Package 5

PERI Board Adopts a Position on OPERS Health Care and Pension Challenges
August 23, 2019

Package 5

(August 29, 2019) Many members have asked for more information about the various packages that OPERS is considering that would affect health care and COLA.

To see the Health Care Packages, go to the OPERS website: www.opers.org

In the OPERS Information box, click OPERS Board of Trustees, then on the left side of the page, click Meetings.

Under 2019 Board Meeting dates, scroll to August 20-21 and click Agenda

Page 11 begins information on the new health care packages. The COLA discussion starts on page 60, with a lot of information in between.

 

5 Comments

  1. SL Bowers says:

    Grateful for the OPERS pension I have, but a question I have regarding COLAs.

    If retirees are going to have our COLAs frozen for two years, why aren’t new retirees in 2022 having their COLA’s frozen for three years? Current retirees already had no COLA increase until the start of our second year of retirement.

  2. Donna says:

    I would rather see cuts to health care than a COLA freeze. It sets a dangerous precedent. Once OPERS is allowed to cut or freeze our COLA, it will be easier for them to do it again. I hope PERI will stand with retirees to preserve our COLA.

    • James says:

      So, in the not too distant past, PERI championed for the preservation of the 3% COLA increases, reiterating the *settled law* involving the increases. Why should retirees be subjected to ANY type of freeze or adjustments to their deserved COLA? If Package 5 is enacted, and future returns on OPERS’ investment portfolio don’t meet benchmarks (a certainty – – – > hedge funds!) expect more hits to our pension and health care. Guess the law isn’t so settled after all. $AD.

  3. Dale Harmon says:

    As OPERS repeatedly has told retirees, Health Care is NOT guaranteed and can be cut by the OPERS board without legislative action. However, the COLA is guaranteed by Ohio Law (ORC 145.323). In the court case of John J. Mascio v. OPERS; 1998, the ruling was that “The retirement benefits of Ohio public employees vest, by statute, at the time when the retirement allowance or pension is granted by the public employees retirement board.” The effect is “to make the engagement of public authorities to pay a pension, upon conditions fulfilled, a contractual obligation founded upon a valid consideration, giving to the pensioner a vested right in his pension which cannot afterwards be impaired or revoked.”

    I see no reason to trade a vested contractual right (COLA) for the promise of health care.

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