Week of March 28, 2011
It's been said that change is the only constant. Here at the Medical Center, we're accustomed to change. Often, change makes the end result better. Changes such as the integration of the OSU Physicians, our conversion to a fully electronic medical record, curriculum reform and Crew Resource Management will help us become a more high-performing organization. Changes in our facilities and our environment will help us continue to improve lives. The growth and changes in our ambulatory facilities will make OSU Medical Center care more accessible to the community. But, for any change to be positive, we need to fully understand it.
The proposed changes to the defined benefit plans of the state retirement systems, including the Ohio Public Employees Retirement System, or OPERS, and the State Teachers Retirement System, or STRS, are no different.
These changes are intended to maintain the long-term viability of the state's pension programs, and they're based on many factors. You may have heard about these recently in the news, in OnCampus or on OneSource.
It's important that you have the information you need to understand how this proposed legislation may affect your individual circumstances. To help you stay informed, we have created a link on the home page of OneSource with detailed information that we will continue to update as the state budget process progresses.
It's important to note that these proposed changes may be altered during the ongoing legislative session. We anticipate that final legislation will be approved by June 30, 2011, and will go into effect 90 days later. Changes will be implemented on a timetable that's different for OPERS and STRS.
Ohio State's leadership has been following the legislation closely, and is actively advocating for defined benefit pension plans while also keeping the defined contribution options. We'll continue to monitor the legislation, and communicate with you as it progresses.
If you have questions about how these changes might affect you, please contact OPERS, STRS, or your personal financial advisor. These experts are best able to offer advice about your specific circumstances.
As our value of Change and Innovation states, "change is part of our heritage and our future." So stay curious about change -- whether it's this change or any other. When we think creatively and remain open to positive, constructive conflict, we learn more and develop better solutions.
So, make a positive change in your work this week, or endeavor to learn more about a change that's happening around you. And, as always, have a great week.