Why did cost-of-living adjustments (COLAs) change about a decade ago?

Nearly all public pension funds experienced changes to benefits in the wake of the Great Recession. The Ohio legislature approved changes for the Ohio retirement systems based on the proposals brought forward by each system with the appropriate review from the system’s actuary and with the support of each fund’s constituents. The changes enacted for STRS Ohio were needed to keep STRS Ohio’s funding period — that is, the projected time needed to reach a 100% funded status — within the State of Ohio’s 30-year target.