tag:blogger.com,1999:blog-4289345346387194350.post855580589646905934..comments2023-06-24T10:52:34.846-04:00Comments on EducateHilliard.com: Defining RetirementPaulhttp://www.blogger.com/profile/05960574627644930183noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-4289345346387194350.post-60344057518096187982008-06-17T19:30:00.000-04:002008-06-17T19:30:00.000-04:00Are the taxpayers aware that in addition to paying...Are the taxpayers aware that in addition to paying the hefty salaries of district administrators, the public is also footing the bill for the administrators' retirement funds, of which the administrators themselves contribute zero dollars?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4289345346387194350.post-76946639397970244712008-06-10T09:50:00.000-04:002008-06-10T09:50:00.000-04:00In order to answer the question above about "full ...In order to answer the question above about "full benefits," I was reading the chapter of the <A HREF="http://codes.ohio.gov/orc/3307" REL="nofollow">Ohio Revised Code</A> dealing with the STRS, and came across some other nuggets of interest...<BR/><BR/><A HREF="http://codes.ohio.gov/orc/3307.30" REL="nofollow">3307.30</A>: <EM>"Employers who obtain funds directly by taxation shall levy annually such additional taxes as are required to provide the additional funds necessary to meet the financial requirements imposed upon them by this chapter, and said tax shall be placed before and in preference to all other items except for sinking fund or interest purposes."</EM> <BR/><BR/>In other words, if the actuaries say more contribution by the school district is required to keep the trust fund solvent, our School Board is required by law to make that contribution, even if it means raising our property taxes. So what happens if the voters don't pass a levy which might be needed to raise this additional money? We have to pay it anyway - before any other expenses.<BR/><BR/><A HREF="http://codes.ohio.gov/orc/3307.31" REL="nofollow">3307.31</A>: Oh, and here's how 3307.30 is enforced - the State deducts the School District's share of the STRS contribution from the State Aid dollars before we ever see them.<BR/><BR/><A HREF="http://codes.ohio.gov/orc/3307.39" REL="nofollow">3307.39</A>: STRS does not have to offer health insurance to retirees, but if it chooses to do so, it may either buy insurance from a private or public insurance entity, or may be self-insured. At present, STRS does choose to offer insurance and to be self-insured.<BR/><BR/><A HREF="http://codes.ohio.gov/orc/3307.61" REL="nofollow">3307.61</A>: However, at age 65, STRS must offer hospital care benefits to retirees which are equivalent to those provided by Medicare (since teachers pay into neither Social Security nor FICA while employed). The premium for this coverage will be paid half by the teacher, and half by the school district.<BR/><BR/>... so it seems that the primary retirement benefits are the pension and optionally, health coverage (which is optional only until age 65 as noted above). There are also various provisions for payout to beneficiaries upon the death of the retiree.<BR/><BR/>Hope this helps.<BR/><BR/>PLPaulhttps://www.blogger.com/profile/05960574627644930183noreply@blogger.comtag:blogger.com,1999:blog-4289345346387194350.post-57011991089396847652008-06-08T23:04:00.000-04:002008-06-08T23:04:00.000-04:00Not sure exactly what "full benefits" means, but w...Not sure exactly what "full benefits" means, but will reread the STRS documentation to see if I can find the answer. That verbage came from the Ohio School Boards Association, not STRS.<BR/><BR/>Thanks for the question.<BR/><BR/>PLPaulhttps://www.blogger.com/profile/05960574627644930183noreply@blogger.comtag:blogger.com,1999:blog-4289345346387194350.post-46909692515945426412008-06-08T22:10:00.000-04:002008-06-08T22:10:00.000-04:00Paul, Out of curiosity, what are the "full benefit...Paul, Out of curiosity, what are the "full benefits"? Just healthcare (for retiree and family) and income with built in increases? Is there more?<BR/><BR/>I appreciate so much the information that is being shared on this blog. Thank you for your effort.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4289345346387194350.post-71499519695274720622008-06-08T17:04:00.000-04:002008-06-08T17:04:00.000-04:00Thank!Here is the link to the actual Fordham repor...Thank!<BR/><BR/><A HREF="http://www.mschare.com/strs/fordham.pdf" REL="nofollow">Here is the link</A> to the actual Fordham report.<BR/><BR/>PLPaulhttps://www.blogger.com/profile/05960574627644930183noreply@blogger.comtag:blogger.com,1999:blog-4289345346387194350.post-51236831060025120902008-06-08T17:02:00.000-04:002008-06-08T17:02:00.000-04:00Paul, again, some great digging out of more costs ...Paul, again, some great digging out of more costs coming to our tax bills. I was fully aware of STRS<BR/>system and the very positive benefits<BR/>Now with the potential of this bill passing, our tax bills will rise again significantly.<BR/><BR/>Somehow there has to be some adjustments made. The questions is how are questions will be received by the district and HEAAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-4289345346387194350.post-70059113630412407372008-06-08T16:57:00.000-04:002008-06-08T16:57:00.000-04:00Part of the problem is that STRS provides powerful...Part of the problem is that STRS provides powerful incentives that affect retirement behavior, and these incentives work at cross purposes with those incentives put in place by local school districts. It is a very bizarre system. You can read more about it in the Fordham report here<BR/><BR/><BR/>http://www.mschare.com/strs/strsindex.htmAnonymousnoreply@blogger.com