Teacher Retirement Changes Include Higher Payments, Smaller Raises
The latest plan to help maintain the pension system for Ohio public school teachers would have them pay more into their retirement accounts. The plan has been approved by the board of the State Teachers Retirement System, which has 470,000 members. It's up for consideration by lawmakers who would need to sign off on it. The plan is aimed at saving $13 billion in accrued liabilities. It's the fourth package of its kind sent to lawmakers since 2009. It would reduce cost-of-living raises in pension checks and provide retirees with no increase in the 2013 fiscal year. A spokesman for the retirement system says not everyone will be happy but that it's in the best interest of participants to help ensure the system remains solvent.