Valuation Report Expected to Show Improved Funding Level for Pension Fund
At press time for this newsletter, the Retirement Board was expecting to receive a pension funding update from its actuarial consultant, Cheiron, at the October 21 board meeting. It is at this meeting each year when the actuary presents its updated pension valuation report. This report shows the pension’s funding status for the fiscal year ended June 30.
This year’s report is expected to show continued funding improvement, due to an exceptionally strong investment return in fiscal year 2021. You can read details about the actuary’s report to the board in the October issue of Board News.
STRS Ohio sends Board News to all system members and benefit recipients who have an up-to-date email address on file with us. If you do not receive Board News and would like to, you can log in to your personal account on the STRS Ohio website and update your communication preferences. If you do not have a personal account, click here to register for one.
Retirement Board Election Process Begins in November
The retiree seat currently held by Rita Walters will be up for election in 2022. The four-year term for this seat will begin on Sept. 1, 2022, and conclude on Aug. 31, 2026. Board members are not compensated for board service other than reimbursement for actual, necessary expenses.
Individuals running for this seat can request nominating petitions from STRS Ohio beginning on Nov. 1, 2021. STRS Ohio retirees will receive their ballots and voting information in April 2022 and will have through May 2 to cast their votes by mail, phone or online. Individuals eligible to be candidates are current service retirement benefit recipients, including disability benefit recipients who converted to service retirement. By law, STRS Ohio retirees who are reemployed in a position requiring them to make contributions to the system are ineligible to serve as a retired teacher member of the board. To obtain nominating petition forms, call STRS Ohio toll-free at 888‑227‑7877 starting Nov. 1. Information is also posted on the STRS Ohio website.
Retirement Board Meetings Recorded, Posted to System Website
Retirement Board meetings are open to the public and are also available online through a link to GoToWebinar. The link can be found on the Public Meeting Notice that is posted on the system’s website one week prior to each meeting. STRS Ohio posts a recording of the meeting along with the meeting presentations on our website. You can find these on the Most Recent Board Meeting Materials page in the Retirement Board section of the site. The recordings are available early in the week following the board meeting.
Board Names Chair, Vice Chair, Reappoints Walters
The State Teachers Retirement Board elected contributing teacher member Carol Correthers (Lorain City Schools, Lorain County) as its vice chair for the Sept. 1, 2021–Aug. 31, 2022, board year. According to Board Policy, Robert A. McFee (Willoughby Eastlake City Schools, Lake County), who was previously serving as vice chair, automatically moves into the position of chair.
The board also elected Rita J. Walters to fill the retired member seat for the term of Sept. 1, 2021, through Aug. 31, 2022. Walters is a retired language arts teacher from the Switzerland of Ohio School District. She recently completed her first term on the Retirement Board. Retirement Board members receive no compensation for service on the board other than reimbursement for actual, necessary expenses.
1099-R Tax Form Available Online in January
STRS Ohio will have 1099-R tax forms for calendar year 2021 available in January. The form provides your 2021 pension distribution for use in preparing your income tax return.
It will be available through your secure Online Personal Account on the STRS Ohio website Jan. 10, 2022. They will also be mailed by the end of January. You can opt out of the mailing and view the form online by logging in to your Online Personal Account and updating your correspondence preferences.
Direct Deposit Dates
STRS Ohio makes benefit deposits on the first banking day of the month. There are a few times each year when this does not fall on the first day of the month. Below are the direct deposit dates for the rest of 2021 and all of 2022. These can also be found on STRS Ohio’s website.
2021 Calendar Year
|Nov. 1||Dec. 1|
2022 Calendar Year
|Jan. 3||Feb. 1|
|March 1||April 1|
|May 2||June 1|
|July 1||Aug. 1|
|Sept. 1||Oct. 3|
|Nov. 1||Dec. 1|