From John Curry, May 30, 2006
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Senator Wachtmann 2006: State Sen. Lynn R. Wachtmann, R-Napoleon, vice chair of the Ohio Retirement Study Council, said any fix to state pensions would have to recognize that public pensions are much more generous than retirement plans offered by most private employers. That means it’s unlikely that benefits and health plans would be left intact while school districts and cities are asked to cover the higher cost of health care.
"It would be improper in my view to ask the taxpayers to help bail out the system by paying more on the employer side," Wachtmann said. "The system is already extraordinarily generous."
Please read the attachment and see what Sen. Wachtmann said over 3 years ago as an ORSC official -- one who was "supposed" to have oversight over all five state pension systems. John
[Text of Sen. Wachtmann's letter to John Curry, taken from attachment]:
February 12, 2003
Dear Mr. Curry:
Thank you for your letter regarding the State Teachers Retirement System (STRS). I appreciate you writing and sharing your views on this important issue.
As you may know, I am Chairman of the Ohio Retirement Study Council, which is charged with overseeing how legislation impacts the financial health of Ohio's public retirement systems. I am currently meeting with each retirement system to develop legislation in order to prevent retirees losing their health benefits.
STRS has not been as farsighted as other systems, such as the Public Employees Retirement System, on managing its portfolio and especially taking early steps to prevent more drastic measures to ensure health care benefits are there for all of the retirees in the future.
Again, thank you for writing and please do not hesitate to contact me if I may be of further assistance.
Sincerely,
Lynn R. Wachtmann
State Senator
1st District
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