Tuesday, May 08, 2012

Foot dragging by Ohio's legislators is costing Ohio pension funds $2 million per day?

From John Curry, May 8, 2012
....and they've been delaying for at least two years now? Let's see...what is 365 days X 2 years X 2 million dollars per day?
Ohio public pension changes get moving in Senate
By Julie Carr Smyth, AP Statehouse Correspondent 
May 8, 2012
COLUMBUS, Ohio (WTW) — The Ohio Senate has fast-tracked legislation stabilizing Ohio's public pension funds, with both parties supporting passage of four landmark bills as early as next week.
The Ohio House is unlikely to move the bills until at least summer, as lawmakers there wait for results of a state-commissioned study on the retirement systems.
Republican Senate President Tom Niehaus (NEE'-hows) and Senate Democratic Leader Eric Kearney said Tuesday that it's time to move the bills. The funds are losing as much as $2 million a day during the delay.
The bills contain fiscal adjustments in premiums and payouts that officials say are necessary to secure retiree benefits long-term for teachers, firefighters, police and other public workers.
Ohio has some of the largest public pension funds in the nation.
Larry KehresMount Union Collge
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