COLUMBUS: Big changes are ahead for nearly 1.8 million workers, retirees and family members covered by Ohio’s five public pension funds.
State lawmakers cleared a package of bills this week aimed at shoring up the systems’ finances and keeping them solvent. The result is adjustments to benefits, premiums and eligibility requirements, including in some cases the age and service levels at which participants will be eligible to retire.
Allowances for cost-of-living increases and the way the salary average for determining benefits is calculated are among other areas where legislation makes adjustments.
The bills cleared both the Ohio House and Ohio Senate with bipartisan support, and Republican Gov. John Kasich is expected to sign the package in the coming days.
