Ohio’s public pension plans need more cuts, consultant says
Consultant backs Senate bills, says more is needed
The Columbus Dispatch Wednesday July 11, 2012 8:33 AM
Hundreds of thousands of state and local government employees in Ohio could face additional cuts in their retirement and health-care benefits under a long-awaited consultant’s report unveiled yesterday.
In part because the legislature has dawdled in approving plans to revamp the retirement systems, Ohio’s five public-employee pension funds need further trims on top of reductions contained in a series of bills passed by the Senate in May. State law requires each system to have a funding setup designed to meet all financial obligations within 30 years.
http://www.dispatch.com/content/stories/local/2012/07/11/ohios-public-pension-plans-need-more-cuts-consultant-says.html
http://www.dispatch.com/content/stories/local/2012/07/11/ohios-public-pension-plans-need-more-cuts-consultant-says.html
Key Dayton industry focus of Ohio task force
Group formed to work on reindustrialization of the state
By Steve Bennish, Staff Writer Updated 1:53 AM Wednesday, July 11, 2012
DAYTON — The Ohio House has created a manufacturing task force to guide the reindustrialization of the state, which has lost hundreds of thousands of manufacturing jobs in recent years but still produces more than $73 billion in goods annually.
Speaker of the Ohio House William G. Batchelder, R-Medina, announced the Ohio House’s 21st Century Manufacturing Task Force to connect “Ohio’s manufacturing community, public policy makers and others to improve Ohio’s manufacturing competitiveness in the 21st century.”
http://www.daytondailynews.com/business/key-dayton-industry-focus-of-ohio-task-force-1403221.html
http://www.daytondailynews.com/business/key-dayton-industry-focus-of-ohio-task-force-1403221.html
Ohio House to consider public pension reform this summer after report urges action for financial stability
Published: Tuesday, July 10, 2012, 5:54 PM Updated: Tuesday, July 10, 2012, 11:47 PM
By Joe Guillen, The Plain Dealer
COLUMBUS, Ohio -- An independent review of Ohio’s public pension funds released Tuesday might be the final push toward significant changes, including increased contributions by some workers, that many agree are sorely needed
COLUMBUS, Ohio -- An independent review of Ohio’s public pension funds released Tuesday might be the final push toward significant changes, including increased contributions by some workers, that many agree are sorely needed
The Ohio Senate passed a set of reforms in May, but House Speaker William G. Batchelder, a Medina Republican, said he wanted to wait for results of the review before considering the changes.
With the results in hand, Batchelder said Tuesday that the House will “take action” on pension reform this summer.
http://www.cleveland.com/open/index.ssf/2012/07/ohio_house_to_consider_public.html
http://www.cleveland.com/open/index.ssf/2012/07/ohio_house_to_consider_public.html
Consultants Say Pensions Healthy but Urge More Board Powers, Action This Year
Hannah Report 7/10/12
Hannah Report 7/10/12
The states' pension systems are generally solid and will be in a better state if their proposed long-term solvency plans are adopted, but those changes could still be insufficient to achieve true stability given recent investment earnings and demographic factors, according to a consulting report that will be presented Wednesday to the Ohio Retirement Study Council (ORSC).
The report from the joint consulting team of Pension Trustee Advisers and KMS Actuaries recommends giving pension systems boards the ability to curtail benefits without legislative action, and also urges establishing standards to automatically trigger benefit changes when necessary. In addition, the consultants say Ohio pensions should come up with an objective, actuarial standard for measuring the strength of health care funding, similar to the 30-year window for paying down unfunded liabilities imposed on traditional pension benefits. http://www.hannah.com/DesktopDefaultPublic.aspx?type=hns&id=189944
The report from the joint consulting team of Pension Trustee Advisers and KMS Actuaries recommends giving pension systems boards the ability to curtail benefits without legislative action, and also urges establishing standards to automatically trigger benefit changes when necessary. In addition, the consultants say Ohio pensions should come up with an objective, actuarial standard for measuring the strength of health care funding, similar to the 30-year window for paying down unfunded liabilities imposed on traditional pension benefits. http://www.hannah.com/DesktopDefaultPublic.aspx?type=hns&id=189944
CSRAB Committee Narrows Site List for Holocaust Memorial
Hannah Report 7/10/12
Hannah Report 7/10/12
The Capital Square Review and Advisory Board’s (CSRAB) Holocaust Memorial Committee Tuesday narrowed possible sites for the monument to two locations on the south grounds, representing the opposing preferences of Senate President Tom Niehaus (R-New Richmond) and House Speaker Bill Batchelder (R-Medina), the latter drawing support from Gov. John Kasich.
The committee has been considering a half dozen sites scattered around the Statehouse, a decision complicated in several locations by the structural impact of the parking garage below. State Architect Bob Loversidge of the Columbus firm Schooley Caldwell said while site No. 3, situated on the south lawn across from Fifth Third Bank, is above the garage and would require engineering plans, site No. 2, located at the southeast corner of Capitol Square near the corner of Third and State streets, would not.
The committee has been considering a half dozen sites scattered around the Statehouse, a decision complicated in several locations by the structural impact of the parking garage below. State Architect Bob Loversidge of the Columbus firm Schooley Caldwell said while site No. 3, situated on the south lawn across from Fifth Third Bank, is above the garage and would require engineering plans, site No. 2, located at the southeast corner of Capitol Square near the corner of Third and State streets, would not.
Gongwer 7/10/12
Ohio's pension system structure is solid, but legislative efforts to enact system-approved restructuring plans should be enacted this year to improve financial stability, according to an independent report produced for the Ohio Retirement Study Council.
The report by Pension Trustee Advisors/KMS Actuaries supports keeping defined benefit plans for public workers, but also offers other options for future consideration.
The report, which will be discussed at an ORSC meeting Wednesday, is expected to guide the House's consideration of Senate-approved bills (SB 340 , SB 342 , SB 343 & SB 345 ) that would revamp the financial structure of Ohio's five public employee retirement systems.
Speaker Bill Batchelder (R-Medina) delayed action on the measures pending the finalization of the report, which refers to the legislation that's based mostly on the boards' own recommendations.
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