STRS Ohio is funded through investment returns and contributions made by members and their employers. Members currently contribute 14% of gross earnings. Employers contribute an additional 14% of members’ annual salary into the Employers’ Trust Fund. There are approximately 1,145 employers who contribute to STRS Ohio, including city and local school districts, county educational service centers, exempted village districts, vocational and technical schools, colleges and universities, county boards of developmental disabilities, and community schools, as well as the state of Ohio.
During fiscal year 2017, member contributions totaled more than $1.5 billion. The contributions from 1,145 employers, combined with service credit purchased by employers through retirement incentive plans, totaled more than $1.5 billion. As of June 30, 2017, STRS Ohio’s net assets available for benefits exceeded $75.8 billion, a $5.4 billion increase from the previous year.
In compliance with the disclosure requirements of the Governmental Accounting Standards Board (GASB), STRS Ohio has completed the following GASB statement for the fiscal year which ended June 30, 2016:
- GASB Statement No. 45 — regarding employer OPEB disclosure.