Pensions

piggy bank money pension cash
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A new study from an economically conservative think tank ranks Ohio 7th nationally in overall fiscal health – but it also put Ohio’s five pension systems second to last in the nation.

The study from the Mercatus Center at George Mason University calculated the unfunded liabilities of the state’s pension systems as if they were bonds.

Springfield City Schools Superintendent Dr. David Estrop has announced his retirement. Estrop's departure is a result of legislative changes to the state’s retirement program.

Estrop has been superintendent for five years and has spent nearly 45 years in education. He explained that  changes in the cost-of-living rules and the age and years-of-service requirements for full benefits in the state teachers retirement system is forcing many of Ohio's experienced educators to retire sooner than later.

A government inspector general says President Barack Obama's administration played a key role in the General Motors bankruptcy in 2009 as pensions were cut for salaried Delphi Corp. retirees but not unionized workers and retirees of the supplier.

The report issued Thursday stopped short of saying the administration's role was right or wrong. It made no recommendations.

About 20,000 Delphi salaried retirees - nearly half in Ohio - saw their pensions cut by as much as 70 percent during GM's bankruptcy.

A congressional committee is pushing for Treasury Secretary Jacob Lew to release documents related to the pensions of Delphi retirees, and they’re setting a deadline for action.

The head of a congressional panel has visited southwest Ohio for a hearing packed by salaried retirees of a bankrupt auto-parts supplier who are suing to have their full pensions restored.

The Dayton Daily News reports Republican Rep. John Mica of Florida vowed Monday to subpoena more people about why pensions of Delphi salaried retirees were cut while those of other auto industry retirees were not. Mica leads the Subcommittee on Government Operations for the House Oversight Committee.

Representatives of the U.S. Treasury Department say they'll meet with retirees of a bankrupt auto-parts supplier suing to have their full pensions restored.

The Columbus Dispatch reports that Alistair Fitzpayne, assistant secretary for legislative affairs for the Treasury, agreed to a meeting with Delphi retirees who saw their pensions slashed after the 2009 auto bailout.

Attorneys for a federally backed pension insurer have declined to enter mediation with retirees of a bankrupt auto-parts supplier suing to have their full pensions restored.

The Dayton Daily News reports that the Pension Benefit Guaranty Corp. rejected the non-binding mediation with Delphi salaried retirees. A spokesman for the insurer said Thursday said it can pay out only the amounts authorized by Congress.

Chuck Cunningham with the Delphi Salaried Retirees Association said it came after six weeks of discussions.

Ohio Treasurer Josh Mandel is requesting an investigation into whether banks overcharged four of Ohio's five pension funds and the state's injured worker insurance fund for foreign currency services.

In a letter Tuesday to Ohio Attorney General Mike DeWine, Mandel says banks may have manipulated exchange rates on foreign investments over the past dozen years, costing Ohio pensioners and businesses tens of millions of dollars.