COLUMBUS (AP) — A package of bills that shore up Ohio’s five public pension funds with increased premiums, higher retirement ages and other changes has cleared the Ohio House.
The proposals now head to the Senate, which is expected to approve them later today.
The bills won bipartisan approval in the House. Representatives contended the changes might not be favorable to all but were necessary.
The legislation will affect almost 1.8 million Ohioans covered by the five funds. Those pension funds are the Ohio Public Employee Retirement System, State Teachers Retirement System, School Employees Retirement System, Ohio Highway Patrol Retirement System and the Ohio Police and Fire Pension Fund.
Policymakers, retiree groups, government employers and pension executives have wrestled over the fixes for four years. Without adjustments, some of the funds risk insolvency.