The State Teachers Retirement System of Ohio is sending out checks to retirees this month that gives them a bonus payment, based on their years of service and how long they’ve been retired.
The pension fund board decided to use about $300 million money generated from investment returns to give out the bonus checks . It’s a one-time bonus that isn’t guaranteed in future years.
The check is calculated by adding years of service to the number of years retired and multiplying by $40. Someone who retired 10 years ago after 35 years of teaching would receive about $1,800…