Pension reform soon to be law

Sep 13, 2012

Five pension reform bills overwhelmingly passed the House and Senate on Sept. 12. Gov. Kasich’s office confirmed he will sign them into law, which will go into effect next year.

The bills, sponsored by Senate President Tom Niehaus, R-New Richmond, and Minority Leader Eric Kearney, D-Cincinnati, boost the systems' funding largely through later retirement ages, requirements to work longer before receiving full benefits, higher contribution rates for workers and small cost-of-living increases for retirees.

The five bills are: 

  1. SB340 for the Ohio Police & Fire Pension Fund (OP&F)
  2. SB341 for the School Employees Retirement System (SERS)
  3. SB342 for the State Teachers Retirement System (STRS)
  4. SB343 for the Ohio Public Employees Retirement System (OPERS)
  5. SB345 for the Highway Patrol Retirement System (HPRS)

The Ohio Society advocated for pension reform in the Ohio Budget Advisory Task Force report, which continues to influence decision makers in Ohio’s Statehouse. It’s just one of the ways OSCPA is fighting to protect the interests of OSCPA members and Ohio’s business community.