- Associated Press - Thursday, October 19, 2017

COLUMBUS, Ohio (AP) - Ohio’s largest pension system has voted to cut benefits for retirees.

The Columbus Dispatch reports the Ohio Public Employees Retirement System voted Wednesday on the plan that would affect all of its more than 1 million members, current retirees and future ones.

The plan approved by the board would reduce cost-of-living adjustments to match the Consumer Price Index, subject to a 2.25 percent cap.

The benefit amount is now fixed at 3 percent for those who retired before January 2013.

The proposal requires General Assembly approval.

Board chairman Ken Thomas represents municipal employees. He says the proposed changes are balanced.

Board member Steve Toth represents retirees. He says the system is financially stable and the changes aren’t necessary. He says the plan means a pay cut for retirees.

___

Information from: The Columbus Dispatch, https://www.dispatch.com

Copyright © 2019 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide