“Ohio’s teachers dedicate their lives and careers to serving their students, and when they leave their classrooms, they must be able to count on a stable, secure pension they can’t outlive. STRS Board members who served over the last ten years made responsible, often difficult, decisions to ensure the pension system’s long-term solvency for today’s retirees and active teachers, as well as those who will be entering the profession in the future, and their hard work put the system in the position to allow these eligibility changes now,” said Ohio Education Association President Scott DiMauro. “We thank them for their leadership and stand with OEA members who are celebrating these benefit enhancements.”
Beginning June 1, 2025, STRS members will be eligible to retire with 33 years of service at any age (down from 34 years of service currently). Additionally, members will be eligible for early retirement, with reduced benefits, with 28 years of service. This is a temporary adjustment for three years. These rules will be in place through July 2027.
The eligibility change is coupled with the Board action last month to provide a supplemental benefit payment to retirees in December. Supplemental payments will be paid to those who have been retired for a year or more and are calculated based on an individual’s years of service and the number of years the person has been retired, with the average payment being $1,720 before taxes.
The total cost of the supplemental benefit payments is estimated to be $306 million. The estimated cost of the temporary retirement eligibility change is $311 million. The Board may make additional changes in the spring when it fully evaluates the available budget for sustainable benefit enhancements.
“OEA has always, and will always, stand up for the long-term health of the pension system for all STRS contributors – active, retired, and future teachers alike.” DiMauro said. “We will continue to use our united voice to ensure educators’ pensions are protected and prosperous for years to come.”