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Ohio lawmakers consider teacher pension changes



Published: Tue, April 24, 2012 @ 1:11 p.m.

COLUMBUS (AP) — The latest plan to help maintain the pension system for Ohio public school teachers would have them pay more into their retirement accounts.

The Columbus Dispatch reports the plan has been approved by the board of the State Teachers Retirement System, which has 470,000 members. It’s up for consideration by lawmakers who would need to sign off on it.

The plan is aimed at saving $13 billion in accrued liabilities. It’s the fourth package of its kind sent to lawmakers since 2009.

It would reduce cost-of-living raises in pension checks and provide retirees with no increase in the 2013 fiscal year, which begins July 1.

A spokesman for the retirement system says not everyone will be happy but that it’s in the best interest of participants to help ensure the system remains solvent.


Comments

1Mooneygrad72(42 comments)posted 2 years, 6 months ago

Oh Wonderful !!! My MIL (age 90) makes a whooping 13.45 a month from her pension after medical care is deducted. So with medical care going upwards, and no COLA -- Goodbye pension and hello welfare. Guess we kid will be taking her a dependent and paying for her med, assistant care facility... more than we do now. Oh wait, maybe we will need to pay for her additional medical coverage too.

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2JME(801 comments)posted 2 years, 6 months ago

Don't retire at 52

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