The November 13, 2023 HCRTA General Meeting was attended by 28 members and 15 guests. For the meeting agenda, click here.
Hand-outs available at the tables included: 1) STRS Salaries and Bonuses*, 2) OPERS Staff Salaries and Bonuses*, 3) OSERS Staff Salaries and Bonuses* *all salary and bonus data was downloaded from http://ohiocheckbook.gov on 11/9/23, 4) a corrected HCRTA October Treasurer’s Report. The meal provided by Donita Everetts, Darlene Mihalik and other members of the Hillsboro Church of Christ included roast beef, noodles, mashed potatoes, salad, rolls, beverages, and a choice of delicious desserts Following the meal President Faust introduced speakers Tamla Cole, Assistant Director of Group Member Education at STRS Ohio, and Christina Elliott, Deputy Executive Director of Member Benefits and Chief Benefits Officer, STRS Ohio. Ms. Cole went over the upcoming changes to the member healthcare benefits. These changes include Aetna becoming the sole provider for STRS healthcare coverage and CVS Caremark (administered by Silver Scripts) as the “part D prescription-drug coverage” provider beginning January, 2024. The new plan will include no co-pay for PCP visits and no deductible for in-network providers. Next, Christina Elloitt, STRS Chief Benefits Officer and Deputy Director, answered several questions that our members had previously submitted. ~ Regarding content in the STRS Newsletter that seems irrelevant and perhaps even insulting to the members, Ms. Elliott stated that the various departments do occasionally meet with the communications department regarding what should be included in the newsletter, that she has heard comments similar to ours, agrees that there is need for a different focus in the newsletter, and says that she will be taking that message back to the communications department. ~ Regarding how STRS salaries compare to other public and private investment professionals, Ms. Elliott referred to the Ohio Checkbook web site for specific salary information and did not address private investment professionals. She also stated that there are differences in these organizations in terms of their size, their structures, their employee qualification requirements, and the volume of “in-house investments” that they manage. All of these considerations factor into the generally higher salaries at STRS. ~ Regarding COLAs and PBI bonuses Ms. Elliott argued that pension reform enacted in the early 1990's to enrich retiree’s benefits, followed by the dot-com bubble burst, created a situation where STRS was paying the richest benefits they had ever paid while investment returns plummeted. These factors contributed to a significant drop in the STRS funded ratio, which then precipitated the COLA reductions. According to Elliott, because SERS and OPERS had not boosted member benefits in the 90's their funding ratio's were not as impacted. ~ In explaining PBI awards Ms. Elliott explained that even when STRS had negative returns, the STRS returns were not as negative as the market, therefore, bonuses were “earned.” Throughout the meeting Ms. Elliott listened to and acknowledged, with respect and empathy, concerns expressed by the membership regarding COLA’s and STRS staff salaries and bonuses as compared to the meager earnings, insufficient COLA’s, and waning purchasing power of retirees. The usual business meeting followed the program with committee reports and general business. Among the business conducted was the reelection to the current officers for another year. The meeting was adjourned at 2:10 PM. For the complete meeting minutes, click here. Comments are closed.
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