PENSION FUNDING UPDATE: SENATE PASSES SB 340
The OP&F pension funding recommendations contained in SB 340 cleared the first hurdle for legislative approval when the Senate voted 31-3 in favor of the bill.
SB 340 was introduced by Senate President Tom Niehaus and Senate Minority Leader Eric Kearney on May 8, and referred to the Senate Insurance, Commerce and Labor Committee where it received hearings before being approved.
The Ohio House of Representatives will now consider the bill, but it is not clear when it will receive consideration. An independent review commissioned by the Ohio Retirement Study Council is scheduled to be completed in July. OP&F remains hopeful that the House can complete its work on the legislation this summer.
The legislation, as it currently stands, would make several changes to OP&F, including increasing the amount active members pay into the pension fund, increase the retirement age for new members, alter how cost of living adjustments are provided for retirees, and make various changes to the Deferred Retirement Option Plan. For a full list of proposed changes, go to www.op-f.org.
OP&F’s investment portfolio value:
Board of Trustees Committee Notes
(Motions approved by the Board are listed separately)
At its May 2012 meeting, the OP&F Board of Trustees passed the following motions:
NEXT BOARD OF TRUSTEES MEETINGS: June 26-27, 2012
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