School Employees Retirement System Of Ohio (SERS): Your Guide

Are you looking towards a secure retirement, or are you among the 157,000+ members of the School Employees Retirement System of Ohio (SERS) navigating the complexities of pensions and benefits? Navigating the world of retirement benefits, especially within a system as comprehensive as SERS, requires careful attention, informed decisions, and a clear understanding of the resources available to you.

The School Employees Retirement System of Ohio (SERS) stands as a vital pillar for countless Ohioans. Founded in 1937, SERS plays a pivotal role in securing the financial futures of those who contribute to the smooth operation of the state's public schools. Members of SERS are, in many ways, the unsung heroes of Ohio's public school system. Though they may not always receive the same recognition as teaching staff, their essential roles in maintaining the student experience and the safety and functionality of the learning environment are undeniably crucial. The very foundation of SERS lies in its commitment to provide its membership with valuable lifetime pension benefit programs and services.

The organization operates with the primary mission of providing valuable lifetime pension benefits to its members. As you consider your own retirement journey, understanding the intricacies of your SERS plan becomes paramount. This information will help you make the most of it.

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For retirees, SERS offers a suite of benefits. Regarding healthcare coverage, members are often enrolled in Aetna Medicare Advantage plans. If you are a retiree and have questions about these benefits, or if you are looking to learn more about the Aetna Medicare Advantage plan, you can reach out to Aetna Member Services at the contact number or through the TTY service during specified member hours. It is designed to provide you with the same comprehensive benefits that you had before joining the Aetna Medicare Advantage plan.

The contribution-based benefit cap (CBBC) is a tool SERS will start using in 2024 to identify and prevent pension spiking or benefit inflation. This measure, passed by the Ohio legislature, gives SERS the power to stop school employees from pension spiking and puts a strain on the pension system. This initiative represents a commitment to the long-term stability of the system.

SERS offers two main types of service retirement. Unreduced service retirement allows you to earn the maximum pension amount based on your service credit, which is how long you have worked in an Ohio public service job, and final average salary, which is the average of your three highest years of salary. Early service retirement with reduced benefits allows for retirement before reaching the age and service requirements for unreduced benefits, with a reduction in the pension amount. When considering retirement, its worth looking into the possibility of combining accounts if you are also a member of other Ohio retirement systems, such as OPERS or STRS. This can lead to a greater pension.

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For members seeking assistance, a variety of resources are available. The SERS website provides access to a member area where you can find all the information you need to guide your retirement planning. Contact information, media/public records requests, and hours of operation are also available to assist members and stakeholders.

If you are considering retiring, its essential to understand the differences between unreduced service retirement and early service retirement with reduced benefits. Unreduced service retirement is based on service credit and final average salary, providing a maximum pension amount. Early service retirement with reduced benefits allows for retirement before meeting all age and service requirements, though it comes with a reduction in the pension amount.

Founded in June 1978 by a school employee retiree, Sero (School Employee Retirees of Ohio) is a voluntary organization solely dedicated to benefiting retired and contributing members of SERS. Seros mission is to promote the interests and welfare of Ohio's school employees. The organization provides further advocacy and support for its members.

The state of Ohio is unique in its commitment to providing its citizens with retirement security. Ohio has five state retirement systems, including the Public Employees Retirement System (PERS), State Teachers Retirement System (STRS), School Employees Retirement System (SERS), Ohio Police & Fire Pension Fund (OP&F), and State Highway Patrol Retirement System (SHPRS). This comprehensive approach reflects Ohio's dedication to the financial well-being of its public employees.

SERS has shown a commitment to improving the lives of its members. One of the ways that SERS does this is through helping public employees who worked in social security jobs or whose spouses earned social security benefits. They also thank members and retirees who contacted federal legislators over the years to repeal or advocate for a fairer formula.

Aetna is a provider for Medicare coverage, and SERS members are frequently enrolled in these plans. Thank you for choosing Aetna for your Medicare coverage. If you have questions, theyre there to help you get the most from your plan.

It is important to remember that retirement security is SERSs business. From its founding in 1937, SERS has focused on being a good steward of its members and employers contributions. Their mission remains providing its membership with valuable lifetime pension benefit programs and services. Whether you are actively contributing or enjoying your retirement, SERS is committed to ensuring a stable and secure financial future.