Ohio teachers and retirees will get slightly better retirement benefits after the pension board voted 6-4 in favor of a $1.84 billion package.
Retirees, who retired before June 1, 2021, will receive a modest 1.5% cost of living increase in July and teachers who are close to retirement will be eligible to leave a little earlier.
The years of service required for full retirement benefits will be lowered to 32 years, from the current 33 years. Service years for a reduced benefit will drop to 27, from the current 28. The enhancements will roll back in 2030…