Wed September 12, 2012
Ohio Lawmakers Set Votes on Public Pension Changes
A package of bills that shore up Ohio's five public pension funds with increased premiums, higher retirement ages and other changes is set to clear the Ohio Legislature.
The Ohio House and Senate plan floor votes on the proposals Wednesday.
Changes will affect some 1.7 million retirees and future retirees and their families who are covered by the five funds. Those are the Ohio Public Employee Retirement System, State Teachers Retirement System, School Employees Retirement System, Ohio Highway Patrol Retirement System and the Ohio Police and Fire Pension Fund.
Policymakers, retiree groups, government employers and pension executives have wrestled over the fixes for four years. Without adjustments, some of the funds risk insolvency.
With pension issues resolved, debate is expected to turn next to the funds' health care offerings.