In 2016, a group of Ohio faculty filed a class action lawsuit against the State Teachers Retirement System (STRS) over the 1% increase in the mitigating rate for those in the Alternative Retirement Plan (ARP) that went into effect in 2013.
The mitigating rate is a portion of the employer contributions paid by university employers on behalf of their employees who choose not to join the STRS defined benefit plan, and is intended to offset the financial impact of the loss of their contributions.
A settlement of $5.9 million has been reached in the lawsuit.
All faculty in the ARP should have received notice in the mail about the settlement; however, it has come to our attention that many faculty did not receive notice.
If you are in the ARP and did not receive a notice packet in the mail, click here and follow the instructions to inform the settlement attorneys that you should be included.
*Please note that this article is purely informational and is not meant to serve as legal advice.