be conducting an asset/liability study later this year.[Read More...]
(8/19/16) - Lisa Morris, SERS’ executive director since 2010, announced her intention to retire effective Oct. 31. The Board accepted her resignation and authorized staff to conduct a national search for her replacement. Deputy Director Helen Ninos will serve as interim executive director during the search process.
Details on Lisa’s career are included in the press release.[Read More...]
(7/18/16) - SERS is a longtime member organization of the National Institute on Retirement Security (NIRS). Since 2012, SERS Executive Director Lisa Morris, has been a member of NIRS’ Visionary Circle, a committee that works with NIRS’ Board of Directors to define the organization’s research priorities.
Last week, NIRS released a report, Preserving Retirement Income for Public Sector Employees, which finds that not only do almost all public retirement systems offer defined benefit (DB) pensions that provide stable retirement income throughout retirement, but many also have implemented plan features that allow employees who change jobs to preserve, and often times, increase their retirement benefits.
“I am pleased that NIRS conducted in-depth research on the positive impact pension savings have on the retirement security of short-term members,” says Morris. “This is a research topic I supported because national studies falsely portray public pension systems as being relevant only to career members. Ohio’s pension systems feature numerous portability options that strengthens the retirement security of all workers no matter how long they remain members of a public pension system.”[Read More...]
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.[Hide]
Get the Latest News Delivered to Your Email
Click here for previous SERS Spotlight articles.
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.
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. 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.
Encourage your legislator to support the Equal Treatment for Public Servants Act.
Follow SERS on Facebook
"Like" our page to stay up-to-date on the latest SERS news.
We share financial, wellness, and other helpful tips to help you plan, prepare for, and enjoy your retirement.