Related: Retired teachers to lose COLA increases
With nearly $91 billion in assets, OPERS is the largest of Ohio’s five public pension systems and the 12th largest public pension fund in the country.
Related: School employees protest COLA cuts
OPERS is the latest Ohio retirement system to consider imposing cuts on its members. Ohio Police & Fire Pension Fund is considering revamping the health care package offered to retirees; the State Teachers Retirement System indefinitely suspended the COLA given to retirees; and the School Employees Retirement System implemented cuts to its COLA too.
Related: Police, firefighters could see changes to retiree health plans
As in other states, Ohio’s public pensions are defined benefits systems. The pension benefit is based on age, years of service and final average salary and it’s guaranteed. Defined contribution plans, such as 401(k) funds, are more common in the private sector. Public employees in Ohio do not participate in Social Security.
Related: Health care costs squeeze Ohio public employee pension systems