OP&F News

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OP&F benefits contribute $1.8 billion to Ohio’s economy, 14,393 jobs in 2018

The economic impact of the pension fund serving Ohio’s retired firefighters and police officers totaled more than $1.8 billion and supported more than 14,000 jobs in 2018, according to a study commissioned by the Ohio Police & Fire Pension Fund (OP&F).

The study, conducted by the University of Cincinnati Economic Center, shows that defined benefit retirement plans like OP&F are of value not only to its members, but also to the overall economy of Ohio. The data in the report provides important data for key decisions-makers – primarily state representatives and senators, who make the laws prescribing how public pensions are funded and governed.

“This study is another indicator of the value of retirement systems like OP&F,” said John Gallagher, OP&F executive director. “These numbers show how much these members continue to give back, even in retirement. After a career of protecting our communities as police officers and firefighters, the way they use these benefits are tremendous and consistent in helping to fuel our state’s economy.”

Among other findings, the study revealed that:

  • In 2018, OP&F activity resulted in more than $1.829 billion in total economic output in Ohio and supported for 14,393 jobs across the state. The jobs supported had an average annual income of nearly $43,000.
  • OP&F has compiled an enviable record in growing its total investment portfolio, which rose from $2.9 billion in 1967 to nearly more than $16 billion in Jan. 2020.
  • In 2018, OP&F provided $1.172 billion in benefits to retired members. $1.009 billion of this amount was to members residing in Ohio.
  • Eighty-four percent of OP&F retirees remain in Ohio, meaning they spend their benefits locally.

OP&F’s ongoing operations and capital expenditures also generate millions of dollars of spending and support hundreds of jobs in the Ohio economy. The Ohio Police and Fire Pension Fund paid 149 employees $10.6 million in earnings in 2018 and spent an additional $53.0 million on professional services, communications, and other products and services vital to its daily operations. Together with annual capital expenditures of approximately $1.0 million, OP&F’s direct impacts on the Ohio economy in 2018 included $64.6 million in output, 153 jobs supported, and $11.0 million in earnings. The direct spending spurred indirect impacts of $81.9 million in output, 257 jobs supported, and $17.8 million in earnings. Total economic impacts to Ohio of OP&F’s operations and capital expenditures in 2018 included $146.6 in output, 410 jobs supported, and $28.7 million in earnings.

To arrive at state and district impacts, the study analyzed raw data provided by OP&F to calculate direct impacts – the “face value” of pension benefits, salaries and other outputs into the economy. However, each time a dollar is spent within the community it enables additional economic activity to occur, including the creation of jobs. To measure the total economic impact of OP&F, the University of Cincinnati Economics Center applied economic multipliers provided by Economic Modeling Specialists International (EMSI). EMSI maintains an input-output model that produces industry- and region-specific multipliers that quantify the changes in jobs, earnings, and output resulting from a change in economic activity.

The full report is on the OP&F website at: op-f.org/Files/OPFeconomicImpact2018.pdf

Posted 1/29/2020

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