All CATEGORIES
☰ Menu
Education

OBM releases projected pension savings

By John Published: April 7, 2011

The Office of Budget and Management released two documents Thursday afternoon showing projected savings in Gov. John Kasich's proposed budget from shifting two percent of pension contributions from school districts to their employees.

Currently employers pay 14 percent of an employee's salary into the pension fund and employees contribute 10 percent. Under the proposed budget, employers and employees would each pay 12 percent. Extracting that 2 percent out of employees' overall compensation would save Akron $3.8 million a year, according to the OBM analysis.

See the OBM spreadsheet here.

Read the explanation/methodogy here.

Print
Add This

SUBSCRIBE VIA RSS

OHIO.COM VIDEOS

Prev Next