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*ORTA CONTINUES to take a stand against STRS's possible suspension of COLA. Two additional letters were delivered. CLICK image to enlarge.
The First letter....
...As you are wrestling with which steps to take with the fund, we wanted to make sure you understand our position, representing Ohio retired educators. When the STRS Board voted in 2014 to eliminate the COLA for retirees—along with other changes in the system--the commitment was made to reinstate the COLA after one year. With that commitment, ORTA supported STRS efforts and campaigned to get acquiescence, if not acceptance, from retirees across the state. The STRS Board in turn made good on this commitment.
We advise the Board to study carefully all possible avenues to solvency and only consider postponing the COLA as a last resort. First, consideration needs to be given to those retirees whose pension is quite small and on whom any cessation would wreak the greatest hardship. Second, if any change in the COLA status is deemed necessary, it is imperative that any decrease or cessation needs to be temporary.
If the STRS Board chooses to ignore our advice and enact changes to the COLA which will negatively impact our members long term, ORTA will not support any such recommendations. We will not support a COLA cessation.
Read the entire letter....
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