We work to keep SERS’ members informed of issues that directly affect them. The latest on what is affecting you through your retirement system will always be posted on our website’s homepage. After news items have been publicized, they will be housed on the “Important Retirement News” sections of the Members homepage and the Retirees homepage. You also can refer to this section when you are looking for older news items.

Board Finalizes CBBC, Sets Factor

After more than two years of analysis and discussion, at the October 2023 meeting, the SERS Board approved the ‘factor’ that will be used under the Contribution Based Benefit Cap (CBBC) analysis for retirements with an effective date on or after August 1, 2024.

The factor approved by the Board is 6.25.

The purpose of the CBBC analysis is to assure that the pension benefit is sufficiently supported by the contributions made by a member over the course of their working career. The CBBC factor is the multiplier for an annuity based on the member’s contributions that will be compared to the standard formula benefit.

The Board considered extensive data in determining that the factor will be 6.25, including analysis of actual retirements from 2020 to 2021 and 2022 to 2023. The analysis showed that, in the vast majority of cases, the standard formula benefit will continue to be the basis of the retirement allowance. For example, of the nearly 3,000 retirements in the 2022 to 2023 time period, a CBBC with a factor of 6.25 would have impacted only eight retirements.

For more information, as well as the materials reviewed by the Board in making this decision, visit the CBBC Explained and Sustainability pages on the SERS website.

Medicare Announces 2024 Premium Increase

Medicare has announced the standard monthly premium for Medicare Part B enrollees will be $174.70 in 2024, an increase of $9.80 from $164.90 in 2023.

According to the Centers for Medicare and Medicaid Services, the increase is mainly due to projected increases in health care spending.

Most Americans’ Part B premium is automatically deducted from their monthly Social Security benefit. If you pay using Social Security’s Easy Pay program, your payment will be automatically adjusted.

However, if you pay your premium from your checking or savings account using an online banking service, you will need to adjust your payment amount to $174.70 before the January payment.

If you have questions, please call Social Security, which handles Medicare’s billing, at 1-800-722-1213.

Board Approves Maximum COLA for 2024

At its September meeting, the Board unanimously voted to approve a 2.5% cost-of-living adjustment (COLA) increase for eligible benefit recipients in 2024.

By statute, SERS’ COLA is based on the year-to-year change in the Consumer Price Index (June 2022 to June 2023) for Urban Wage Earners (CPI-W), with a floor of 0% and a cap of 2.5%.

This year’s CPI-W was 2.3%. With input from SERS’ actuary, Cavanaugh MacDonald, the Board approved the statutory maximum of 2.5%. According to Cavanaugh Macdonald, the higher COLA amount will not materially impair SERS’ funded status.

The 2024 COLA takes effect on the benefit anniversary of the recipient’s effective date of retirement.

Benefit recipients whose benefit effective date is on or after April 1, 2018, must wait until the fourth anniversary of their allowance or benefit before receiving a COLA.

Does the Stock Market Decline Affect My SERS Pension?

The good news for SERS benefit recipients is that stock market declines do not affect benefit amounts. All benefit payments are being processed as usual and will be delivered on time.

Under current Ohio law, SERS must provide a lifetime pension and this amount cannot be reduced. This is the big advantage that defined benefit (DB) pension plans like SERS have over defined contribution (DC) plans such as 401(k)s, IRAs, and 403(b) retirement plans.

The reason DB plans like SERS can provide a lifetime pension is because our investment strategy takes a long-term approach to investing. SERS does not have to reduce exposure to certain types of investments as a member gets closer to retirement age like DC plans do. In addition, SERS’ assets are diversified among many different types of investments, so a shock to one type won’t affect the others.

SERS was able to withstand the 2008-09 Great Financial Crisis and we will be able to recover from the current market decline as the economy improves after the COVID-19 disruption.


Have You Recently Moved? Be Sure to Let Us Know.

Make sure you advise SERS of any change in address. You may be missing out on valuable membership information, or even benefits.

Even if SERS deposits your check directly into your bank account, we still need your current home address.

If you move and do not notify SERS, your benefits can be suspended. You can update your address by calling us at 800-878-5853, or by using the My Profile section of the Account Login on our website.

If you prefer, you can mail us your change of address by sending a completed Personal Information Change Form to School Employees Retirement System of Ohio, 300 E. Broad St., Suite 100, Columbus, Ohio, 43215.

Account Login

You are one of more than 241,000 active and retired members. Don’t have an online account with SERS yet? It’s easy. Visit Account Login to register today. It’s a secure and convenient way to view your account and stay connected with SERS.

Account Login provides the ability to:

  • Review your account balance and service credit
  • Update your personal information, such as address and beneficiary
  • Create estimates
  • Apply for retirement or a refund

Already Registered?

Because the functionality and capabilities of the computer system have been increased, the system’s security features have been upgraded. This means that even if you previously registered for an online account, you will need to create a new account to access your SERS account information.

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