A lawsuit by the Ohio Association of Public School Employees aims to block a planned freeze on cost-of-living increases that would affect nearly 80 thousand retired school workers.
The lawsuit against the School Employees Retirement System claims it overpaid financial managers and investment consultants. The SERS board voted in October to impose the three-year freeze citing "short-term and long-term financial challenges." The freeze goes into effect March 23. Union retirees, who have an average monthly pension of 12 hundred dollars, have been receiving a 3 percent cost-of-living adjustment one year after retirement. SERS officials say the freeze is legal, prudent and in the best interest of the members.
