June Board NewsPosted: June 19, 2020Retirement Board Names Chair, Vice ChairDuring its June meeting, the State Teachers Retirement Board elected contributing teacher member Robert A. McFee (Willoughby Eastlake City Schools, Lake County) as its vice chair for the coming year. According to Board Policies, Rita Walters, who is currently serving as vice chair, automatically moves into the position of chair. McFee and Walters will assume their new responsibilities on Sept. 1, 2020. Board members receive no compensation for serving on the board other than reimbursement for actual, necessary expenses.
Board Recognizes Executive Director Nehf For Outstanding ServiceThe Retirement Board recognized Michael J. Nehf who is retiring after 12 years as executive director at STRS Ohio. Nehf served as just the ninth executive director in the retirement system’s 100-year history. The board noted STRS Ohio’s numerous accomplishments under Nehf’s leadership, especially his work to improve the funding level and sustainability of the system, to the benefit of all members and retirees. Last year, Nehf announced his plans to retire June 30, 2020, but he has agreed to extend his time at STRS Ohio until a new executive director is in place. The board is in the final stages of naming his replacement.
Board Adopts Fiscal 2021 Investment PlanSTRS Ohio Investment staff presented its fiscal 2021 Investment Plan to the board. The plan details staff’s investment strategy for each asset class in the system’s investment portfolio. The board adopted the plan as presented. The fiscal 2021 Investment Plan projects returns for the upcoming year at-to-below STRS Ohio’s policy objective investment returns of 6.84%. The board’s investment consultants, Callan and Cliffwater LLC, reviewed and expressed support for the fiscal 2021 Investment Plan. Staff will evaluate the need to issue an addendum to the Investment Plan once market levels are set on June 30, 2020. STRS Ohio will post the fiscal 2021 Investment Plan on its website in early July.
Board Approves Health Care Premiums for 2021 — Most Current Enrollees Will See Monthly Increase of $3 or Less; Medicare Part B Reimbursement to ContinueThe Retirement Board approved health care premiums for the 2021 plan year along with several changes to the STRS Ohio Health Care Program for 2021. The approved premiums will result in a monthly premium increase of $3 or less for about 85% of current enrollees. A complete list of premiums is posted on the system’s website or can be obtained by calling STRS Ohio’s Member Services Center toll-free at 888‑227‑7877. Below is a sample of monthly premiums for calendar year 2021 for a benefit recipient with 30 or more years of service.
Board Recognizes Executive Director Nehf For Outstanding ServiceThe Retirement Board recognized Michael J. Nehf who is retiring after 12 years as executive director at STRS Ohio. Nehf served as just the ninth executive director in the retirement system’s 100-year history. The board noted STRS Ohio’s numerous accomplishments under Nehf’s leadership, especially his work to improve the funding level and sustainability of the system, to the benefit of all members and retirees. Last year, Nehf announced his plans to retire June 30, 2020, but he has agreed to extend his time at STRS Ohio until a new executive director is in place. The board is in the final stages of naming his replacement.
Board Adopts Fiscal 2021 Investment PlanSTRS Ohio Investment staff presented its fiscal 2021 Investment Plan to the board. The plan details staff’s investment strategy for each asset class in the system’s investment portfolio. The board adopted the plan as presented. The fiscal 2021 Investment Plan projects returns for the upcoming year at-to-below STRS Ohio’s policy objective investment returns of 6.84%. The board’s investment consultants, Callan and Cliffwater LLC, reviewed and expressed support for the fiscal 2021 Investment Plan. Staff will evaluate the need to issue an addendum to the Investment Plan once market levels are set on June 30, 2020. STRS Ohio will post the fiscal 2021 Investment Plan on its website in early July.
Board Approves Health Care Premiums for 2021 — Most Current Enrollees Will See Monthly Increase of $3 or Less; Medicare Part B Reimbursement to ContinueThe Retirement Board approved health care premiums for the 2021 plan year along with several changes to the STRS Ohio Health Care Program for 2021. The approved premiums will result in a monthly premium increase of $3 or less for about 85% of current enrollees. A complete list of premiums is posted on the system’s website or can be obtained by calling STRS Ohio’s Member Services Center toll-free at 888‑227‑7877. Below is a sample of monthly premiums for calendar year 2021 for a benefit recipient with 30 or more years of service.
