News from the State Teachers Retirement System (STRS):
Several weeks ago, the U.S. House Committee on Ways and Means, Social Security Subcommittee held a hearing entitled, “Equity in Social Security: In Their Own Words.” The Ohio Retirement Systems (ORS) sent a letter of record for that June 15 hearing about the Social Security Windfall Elimination Provision (WEP). For those who work in a “public service” position that contributes to one of the Ohio pension systems, this provision may reduce any Social Security benefits an individual is eligible to receive. This offset currently impacts more than 148,000 Ohioans.
As the ORS letter states, “No state has felt the impact of the WEP more acutely than Ohio, which has a higher percentage of non-covered public workers than any other state … On behalf of the ORS retirees who are receiving a reduced Social Security benefit due to WEP and our active members who anticipate receiving a Social Security benefit in the future, we respectfully request the Subcommittee to enact an equitable solution.”
Collectively referred to as the ORS, the individual systems are the Highway Patrol Retirement System of Ohio, the Ohio Public Employees Retirement System, the School Employees Retirement System of Ohio, and the State Teachers Retirement System of Ohio.