Pension Legislation Could Move in Ohio Senate
STRS Ohio's director of governmental relations Terri Bierdeman reported to the board that Ohio Senate leaders are open to moving pension legislation before its summer break. Senate leaders met with representatives from each of the five public pension systems separately to share this new development and to discuss how best to proceed. The legislators would like pension plan design changes to include a smoother transition to new retirement eligibility rules than what was originally proposed by the systems. Any change in this regard, along with any delay in STRS Ohio's proposed July 1, 2012, implementation date, would cause STRS Ohio's plan to fall outside the 30-year amortization period that has been considered a key element of the system's pension reform plan. The board may consider other benefit changes to balance this cost.
The Senate leaders also called for broad constituent support for the pension reform plan. The retirement systems are developing strategies for communicating the plan design changes to their memberships and how to make it easy for members to show their support for the needed reforms. STRS Ohio will continue to use its website, newsletters and eUPDATE email news service to keep members informed about these upcoming efforts.
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