OEA Recommends Michael Harkness for the State Teachers Retirement System (STRS) Ohio Retirement Board
OEA’s recommended candidate is dedicated to the financial security of our pensions and acting in the best interest of all STRS members.
All educators deserve the ability to retire with financial security. Strong pensions provide a predictable, guaranteed benefit for educators when they retire.
That is why OEA continues to advocate for policies and to support members on the State Teachers Retirement System (STRS) Ohio Retirement Board who have the best interest of members in mind and that ensure the financial security of the system.
The STRS Board makes critical decisions that affect both active and retired teachers. That’s why a panel of active and retired OEA members interview prospective candidates for the STRS Board based on their knowledge and experience on retirement issues. The screening committee makes recommendations to the educators who serve on the OEA Board of Directors who then vote on these recommendations.
OEA members have the opportunity to elect two active seat representatives and one retired seat representative to the STRS Board. For an active seat on the STRS ballot this year, OEA has recommended Michael Harkness, an Akron educator who currently serves on the STRS Ohio Retirement Board.
Michael Harkness has been a contributing member of the STRS Ohio Retirement Board since 2024.
Harkness serves as the First Vice President of the Akron Education Association and has been with Akron Public Schools for 14 years. Prior to his current position, he worked in the classroom as an intervention specialist.
Before teaching, Harkness spent many years in insurance and investment sales and estate planning. These career experiences gave him a solid base for understanding how investment vehicles work.
“In my time as a member of the STRS Ohio Retirement Board, I have taken pride in the work we have been able to do so far,” Harkness said. “We approved a supplemental benefit for our retirees to increase their purchasing power. We were also able to reduce the retirement years of service down to 33 years without the loss of monthly benefits.”
Harkness appreciates the support of the OEA and its members and looks forward to the opportunity to continue to advocate for and strengthen the State Teachers Retirement System of Ohio.
- What does STRS stand for?
STRS stands for the State Teachers Retirement System. This is the public pension system for Ohio’s teachers and other certified educators. - Who pays into the fund?
Public employees who are members of STRS include K-12 teachers, faculty members at public colleges and universities, certified educators such as school psychologists, counselors, etc. as well as school district administrators such as principals and superintendents. - What is the benefit of a pension versus a 401K?
The primary benefit of a defined benefit (DB) pension versus a 401K is that a defined benefit pension will pay a lifetime benefit that you cannot outlive. With a 401K you may outlive the retirement savings you have accumulated in your account.STRS also offers a defined contribution (DC) plan which is similar to a 401k, that it is portable so that those who switch careers or move out of state can take their money with them and roll it over into further retirement savings. Additionally, STRS offers a combined plan that is a hybrid of the DB and DC. - What are the benefits that STRS provides?
STRS provides pension benefits to retirees. The calculation of retirement salary benefits is 2.2% of the Final Average Salary (FAS) per year of service. FAS is calculated as the average of the five highest years of salary. A teacher with 35 years of service at retirement would have a base pension benefit of 77% of their FAS. After five years of retirement, a retiree is eligible for a cost-of-living allowance (COLA) when granted by the Board.
STRS also provides retiree health care coverage. Eligible members have subsidized health care premiums based on their years of service. - What is the funding status of the pension?
In the most recent actuarial valuation (fiscal year 2024), the funding ratio of the STRS pension plan is 82.8%. STRS has assets on hand to pay just over 80% of the benefits that have been earned by active and retired teachers. It is important to note that these earned benefits are not due all at once but will be paid over the coming decades as active teachers are not currently drawing benefits. If all economic assumptions are met, STRS is on track to be 100% funded in 11.5 years. STRS offers retiree health care coverage for retirees. Currently, the health care plan is fully funded. - Why is STRS not currently fully funded?
The unfunded liability grows as retirees live longer, drawing their pension for longer periods of time. Decreased state education funding forces districts to hire fewer staff or stagnate wages which contributes to the liability. Educators choose to leave the profession due to working conditions; these and other factors reduce the amount of money going into the pension fund which impacts the liability. - How much do I personally contribute?
Employees contribute 14% of their salary to STRS towards their retirement benefits. - How much does my school district contribute?
Employers contribute 14% of payroll to STRS towards the retirement benefits of STRS members. - What’s a COLA?
A cost-of-living adjustment (COLA) is an increase in the base benefit amount for retirees. This is designed to allow the benefit to grow over time. You will be eligible for a COLA after five years after retirement. Annually, the STRS Board determines whether they are able to provide a COLA increase. - When can I start drawing benefits?
Eligibility for retirement with full benefits is when a member has 34* years of service at any age or is age 65 with at least 5 years of service. Beginning in June 2025 and for the next three years, members are eligible to retire with full benefits with 33 years of service. - Who makes the decisions of how to invest pension dollars?
The STRS Board sets an investment policy, and investment strategy including the asset allocation—what percentage of assets will be invested in US stocks, international equities, fixed income, real estate, etc. Professional investment staff and investment managers make individual investment decisions in accordance with these policies. - How is membership of the STRS Board determined?
The STRS Board is comprised of eleven members that are defined by state law. There are four appointees: representatives of the Governor, Treasurer, the General Assembly, and Superintendent of Public Instruction. There are seven elected members: five members elected by active employees contributing to STRS and two elected by STRS retirees. - How will I receive my ballot?
STRS contracts with an independent firm to conduct retirement board elections. For active seats on the board all contributing members and those who have accounts on deposit with STRS are sent a ballot via mail. - When do elections occur?
Board elections are held each year. When there is a contested election, ballots are sent to members in early April via mail. Filled out may be returned via mail, however you can vote by phone or online as well. Full instructions on how to vote are included with your ballot. The deadline for voting in the 2025 STRS Board election is May 5, 2023. - Who is eligible to vote?
For contributing seats on the STRS Board, all members who pay into the fund and members who have paid into the fund but have since left the education professions are eligible to vote. For retiree seats, member retirees are eligible to vote. In 2025, there is one retiree seat and two active member seats up for election. - How do I vote?
Information on how to vote is included with the ballot which will be mailed to eligible voters in April. - Where do I find the candidates?
Background information and answers to questions are provided by the candidates and included with the voting materials. - How does OEA select who to endorse for the STRS board?
OEA has a screening committee of active and retired STRS members who interview candidates for the Board. All candidates were invited to screen and the screening was held in January. The screening committee uses the interview and relevant background information to make a recommendation to the OEA Board of Directors who votes on whether to endorse a candidate. - Who is OEA recommending in 2025?
-This year’s election is for two active members. OEA has recommended one candidate, Micheal Harkness who is a current member of the Board from Akron. You can find OEA’s STRS endorsement site at: https://ohea.delta-cloud.com/get-involved/oea-strs-board-endorsements/ - How does OEA advocate for educators’ pensions?
On the federal level, OEA worked for decades to seek a repeal to Social Security offsets, the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO). These provisions of federal law unfairly punished public service by reducing the earned benefits of many public employees in Ohio. These provisions were finally repealed by Congress last year. This would not have been possible without the efforts of OEA members and other labor allies across the country.With the retirement system boards, OEA advocates for members by seeking to ensure the long-term solvency of the pension plan so that the plan is available for members long into their retirement as the financial condition of STRS improves, OEA seeks improvements to be shared among active and retired members.
At the state level, the Ohio Retirement Study Council (ORSC) provides legislative oversight of the pension systems. The ORSC advises and informs the General Assembly on all matters relating to Ohio’s benefits, funding, investments, and administration of the five pension systems. OEA advocates for policies to ensure the long-term solvency of STRS and the security of member assets at the ORSC and in the State Legislature. OEA also advocates full-fund public pensions in Ohio by the State. We know that a well-funded pension and secure, reliable benefits are critical to ensuring members’ retirement security and attracting and retaining qualified educators in Ohio.