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COLA Changes Awaiting Legislation After a year of analyzing SERS’ necessary, visit the SERS website at financial situation and looking at all www.ohsers.org/pension-reform- -1 possible benefit changes and and read the COLA Changes — What combination of changes to improve You Need to Know handout. pension funding, the Board voted to Proposed Changes In This Issue: make Cost-of-Living Adjustment (COLA) changes that will affect active After extended discussions with members and retirees beginning in advocacy groups that represent many Future Matters 2018. of SERS’ active and retired members, Page 2 the Board decided to: While SERS is not in financial crisis, SERS Computer the COLA changes are necessary to • Implement a four-year waiting System Upgrade address immediate financial period for new retired member Page 2 challenges and long-term funding and benefit recipient COLAs goals. SERS’ funding progress has • Temporarily suspend COLAs for Four-Year Terms for stalled because of minimal investment returns over the last two retired members and benefit Two Board Members years and the lowering of the recipients for three years Page 2 assumed rate of return for future investments. To understand all the • Replace the current 3% COLA Investment Expert reasons why the COLA changes are with a COLA based on the Appointed to Board Consumer Price Index capped Page 2 at 2.5% Also, we opened up an email address Did You Know? at [email protected] for Page 2 anyone who wants to ask questions about the COLA changes or provide Choosing Health feedback to the Board. n Care Wisely Page 3 What is the Consumer Price Index (CPI)? Explore CPI is a measure of how much the Page 3 same set of goods and services cost through the year compared to Health Care and prior year data. The data is Retirement Changes collected by the U.S. Department Page 4 Terra, Groveport Madison High School of Labor through the Bureau of Labor Statistics. n

SERS | FUTURE MATTERS U45 | FEBRUARY 2017 Future Matters As a member of SERS, you can SERS Computer expect to receive a lifetime retirement benefit when you retire if System Upgrade you work 10 or more years in the We’re preparing to launch a new benefit schools. While this should provide administration system for our members some peace of mind, everyone and retirees in 2017. Once it’s should consider saving extra for implemented, the new system will allow retirement to cover unexpected us to serve you better. We’ll begin the emergencies or rising costs of basic Jeremy, Mentor City transition soon. During this time, please Schools needs such as groceries, gas, and be patient with us. You may experience health care. some longer than usual turnaround According to the website times. n Investopedia, many people between the ages of 35 and 44 are caring for children and Current Board Members Qualify for New Four-Year Terms parents at the same time, which puts a strain on the Current Board members Barbra Phillips and James Haller will begin new four-year budget. If you are just starting terms on July 1, 2017. Because Phillips and Haller were the only two candidates to to save for retirement, try qualify for the two open member seats, Ohio law states that they will take office as and make an automatic if elected. This will be Phillips’ fourth term and Haller’s first full term. Haller was payment to your retirement appointed by the Board to fill an unexpired term in April 2016. n savings plan whether it is a 401(k), 403(b), 457(b), or an IRA. Also, this is a good time Ohio Treasurer Appoints New Investment Expert to SERS’ Board to cut back on nonessential The Ohio Treasurer appointed Jeffrey T. DeLeone to SERS’ Board in December. spending and save most or DeLeone’s term runs until December 5, 2020. all of a salary increase for He is president of Jeff DeLeone & Associates, a business and governmental affairs retirement. Ohio Deferred consulting company. Formerly, he served as a senior advisor to Gov. George Compensation is a good Voinovich and his administration. n resource for public employees to learn about savings options and the benefits of setting up automatic payments. For parents of college students, many are unsure whether they should pay for a If something happens to you, you want to know that your family is child’s college expenses or taken care of financially. As a member of SERS, you should know that retirement. Most experts your beneficiary may qualify for survivor benefits if you have at least agree that saving for 1½ years of contributing service credit. retirement should take priority over paying for However, as the member, you must meet the following requirements to college. The reason is that qualify your beneficiary for survivor benefits: there is financing available 1. Have at least 1½ years of contributing service credit with SERS for college but not for retirement. Students can 2. Have at least ¼ year of Ohio service credit in the 2½ years prior to apply for grants and death, unless you are receiving a disability benefit from one of the scholarships, and work- three major Ohio retirement systems at the time of death school programs are 3. Not be receiving a service retirement benefit available for students who More information is available on our website, www.ohsers.org/ want to be debt-free after survivor-benefits. n college. n

2 FUTURE MATTERS U45 | FEBRUARY 2017 Take a Hike: Explore Ohio This Winter Winter is a great time to take advantage of what nature, and Ohio’s parks, have to offer. Bundle up and put on your hiking shoes to check out these seven trails: 1. Old Man's Cave Loop at Knowledge is Power When www.thehockinghills.org it Comes to Your Health A six-mile hike from Old Man's Cave to Ash Cave. If you have sneezing fits or watery eyes due to allergy symptoms, you may get relief from self- 2. Horseshoe Falls Trail at Caesar Creek State Park help steps and over-the-counter drugs. When www.caesarcreekstatepark.com these measures don’t work, it may be time to See the frozen Horseshoe Falls and the park's seek out the advice of a doctor. snow-covered swinging bridge. Have you ever wondered about the reliability of 3. South Chagrin Reservation Trails at Cleveland the free allergy screenings offered by Metroparks | www.clevelandmetroparks.com drugstores or the home kits available for purchase that allow you to test allergies Choose from 13 different trails. The most yourself? These tests often can be unreliable, challenging trail, Squaw Rock Loop, travels and unlike a doctor’s exam do not tell you what 0.6 miles along the edge of the is causing your symptoms or how to treat to a rock carving by Henry Church. them. 4. The Buckeye Trail at Cuyahoga Valley National So where can you turn when you have Park | www.nps.gov/cuva questions about medical conditions, tests, or Each winter Ohio's national park features procedures? stunning snowshoe hikes. Take a moderate The American Board of Internal Medicine three-mile hike along the Buckeye Trail. (ABIM) Foundation’s Choosing Wisely gives you 5. Clear Creek Metropark Trails at Columbus and tools and resources to help you talk to your Franklin County Metro Parks doctor about tests and care options that are www.metroparks.net/parks-and-trails/clear-creek right for you. The Metropark is home to Ohio’s largest state According to the Institute of Medicine, up to nature preserve. 30% of health care spending in the United States is unnecessary. Some tests and 6. Possum Creek Metropark Trails at Five Rivers procedures are overused and duplicate one Metroparks | www.metroparks.org/places-to- another. In some cases, they even carry risks go/possum-creek that could be harmful to you. Take an easy five-mile hike through a southwest Choosing Wisely offers reliable information to Ohio winter wonderland. help you make good decisions about your 7. Clifton Gorge Trails at health. It also can help you make smart use of http://naturepreserves.ohiodnr.gov/cliftongorge your health coverage. n Explore Clifton Gorge and other areas of this Learn more about Choosing Wisely at beautiful state park for the ultimate winter hiking www.ConsumerHealthChoices.org/SERS experience. n

FUTURE MATTERS U45 | FEBRUARY 2017 3 CONTACT SERS ®

School Employees Retirement System of Ohio www.facebook.com/sersofohio 300 E. Broad St., Suite 100 Columbus, Ohio 43215-3746 614-222-5853 • Toll-free 866-280-7377 @sersofohio www.ohsers.org

SERS Retirement Board BARBRA M. MADONNA D. JEFFREY T. JAMES H. CHRISTINE D. CATHERINE P. JAMES A. DANIEL L. BEVERLY A. PHILLIPS FARAGHER DELEONE HALLER HOLLAND MOSS ROSSLER, JR. WILSON WOOLRIDGE Chair, Vice-Chair, Appointed Employee- Employee- Retiree-Member Appointed Appointed Retiree- Employee- Employee- Member Member Member Member Member Member Member Member

PRESORTED SCHOOL EMPLOYEES RETIREMENT SYSTEM OF OHIO STANDARD MAIL 300 EAST BROAD ST., SUITE 100 U.S. POSTAGE PAID COLUMBUS, OHIO 43215-3746 COLUMBUS, OH ® PERMIT NO. 1714

Law Changes Health Care Requirement and Improves Multi-System Retirement On December 8, 2016, the Ohio legislature passed enrolls in SERS’ health care coverage. With H.B. 520, which includes a requirement to apply Medicare in place, SERS can switch a disability for early Medicare for some new disability benefit benefit recipient’s coverage to a SERS Medicare recipients and improves independent retirement plan, which provides lower premiums and better from more than one Ohio retirement system. coverage. SERS will assist retirees with the early Medicare application process. After this legislation becomes law in early April, a disability benefit recipient must apply for early For members of SERS, OPERS, and STRS who have Medicare as well as Social Security Disability earned service credit in more than one of these Insurance if the recipient is eligible to apply for systems, this bill provides them with the oppor- them. This applies to anyone who is granted a tunity to retain all service credit if they choose to benefit after this legislation becomes law and retire independently from each system. n

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