“Last year I got a 1% increase,” Hudson said. “That is an insult.”
Watch the report at https://www.13abc.com/2024/09/27/teachers-raise-concerns-over-strs-pension-fund/.
Over 100 current and retired teachers gathered Thursday, worried about the future of their pensions.
Leaders with the State Teachers Retirement System (STRS) held a town hall to answer questions and address concerns.
“These people aren’t upset about what the state retirement system is about, we’re upset about the management system,” Ronald Hudson, a retired teacher from Libbey High School said.
STRS has been under scrutiny after allegations of mishandling funds. Attorney General Dave Yost launched an investigation into two previous board members in May.
However, the biggest concern for many retired teachers is the cost of living increase they were used to getting each year.
“Last year I got a 1% increase,” Hudson said. “That is an insult.”
In 2017, the Board took away the yearly increase, but since then they’ve passed both a 3% adjustment and another 1%. But, some retired teachers say it’s still inconsistent in their checks.
“We’re just trying to live, and live as comfortably as we can,” retired teacher from Washington Local Schools, Patricia Carmean said. “Without a cost of living, I don’t know what’s going to happen to many people.”
Hudson said he taught for 27 years, and when he retired was promised an increase in the cost of living each year. He says STRS didn’t deliver on their promise.
Another concern is the Employer Rate Increase Initiative. If passed, it would change the 14% rate that employers pay into the pension to 18%, causing concerns that school districts won’t be able to make it up without levying taxpayers.
Acting STRS Executive Director, Lynn Hoover, says concerns from the town hall will be taken into consideration. As results from their last fiscal year come in, the conversations on what can change will begin.
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