Ohio Public Pension Funds Say Changes Needed

By: Associated Press
By: Associated Press

Columbus, Ohio (AP) -- Beaten down by a volatile stock market, Ohio's public employee pension funds want to seek more support from workers and taxpayers.

Other possible financial remedies outlined for lawmakers on Wednesday include cuts in pension benefits and higher retirement ages and service requirements for covered employees.

Pension fund officials say changes must be made if the retirement systems are to keep meeting their obligations for the next 30 years.

Lawmakers on a study panel acknowledged that stock prices are unlikely to rise enough to keep the funds solvent.

Two of the five public pension funds -- one for teachers, another for Ohio police and firefighters -- want more money from local taxpayers.

Republican state rep. Lynn Wachtmann said that would be a "tough sell."

(Copyright 2009 by the Associated Press. All rights reserved.)

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