For several years, state lawmakers have talked about changing Ohio’s public pension systems so that the systems will have enough money for future pension payouts.
The Ohio Senate passed pension reform bills earlier this year. Now after yet another report by consultants who say “We see no valid reason for delay,” House Speaker Bill Batchelder says the House will take action this summer.
Reforms passed in the Senate, in addition to increased employee contributions, would increase the number of work years it would take for some employees to be eligible for retirement. Other changes include a new formula for determining a retiree’s income and a new set of guidelines for cost-of-living adjustments.
Tuesday’s report reinforced the need for reform and it concluded the changes approved in the Senate are appropriate.
“Ohio seems ripe for meaningful pension reform,” said the report, produced by Pension Trustee Advisors and KMS Actuaries. “We see no valid reason for delay.”
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