Pension plan for school workers not looking for bailout

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4:51 PM Wednesday, July 21, 2010

The School Employees Retirement System of Ohio (SERS) must address two major inaccuracies in recent articles and editorials concerning Ohio’s pension systems.

First and foremost, SERS is not asking for a taxpayer bailout. Last September, SERS identified several retirement-eligibility changes that, when enacted, will strengthen our already solvent and sustainable pension system.

The pension reform proposal SERS submitted for state lawmakers to consider does not include an increase in taxpayer or employee contributions.

Like everyone else in Ohio, SERS is committed to living within our means during these difficult economic times. SERS’ pensions are far from lavish or generous. Last year, the average SERS retiree received a pension benefit of $879 per month. When comparing the average SERS pension benefit with the average Social Security benefit of $1,098 per month, it is clear that SERS’ benefits are modest.

Pension benefits SERS provides to those who take an active role in the safety and education of Ohio’s children are reasonable and well deserved.

SERS was one of the few defined-benefit pension systems in the country to take the initiative two years ago to adjust its benefit model to account for the fact that its members are living longer.

SERS will continue to propose adjustments that ensure the long-term stability of the system and accommodate the retirement needs of those who work every day to make our schools run efficiently and safely.

Lisa J. Morris

Columbus

Ms. Morris is interim executive director, School Employees Retirement System of Ohio.

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