The Auburntownship.org article on double dipping by public employees prompted us to do a little research on OPERS. [Ohio Public Employee Retirement System] We thought our readers might be interested in the numbers.
If you are interested in reading about the Public Employee Pension Plan details here is a link: https://www.opers.org/pubs-archive/leaflets/ISL-B.pdf
Needless to say, it is a sweet deal. Far, far better than the average citizen gets in the private sector, who by the way pays for the public sector.
“In 2017, women age 65 and older received an average annual Social Security income of $14,353, compared to $18,041 for men. That is about $1,196 per month for women and about $1,503 per month for men.”
We could not find an average for public employees, but we did find the formula to calculate their retirement benefits:
“For members in Groups A and B, the retirement benefit calculated under the Traditional Pension Plan consists of an annual lifetime allowance equal to 2.2 percent of final average salary, multiplied by the first 30 years of service plus 2.5 percent of final average salary for each year, or partial year for service credit over 30.
“Because Ohio’s four largest pension plans have low funding ratios and because investment returns are volatile, these plans only have sufficient assets to pay benefits with complete certainty for the next five years. After that point, the likelihood that the plans will fulfill their promised obligations begins to fall very rapidly.
• There is only a 50 percent chance that OPERS—Ohio’s largest pension plan—will be able to fulfill its obligations by 2037. There is only a 25 percent chance that OP&F will be able to do so.