STRS Ohio News
Board Approves 1% Cost-of-Living Adjustment for Fiscal 2024
The Retirement Board approved a cost-of-living adjustment for fiscal 2024 (July 1, 2023–June 30, 2024). Retirees who started receiving benefits on June 1, 2019, or earlier will receive the adjustment. The increase will be added to the base benefit beginning on the anniversary of their retirement date. If you are eligible and retired in July, August, September or October, you already received your 1% increase.
For teachers now in the classroom, the retirement eligibility rule requiring 34 years of service for an unreduced retirement has been extended five years (through July 2028). The requirement was scheduled to increase to 35 years of service on Aug. 1, 2023.
The board and its actuary will review benefits again, no later than spring 2024, to evaluate whether additional plan design changes may be made in accordance with the laws in effect at that time.
Auditor of State Report Issues No Findings Against STRS Ohio
The Auditor of State’s special audit of the retirement system was completed late last year and found no evidence of fraud, illegal acts or data manipulation related to the funds held in trust by STRS Ohio for its members. The report said, “STRS’ organizational structure, control environment and operations are suitably designed and well monitored, both internally and by independent experts. These experts help assure that STRS follows applicable asset and liability measurement, reporting, investing and case management laws, professional standards, and best practices. Our conclusions are consistent with the findings of these independent firms.”
The complete report is available here.
Direct Deposit Dates
Direct deposit dates for the rest of 2023 and all of 2024 (always on the first banking day of the month):
2023 Calendar Year
- Nov. 1
- Dec. 1
2024 Calendar Year
- Jan. 2
- Feb. 1
- March 1
- April 1
- May 1
- June 3
- July 1
- Aug. 1
- Sept. 3
- Oct. 1
- Nov. 1
- Dec. 2
1099-R Tax Form Available Online in January
STRS Ohio benefit recipients will have two options in January for accessing 1099-R tax forms for 2023. The form provides your 2023 pension distribution to use when preparing your income tax return. It will be available through your Online Personal Account on the STRS Ohio website in early January. The form will also be mailed by the end of January. You can log in to your Online Personal Account to view your form online and to update your correspondence preferences to opt out of the paper mailing.
Davidson Wins Seat on Retirement Board; Board Names Chair, Vice Chair
Contributing teacher member Pat Davidson was elected to the State Teachers Retirement Board in the 2023 election. Davidson is a business/computer teacher for Berea City Schools and his four-year term on the Retirement Board started on Sept. 1.
The Retirement Board elected contributing teacher member Carol Correthers (Lorain City Schools, Lorain County) as its vice chair for the Sept. 1, 2023–Aug. 31, 2024, board year. According to Board Policy, Dale Price (Toledo Public Schools, Lucas County), who previously served as vice chair, assumed position of chair on Sept. 1. Retirement Board members receive no compensation for service on the board other than reimbursement for actual necessary expenses.
Retirement Board Meetings Available Online in Real Time and Posted on Website
The State Teachers Retirement Board meetings are open to the public. For those who cannot attend, the meetings are accessible in real time through a link to Zoom. The link is available through the Public Meeting Notice that is posted on the system’s website one week before each meeting. STRS Ohio also posts a recording of the meeting along with the meeting presentation slides on the Most Recent Board Meeting Materials page on its website. The recording is typically posted the day following the board meeting.