As some of you may know, the Ohio Public Employee Retirement System (OPERS) is exploring changes to the cost of living adjustment (COLA) that current retirees receive each year. As such, OPERS is looking for feedback from retirees and stakeholders on such a change. A survey was mailed to current retirees on Sept. 1, requesting feedback by Sept. 8. Now the deadline has been extended to Sept. 15
Since 2002, current OPERS retirees have been receiving a 3 percent increase to their pensions each year, in an effort to lessen the effects of inflation. But because inflation has been low, the 3 percent COLA is exceeding the impact of inflation on retiree benefits, according to the OPERS website. Initially, the COLA was based on the Consumer Price Index, which in recent years has been slightly above 1 percent. Changes to the COLA could help preserve the long-term financial health of the system.
If you didn’t get a survey, please call 1-800-222-PERS (7377) between 8:30 a.m. and 4:30 p.m., Monday through Friday and a survey will be resent to you.
For more information about the COLA and to see Frequently Asked Questions, go HERE.