The Ohio Public Employees Retirement System has information about its services on its website. The organization strives to provide its members with responsive, high-quality service in every transaction. The organization's mission is to provide members with secure retirement benefits, according to the OPERS website.Continue Reading
OPERS provides retirement benefits to more than 1 million Ohio workers, including 348,235 members still in the workforce, 196,000 members collecting benefits and 465,940 former public employees who still have accounts with OPERS, according to the organization's website. More than 3,700 employers across Ohio contribute to the OPERS system, and it has $91.2 billion in assets as of Dec. 31, 2014, including the $78.2 billion pension fund and the $13 billion health care fund.
OPERS is the largest state pension fund in Ohio as well as the 11th largest public retirement system in the United States, and the 15th largest overall retirement system. Eleven members of an unpaid governing board administer and manage the system, describes OPERS. Employee groups elect the board members. The Ohio General Assembly oversees the retirement system through the Ohio Retirement Study Council.
Employee contributions, employer contributions and returns on investments are how OPERS receives its funding. Two-thirds of the funding comes from returns on investments, according to OPERS. Approximately 90 percent of retired people collecting OPERS benefits live in Ohio and spend their money on goods and services in the state.Learn more about Financial Planning