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Senate Bill 340, the pension reform legislation introduced in May by the Ohio
Senate, gained strong bipartisan approval from the General Assembly and is ready
for Governor John Kasich’s signature, which was expected by the end of
A House Subcommittee on Retirement and Pensions recommended
adoption of the bill and the full House Health and Aging Committee approved the
measure, both on Sept. 10. The House of Representatives approved the bill on
Sept. 12, by a vote of 94-0. Later the same day, the Ohio Senate accepted the
House version of the bill, passing Substitute Senate Bill 340 by a vote of 32-0.
Separate bills for each of Ohio’s other public retirement systems were on the
same schedule and passed both chambers of the legislature by similar votes.
If signed into law by the Governor as expected, some provisions in the
legislation will be effective as of Jan. 7, 2013, although many will be
effective either July 1 or 2, 2013.
The funding plan – which includes changes
to the retirement age, member contributions, cost of living adjustments and the
Deferred Retirement Option Plan – has been under consideration by the Ohio
Retirement Study Council and the legislature since early 2011.
supported the legislation and believes that the provisions included in Senate
Bill 340 will secure the pension benefits for future retirees and active
members. Many of the provisions in Senate Bill 340 are based on recommendations
from a funding plan approved by the Board of Trustees in February 2011. These