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Showing posts from July, 2012

Pension Trustee Advisors Presents Report to ORSC, Recommends Adoption of System Developed Plans

(FROM the STRS Ohio eUPDATE) At the July 11 Ohio Retirement Study Council (ORSC) meeting, William "Flick" Fornia presented the results of the Pension Trustee Advisors (PTA) study of the pension plan design changes approved by the boards of Ohio's five statewide retirement systems. The PTA report recommended adoption of the systems' plans, but suggested that the retirement systems' boards be given authority to make further benefit changes in the future, if necessary, to remain within a 30-year funding period. The report also supported the continuation of defined benefit plans for Ohio's public employees, noting the efficiency and low costs of these plans. While some news outlets focused on portions of the report that point to the possible need for additional plan adjustments, PTA encouraged legislative approval of the plans because the boards' recommended changes will put the systems in a much more solid financial position. The PTA report called STRS