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The pay date for March is 03/01/2017.

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Monthly Benefit Payments Direct Deposit Dates
March* 03/01/2017
April 03/31/2017
May 05/01/2017
June* 06/01/2017
July 06/30/2017
August 08/01/2017
September* 09/01/2017
October 09/29/2017
November 11/01/2017
December* 12/01/2017

*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.

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(2/17/17) - Today, the SERS Board announced the appointment of Richard Stensrud as SERS’ next executive director. Stensrud comes to SERS from the Sacramento County Employees’ Retirement System in California. Although a definite start date has not yet been set, Stensrud will begin his new duties in late May. For more information about his experience and background, click here for the press release.

 

 

 

 

 

 

 

 

 

 

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(2/13/17) - Due to an upgrade to SERS' benefit administration system, the Member and Employer account login features will be unavailable beginning February 16, 2017.

During this blackout period, you will be unable to access your account information. This means you will be unable to retrieve pay stubs and 1099-R tax forms. If you need this information, please call Member Services at 1-800-878-5853 and will will send it to you as soon as possible. 

Employers will not be able to submit any contribution reports or payments during this period; therefore, we ask that you submit all January files and payment to SERS by February 15, 2017. Please hold all February contribution reporting and payments until you receive an email notificiation from SERS that the new eSERS system is available. There will be no penalties while we are adjusting to using the new system.

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Once the new system is finalized, your SERS online account will have a new look with more capabilities and enhanced security features. It will allow us to better serve you. 

As a result of the upgrade you will need to create a new account to access your SERS account information. We will guide you through the registration process.

We ask that employers refer to their school district's Employer Web Administrator (EWA) for more information regarding the registration process.

Please check back in early March for your new Member or Employer Account Login. 

During this transition period, please be patient with us. You may experience some longer than usual turnaround times.

We apologize for any inconvenience.

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(12/21/16) – Scammers are still at it.

They often offer deals that seem “too good to be true,” such as travel packages, extended car warranties, credit card protection, or overstated investment opportunities.

We would like to remind you that SERS will never call and ask for your personal information, such as a Social Security, bank account, or credit card numbers.

Do not provide any personal information to callers you do not know, even if they are asking you to “confirm” information. It is likely a scam.

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The Federal Trade Commission (FTC) offers some lines that are commonly used by scammers:

  • You've been specially selected (for this offer).
  • You'll get a free bonus if you buy our product.
  • You've won one of five valuable prizes.
  • You've won big money in a foreign lottery.
  • This investment is low risk and provides a higher return than you can get anywhere else.
  • You have to make up your mind right away.
  • You trust me, right?
  • You don't need to check our company with anyone.
  • We'll just put the shipping and handling charges on your credit card.

If you hear a similar statement from an unknown caller, or feel pressured to make a decision or give out personal information, hang up and report them to the FTC, Ohio Attorney General's office, and ProSeniors Senior Medicare Patrol, if the call involves potential health care fraud.

FTC:
 
Ohio Attorney General:
Toll-Free: 800-282-0515
Local: 614-466-4986
 
ProSeniors Senior Medicare Patrol:
Toll-Free: 800-488-6070
Local: 513-345-4160

In addition, if you have not already done so, register your home and mobile phone numbers with the National Do Not Call Registry. This will stop most unsolicited calls. If you still receive calls, it is most likely a scammer. Hang up and file a complaint with the National Do Not Call Registry.

For more red flags, and tips on how to handle an unexpected telemarking call, visit the FTC website.

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(12/20/16) - Ohio has one of the best public pension structures in the U.S. Our framework provides reliable and consistent funding to the pension systems for the retirement security of public employees, and protects taxpayers from having to increase pension funding during poor economic times. Ohio also has a formal and independent legislative oversight entity, the Ohio Retirement Study Council, to make sure the pension systems manage assets in the best interests of its public employees.

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Unfortunately, some national studies, like the one the Mercatus Center released on December 13, fail to acknowledge these advantages and use unrealistic assumptions to make the case for a switch from defined benefit pensions to 401(k) plans. Here’s where their methodology fails:

1.  The authors of the study define Ohio’s public pension systems as “severely underfunded.”

According to our actuary, this is absolutely untrue. While SERS is not 100% funded (meaning we have all the assets we need to pay off every benefit earned as of today) we have enough reliable and consistent income to pay off all liabilities over the next 28 years. Not all pension liabilities come due at one time; they come due gradually over time.

2.  They make dire predictions about the solvency of Ohio’s plans based on the assumption that the plans will receive no future employee and employer contributions.

This is unrealistic because our employee and employer contributions are defined by state law and they have always been consistently received.

3.   They use a 2% investment return to calculate future investment earnings on current assets.

This is extremely low considering the 32-year history of investment returns for SERS is nearly 9% annually. While it’s possible that investment returns may be lower in the next few years, 2% over an extended period is improbable.

Ohio’s pension systems constantly undergo close scrutiny by independent auditors and actuaries. At SERS, we have always met or exceeded the state’s standards for pension funding and we take seriously our fiduciary duty to make sure the pension fund remains financially sound.

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(12/13/16) - In September, we informed you of some recently approved cost-of-living adjustment (COLA) changes that will affect active members and retirees beginning in 2018.

However, there seems to be some misunderstanding regarding the extent of these changes.

To clarify, the proposed changes will not affect the COLA increases retirees received before January 1, 2018. For example, if the “current month” COLA amount on your check stub as of December 1, 2017 is $165, you will continue to receive $165 monthly from 2018 through 2020 (as shown in the sample check stub below). However, your COLA amount will not increase during those years.

The gross amount of your check will remain the same; however, the net amount may change based on your deductions.

Beginning January 1, 2021, you will resume receiving an increase on your COLA anniversary date, indexed to the Consumer Price Index not greater than 2.5% with a floor of 0%.

We anticipate that these changes will go into effect on January 1, 2018; however, they require legislative approval and it is unknown at this time how long that will take.

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To understand why the COLA changes are necessary, click here to read the COLA Changes – What You Need to Know handout.

Click here for a chart that compares SERS' proposed COLA changes to the COLAs of other Ohio public retirement systems. This document also contains a breakdown of percentage changes in the Consumer Price Index over the past 15 years.

If you have any specific questions regarding how these proposed changes will affect your retirement allowance or benefit, please contact our Member Services department toll-free at 800-878-5853.

Also, we opened an email address at pensionreform@ohsers.org for anyone who wants to ask questions about the COLA changes or provide feedback to the Board.

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COLA Changes: What You Need to Know

Click here to read about the proposed changes to the Cost-of-Living Adjustment.

Click here for a chart that compares SERS' proposed COLA changes to the COLAs of other Ohio public retirement systems. This document also contains a breakdown of percentage changes in the Consumer Price Index over the past 15 years.

Click here for a detailed statement from SERS' actuary.

Contact Congress Regarding An Important Issue 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.

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.

Encourage your legislator to support the Equal Treatment of Public Servants Act.

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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