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Showing posts from September, 2012

Ohio House and Senate Pass Pension Reform Bills; now Awaiting Governor's Signature

(FROM the STRS Ohio eUPDATE)

On Sept. 12, the Ohio Legislature passed pension reform bills to improve the financial condition of all five Ohio pension systems, including the State Teachers Retirement System of Ohio (STRS Ohio). The STRS Ohio bill, Substitute Senate Bill 342, was based on the reform plan approved unanimously by the State Teachers Retirement Board on April 19, 2012. The bill now goes to Governor Kasich for his signature. Once signed, the bill will go into effect Jan. 7, 2013, but most of STRS Ohio's plan changes will take effect July 1, 2013, or later.
STRS Ohio executive director Michael Nehf expressed his appreciation to the key legislative leaders who helped bring the board-approved plan to fruition. "I want to thank Senate President Tom Niehaus (R-New Richmond) and Minority Leader Eric Kearney (D-Cincinnati) for co-sponsoring the pension reform bills," said Nehf. "I am also grateful for the leadership that Representatives Kirk Schuring (R-Canton) an…