Ohio Senate approves changes to trooper pension fund

5/23/2012

COLUMBUS — The Ohio Senate has passed the last in a package of bills aimed at shoring up the state’s five public pension funds.

The Senate voted unanimously Wednesday to pass a measure that would make changes to the State Highway Patrol Retirement System. The chamber approved bills addressing the other four public pension funds last week.

Senate leaders had fast-tracked the measures, which affect 1.7 million Ohioans.

Pension fund audits showed long-term solvency was at risk without the proposed changes, because of an influx of retirement-age baby boomers and economic challenges facing government employers. The bills adjust premiums, payouts and eligibility requirements for affected teachers, police and other public workers.

House leaders want to wait to act until an independent study on the fiscal health of the retirement systems is completed.