Decreased Employer Contributions to Pensions Removed from Ohio Bill

The State Teachers Retirement System of Ohio said its proposed pension reform plan calls for a 3% increase in member contributions, to 13% from 10%, and no change in the current 14% employer contributions as a way to help the pension fund meet the 30-year funding requirement.  According to a press release, STRS Ohio was on record as opposing the 12-and-12 scenario, noting that the resulting decrease in revenue would require additional cuts in benefits for STRS Ohio’s active members and retirees and/or even more in contributions from members.