Ohio’s Public Employee Retirement Funds Post Investment Losses for Fiscal 2022
Public pension funds for teachers, municipal employees, first responders and others saw net losses between $346 million and $16 billion.
Fiscal year 2022 was a rocky one for investors in general, and public employees in the state of Ohio were no exception. The five public pension funds that oversee retirement, disability and survivor benefits for teachers, municipal employees, first responders and others all saw losses and missed their projected annual return rates in fiscal ’22, according to their most recent financial reports.
Here’s a look at the three biggest and how they fared.
Ohio Public Employees Retirement System
Represents: State, county, municipal, library, public service and other workers
Members: 1,248,000
Net position*: $106.8 billion
Contributions: $4 billion
Net investment loss: $16 billion
Total fund net return: -12.49%
2021 return: 15.2%
Projected annual rate of return: 6.9%
State Teachers Retirement System of Ohio
Represents: Public school teachers and administrators, as well as higher education faculty members
Members: 528,328
Net position*: $87.6 billion
Contributions: $3.6 billion
Net investment loss: $5.3 billion
Total fund net return: -3.73%
2021 return: 29.16%
Projected annual rate of return: 7%
School Employees Retirement System of Ohio
Represents: Non-teaching school employees and bus drivers
Members: 161,181
Net position*: $17.54 billion
Contributions: $954.1 million
Net investment loss: $346.4 million
Total fund net return: -0.5%
2021 return: 26.76%
Projected annual rate of return: 7%
*Net position accounts for total assets and liabilities
Source: Pension funds’ 2022 annual reports. OPERS’ fiscal year ended Dec. 31, 2022, while SERS and STRS ended June 30, 2022.
This story is from the Summer 2023 issue of Columbus CEO.