Bill > SB280

This bill amends Section 3307.67 of the Ohio Revised Code regarding cost-of-living adjustments (COLAs) made by the State Teachers Retirement Board (STRS) to allowances and benefits paid under the STRS defined benefit plan. The key provisions are: 1. Through July 31, 2013, the COLA was 3% annually. On and after August 1, 2013, the COLA is 2% annually. 2. The first COLA is payable after 12 months for allowances/benefits starting before August 1, 2013, or after 60 months for allowances/benefits starting on or after August 1, 2013 (except for those immediately preceded by a disability benefit). 3. The STRS Board may adjust the COLA if its actuary determines it does not materially impair the fiscal integrity of the retirement system, or is necessary to preserve the system's fiscal integrity. This provision is extended through June 30, 2022, and expanded beginning July 1, 2022 to allow the Board to increase the COLA above 2% if it does not materially impair the system's fiscal integrity.