Editor’s note: The Portager publishes letters to the editor from the community. The opinions expressed are published not because they necessarily reflect those of the publication but because we feel they contribute meaningfully to the local discourse on matters of public interest.
In 2004 I retired after serving more than 30 years in the classroom. I have closely watched the events surrounding the State Teachers Retirement System unfold and I understand the frustration that retirees have expressed over the last couple of years as inflation jumped to 8% in 2022. It currently stands at 3.3%.
Contrary to the claims of many retired teachers, we were never promised a cost-of-living adjustment or COLA. Like all the others, I too did not receive one for five years. It should be noted that during those five years inflation was only around 2%.
Unfortunately, the frustrations among retired teachers continue to be based on bad, inaccurate information from some individuals and groups. For example, eliminating the performance-based incentives given to the investment staff (falsely called bonuses) will in no way restore an annual COLA. What it will do is jeopardize the system’s ability to generate the earnings to cover the annual benefit liability for all retirees, current and future.
There are a lot of other facts that continue to be ignored by stakeholders and the media such as the ratio of active teachers paying in the system versus the number of retirees receiving a benefit and the burden it places on the system.
Confidence in their retirement is what I constantly hear the STRS Ohio critics want. While I am very confident in STRS, if changes to the system are made without considering all the facts, we’ll all make bigger sacrifices in the years to come.
— Jerry Feezel, Kent
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