We have additional facts to share regarding the latest edition of The Real Story, which looks at pensions enjoyed by new STRS Ohio retirees with 34 or more years of service. See the latest information below:
These new STRS Ohio retirees receive on average an annual pension benefit of about $69,000.*
The median annual pension benefit — meaning half of these new STRS Ohio retirees receive a lower pension benefit and half receive a higher pension amount — is $65,000.*
About one in five retiring educators elect to receive a Partial Lump-Sum Option Plan (PLOP) payment immediately upon retirement. The average PLOP paid to these new retirees was approximately $157,000.*
The median PLOP — again, half of these new STRS Ohio retirees who elected to receive a PLOP were paid less and half were paid more — was $163,000.*
Removing reductions for PLOP payments and Joint and Survivor Annuities (many choose to protect loved ones via these options), the average new STRS Ohio retiree with 34 or more years of service receives an annual pension of more than $77,000.*
The median annual pension benefit for these new STRS Ohio retirees who do not receive PLOPs and Joint and Survivor Annuities is $72,000.*
*All figures are from fiscal year 2022.