Under the proposal, there would be no cost-of-living adjustments for any retirees in 2022 and 2023. I would never have retired when I did if I had known all of the aspects of my OPERS pension and benefits. The board approved the 2021 annual earnings crediting to member accounts at its March 28, 2022, meeting. I am so glad they are making these changes way too late in the game. They did not discuss this in that meeting. The MPERS' COLA amount is capped . We published a blog on that topic in August, https://perspective.opers.org/index.php/2019/08/14/opers-announces-2020-cost-of-living-adjustment/. I remember when I retired in 2010 it was the largest number of retirees in one year. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. This additional guidance means that while the council is directed to generate productive returns, we must do so with reasonable care, skill, and caution in our work. Just checking for an update as of 8/31/2020is the COLA proposal still pending in the Ohio General Assembly, or has some action now been taken on it? The selling point of State employment was always 30 years and you can retire. Under most state pension laws and the federal Employee Retirement Income Security Act (ERISA), a fiduciary is anyone who exercises discretionary authority or control over management or investment of retirement plan assets. I think this should be stated more clearly, that for many of us that retired ahead of the Cola changes in December, 2012 that the freeze is for almost 3 years not 2 (35 months not 24). Maybe keep working until the next bad news?? It is instead 2.3%. I just went to an OPERS update seminar for less than 2 years. That was the first hit for myself It is expected to drop to 10.8% for 2023. Cookie Settings/Do Not Sell My Personal Information. Remember, thats 3% of your gross when you retired. As you ponder your future retirement, dont forget about health care. Cost-of-Living Adjustment (COLA ) History. More Local News to Love Start today for 50% off Expires 3/6/23. Under the current proposal, the retiree cost-of-living adjustment would be suspended in 2022 and 2023, then return to current conditions after the two-year freeze. If you retire on Dec. 31, 2021, your effective retirement date will be Jan. 1, 2022, and you will receive your first cost-of-living adjustment on Jan. 1, 2024. For example, Social Security provided a 2.8% COLA in 2019, while OPERS COLA was 3% for all retirees. When I was hired in 1986 there was no mention of the WEP and GPO, and over the years not much information was ever given to those of us still working about changes in COLA, benefits, funding, etc. If your last day is Nov. 30, 2020, your effective retirement date would be Dec. 1, 2020 and your first cost-of-living adjustment would be Dec. 1, 2021. OPRI was created to give Oregon retirees an advocate in the state capitol. Monthly benefit. They can help you determine exactly how this change could impact you. Do we have the names of any legislative sponsors yet? More than 6,600 former government employees began collecting Oregon pensions last year, receiving just over $30,000 a year on average in retirement benefits or about 43% of what they earned while employed. If you are planning to retire in 2020 or 2021, these changes could impact when you receive your first cost-of-living adjustment. By the way if I renounce my citizenship does that stop Opers payments? July 13, 2021. Members who retire in 2022 and later would receive their first cost-of-living adjustment 24 months after their retirement date, on their second retirement anniversary. You cant change the rules after the outcome is established to get a different result, its over. What resources can help me understand my statement? Those who retired before 2013 receive a fixed 3% COLA. The adjustments are limited to a maximum of 2% each year. Dec. 20, 2019 You may have read in a recent Board Report or PERSpective blog article, that in September the OPERS Board of Trustees approved changes to the cost-of-living adjustment and is now seeking legislative approval.
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