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A study of OP&F�s economic impact on Ohio shows some impressive numbers on how member benefits and other dollars contribute to the fiscal well being of the state.
The study, commissioned by OP&F in 2006 and completed in August, shows that total benefits, health coverage expenses, Deferred Retirement Option Plan withdrawals and administrative expenditures resulted in a direct economic impact of $665.05 million on Ohio in 2006.
Using recognized economic multipliers with data provided by OP&F; every dollar spent creates an additional $1.60 within the economy. In addition, every $60,000 spent results in one new job. With these multipliers, the total economic output in Ohio created by OP&F in 2006 is more than $1.1 billion. Additionally, 11,059 jobs in Ohio would not exist without the benefits and expenses paid by OP&F.
Ohio is by far the greatest beneficiary of OP&F�s economic impact, with 84 percent of all OP&F retirees remaining in the state after leaving the job. Of the $512.2 million paid in net benefits to members, $438.8 million went to retirees in Ohio.
The Cochran Group, a Columbus-based communications consultant, conducted the study with expertise provided by Driscoll & Fleeter, a research firm specializing in public policy, education finance and economic impact.
The economic impact study was presented to the OP&F Board of Trustees at the Board�s August meeting.
The study further analyzes the economic impact of OP&F in each Ohio Senate and House district. A complete copy of the study will be provided to each member of the Ohio General Assembly and other state leaders as part of an ongoing effort to educate lawmakers on the impact of public pensions across the state as well as the challenges facing the organization.