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ECOEA OFFICE
129 Easton St. N.E. ,Suite 103
North Canton, Ohio 44721
330-499-8587 or
1-877-499-8587
Fax: 330-499-8587
ecoea@sbcglobal.net
Office Hrs.
10:00 AM-4:00 PM - M/W/TH |
ECOEA is one of the
10 District Associations
that make up the OEA network...
This structure assures that decisions are made by representatives from
all parts of the state, as the delegates to the OEA Representative
Assembly are elected yearly within each of the 10 OEA Districts at the
Local Association level........About 2/3rds of the OEA Board of
Directors members are elected from units within the District
Associations, and ECOEA is comprised of three of these units. Each
District Association also has a representative on each of the various
OEA Committees.
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ECOEA...
The Link between your local and the Ohio Education Association
Serving 62 Local Education Associations within OEA and serving over
8,000 members
in Wayne, Holmes, Stark, Carroll, Tuscarawas, and Columbiana Counties
ECOEA Mission
Statement:
Check out our website often to stay
informed on ECOEA events, scholarship opportunities
and other information about association activities and links to the OEA
and NEA websites...
ECOEA FIVE STAR AWARD PROGRAM
for ECOEA Local Associations
click on the star below
to get the details and criteria for the ECOEA Five Star Award Program
CHECK OUT THE
ECOEA FACEBOOK and
TWITTER PAGES
Click on the
FACEBOOK logo and sign up
if you do not currently have a facebook page
then type in:
East Central Ohio Education Association
Click on the
TWITTER
logo
and sign up
in the same way.... then type in:
ECOEA
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Ohio Senate Passes Pension
Reform Legislation... STRS Ohio Hopeful
That House of Representatives
Will Take Action
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The Ohio Senate passed STRS Ohio's
long-awaited pension reform bill (Sub.
Senate Bill 342) on May 16 by a 31-2 vote,
paving the way for the House to hopefully
take similar action yet this year. The
retirement system's Executive Director
Michael Nehf applauded the primary
co-sponsors for their diligence in seeing
this bill through. "STRS Ohio is pleased
that the Senate has taken this important
step and passed this much-needed
legislation. I want to thank Senate
President Tom Niehaus and Senate Minority
Leader Eric Kearney for stepping up to
co-sponsor the bill and for supporting the
Retirement Board's plan to strengthen the
financial condition of the State Teachers
Retirement System," said Nehf.
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In testimony before the Senate
Insurance, Commerce and Labor Committee, the
executive director told Committee members
that the changes represent "the first time
in STRS Ohio's history that benefit
reductions were being sought," and that the
changes are "necessary to preserve the
pension fund and for the plan to meet its
funding obligations."
Mr. Nehf's complete testimony can be viewed
here. The Committee passed the bill on
May 15 in an 11-1 vote.
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STRS Ohio first
addressed pension reform in 2009, when the
Retirement Board approved a plan to modify
benefits in September of that year. In
response to constituent and Statehouse
input, the board amended its proposal in
October 2010 and January 2011. The reform
package went through one more revision, in
April 2012, following additional review and
study by the Retirement Board — steps that
were vital in creating a clear picture of
the system's financial condition. The plan
components include:
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Increasing age and
service requirements for
retirement
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Lowering the benefit
formula
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Increasing the number of
years in the final
average salary
calculation
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Increasing the member
contribution rate
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Lowering the
cost-of-living
adjustment (COLA) for
current and future
retirees; freezing the
COLA for one year for
current retirees; and
deferring the COLA until
60 months after the date
of retirement for new
retirees.
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A more detailed list
of the changes is available here.
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The bill also
includes provisions that would give the
Retirement Board authority to adjust member
contribution rates, the COLA and age and
service requirements in the future without
legislative approval on the condition that
these adjustments would not materially
impair the fiscal integrity of the
retirement system or are necessary to
preserve the fiscal integrity of the
retirement system.
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All of the changes in
STRS Ohio's proposed plan require
legislative action by the Ohio General
Assembly and the governor, as all the plan
components require changes in existing
statute. Now, with the action taken by the
Ohio Senate, STRS Ohio will turn its
attention to the House of Representatives.
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Legislative leaders are looking for
constituent support for these plan changes.
A letter, phone call or email is a positive
way to show your support and to let your
representative know that these changes are
necessary and will help preserve the
long-term solvency of the retirement system.
STRS Ohio will continue to use our
newsletters, website,
eUPDATE
email news service and face-to-face meetings
to keep members informed about the progress
of the legislation and any changes going
forward.
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OEA
Retirement Systems Update
Report to the OEA Board of Directors:
April 2012
STRS Board
Unanimously Approves Changes to Pension Reform Proposal
On Thursday, April 19, 2012, the STRS Board
unanimously adopted a revised plan to make changes to pension benefits
and contribution rates in order to improve the long-term solvency of the
retirement system. The revised plan has the consensus support of
the Healthcare and Pension Advocates (HPA) coalition, a coalition of
stakeholder groups representing employees, employers and retirees of
which OEA is a member. Please note that, as with any proposed
changes to pension benefits, the plan outlined below requires a change
in state law.
There were a number of changes to the plan adopted
by the Board from its last formal action (January 2011). The new
plan makes a significant adjustment to the changes in retirement
eligibility. This plan has a gradual, more workable phase-in of
changes that will help members who currently have 20 or more years of
service but fall short of retirement eligibility by 2015. The plan
also calls for a one-year suspension of the cost-of-living adjustment
(COLA) for all retirees in fiscal year 2014; a one year delay in the
implementation date for changes in COLA and contribution rates; and an
additional 1% contribution from active employees (to 14% of pay).
STRS currently has over $44 billion of unfunded
liability and, without changes of this magnitude, will likely run out of
money eventually and be unable to pay benefits. The current
proposal reduces liabilities by more than $13 billion, and increased
contributions will pay down the remaining unfunded liabilities at a
faster rate. These changes, while difficult, put the pension plan
back on the path of sustainability. A protracted delay in the
implementation of this plan would likely result in increased costs and
additional benefit reductions.
Below is a summary of the proposed
plan:
1.
Contribution Rate: Additional 4% member contribution — for a total
of 14% member contributions — with a
four-year phase-in (1%
per year effective July 1, 2013);
2. Retirement
Eligibility: Beginning in 2015, eligibility for full benefits will begin
a phased-in transition to age 60
and 35 years of service, with
no age component until 2026 (based on the schedule below). Ability
to retire with
full benefits at age 65 with
five years of service is unchanged.
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Unreduced Benefit
for
Retirement Between:
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Minimum
Age and
Years
of Service
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Now–7/1/2015
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Any age
and 30 years of service
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8/1/2015–7/1/2017
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Any age
and 31 years of service
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8/1/2017–7/1/2019
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Any age
and 32 years of service
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8/1/2019–7/1/2021
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Any age
and 33 years of service
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8/1/2021–7/1/2023
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Any age
and 34 years of service
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8/1/2023–7/1/2026
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Any age
and 35 years of service
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8/1/2026
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Age 60 and
35 years of service
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The chart below shows eligibility for
early retirement.
Early retirements will be subject to an actuarial reduction in benefits.
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Actuarially Reduced Benefit*
for
Retirement Between:
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Minimum
Age and
Years
of Service
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Now–7/1/2015
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Age 55 and
25 years of service
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8/1/2015–7/1/2017
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30 years
of service or age 55 and 26 years of service
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8/1/2017–7/1/2019
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30 years
of service or age 55 and 27 years of service
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8/1/2019–7/1/2021
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30 years
of service or age 55 and 28 years of service
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8/1/2021–7/1/2023
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30 years
of service or age 55 and 29 years of service
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8/1/2023
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30 years
of service
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8/1/2015
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Age 60 and
5 years of service
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3. Final
Average Salary (FAS): Five-year FAS effective Aug. 1, 2015;
4.
Cost-of-Living Adjustment
(COLA): A 2% COLA with a 60-month deferral for new
retirees effective Aug. 1,
2013; all retirees as of
July 1, 2013 will not receive a COLA increase in fiscal year 2014 and 2%
COLA
thereafter;
5. Retirement
Formula: 2.2% for all years of service effective Aug. 1, 2015.
6. Members who
are eligible to retire on July 1, 2015, will maintain retirement
eligibility and the benefit will be the
greater of the benefit
calculated under the new benefit formula or the benefit the member could
have received
had the member retired on
July 1, 2015.
The Board also supports in concept a change in
statute to give the board authority to adjust benefits in the future as
necessary to maintain compliance with the Ohio Revised Code.
OEA FUND FOR CHILDREN AND PUBLIC EDUCATION
OEA's Fund for Children and Public Education is designed to help protect
children
by advancing the cause of public education in Ohio
Members can now donate to FCPE by clicking
on:
ONLINE FCPE Donations
Click here for FAQ's
about FCPE
OEA-R/NEA-R Pre-Retired
Life Membership Form
Beat the Price Increase
Buy Your OEA-R/NEA-R Pre Retired Membership Now
NEA has announced a cost increase of $50 effective
September 1, 2012
for a NEA-R Life Membership making the new price $250. The last NEA-R
increase was $100 in September of 2006. OEA-R Life has remained at $100
for a number of years while NEA-R Life is CURRENTLY $200. The TOTAL new
cost for OEA-R/NEA-R will be $350. You can purchase a pre retired
membership now at the current $300 TOTAL.
As an active member, you may purchase a Pre
Retired Life membership at any point in your career whether close to
retirement or a first year teacher. You can join both at once, NEA-R
first, and then OEA-R later but at the time of your retirement you must
be a unified member. OEA-R/NEA-R are increasing their
membership numbers. Not only is that due to the increased number of
retirees but also due to retirees realizing the value of continuing
their membership throughout their retirement years for the low, onetime
current cost of $300.
Click on the above logo for a Pre-Retired Membership form.
Also check
www.nea.org/retired,
www.ohea.org/oea-retired-members, and
www.neamb.com
for more information on opportunities and benefits available as a
retired member.
Website
www.neamb.com
See what NEA Member Benefits
has to offer YOU!
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