Company Profile
Company Overview
With assets of $75.7 billion as of 12/31/10 OPERS is the largest state pension fund in Ohio, and the 12th largest public retirement system and16th largest retirement system in the U.S.
OPERS is located in the heart of downtown Columbus -- Ohio's capital city -- just blocks from The Ohio Statehouse and Capital Square.
OPERS, which recognized its 75th year in 2010, provides retirement, disability and survivor benefit programs for public employees throughout the state who are not covered by another state or local retirement system.
Membership
OPERS serves nearly 954,000 members:
*365,229 are active members, currently working in public employment and contributing to their retirement
*416,548 are inactive members who maintain retirement accounts from past public employment
*171,955 are retirees and beneficiaries receiving monthly pension and/or health benefits
More than 3,700 public employers in Ohio are part of the OPERS system
Company History
OPERS History
OPERS was established in 1935 to make available a secure means to provide retirement for Ohio public employees. The system was originally named the Public Employees Retirement System (PERS) and added “Ohio” in 2003 to become OPERS. OPERS is older than Social Security.
In 1938, OPERS expanded to include county, municipalities, health department and park and conservancy district employees.
In 1941, membership was made optional for elected officials.
In 1951, survivor benefits were added.
Although not mandated, OPERS began offering health care benefits in the 1960s and paying health care premiums in 1974.
In 1975, a Law Enforcement Division was added to OPERS.
In 2002, OPERS announced the availability the next year of Member-Directed and Combined Plans in addition to its Traditional Plan. The new plans allow members more direct involvement in their investments.
In 2004, the OPERS Board approved the Health Care Preservation Plan to ensure health care benefits for future retirees.
In 2010, the Pew Center on the States Study rated Ohio as a “solid performer”, their highest ranking.
Additional Facts
OPERS’ assets are comprised of two funds (12/31/10 data)*:
Pension: $63.1 billion
Health care: $12.6 billion
Total: $75.7 billion