Excerpt from the STRS Newsroom
At its October meeting, the State Teachers Retirement Board approved a one-time supplemental benefit payment for eligible recipients who started receiving benefits in or prior to January 2024 and are eligible to receive a December 2024 benefit payment. The supplemental benefit will be paid in mid-December in a separate payment that follows the December benefit payment.
While the exact amount used in calculating the one-time supplemental benefit amount will be determined in December when the supplemental benefit is processed, at this time STRS Ohio estimates that the amount used will be approximately $40 per year of service and each full year in retirement.
For example, a benefit recipient who retired with 35 years of service credit and has been retired for 10 years would receive approximately $1,800 (45 years times $40 per year).
Note, the Internal Revenue Service requires 22% federal tax withholding from supplemental payments unless the benefit recipient previously elected to not have federal taxes withheld from their monthly benefit.
The board was able to approve the one-time supplemental benefit payment due to strong fiscal year 2024 investment returns and is using $306 million of the investment earnings for the payment. Importantly, while the board elected to pay a one-time supplemental benefit this year, it may not be able to grant one in future years based on investment returns and other board decisions. The board has limited authority to grant one-time payments per Ohio Revised Code.
The payment will be deposited into eligible benefit recipients direct deposit bank account on file with STRS Ohio in mid-December. An email notification will be sent by STRS Ohio to benefit recipients when the payment has been processed. Individuals for whom STRS Ohio does not have an email address on file will receive a mailed confirmation of payment.
To check/verify your email address, log in to your Online Personal Account and then click the “change” button under the Contact Information section.
For answers to frequently asked questions about the one-time supplemental benefit payment, check out our FAQ page.
