The Ohio House of Representatives today took a significant step toward responsible pension reform with the bipartisan passage of a series of legislation aiming to improve the solvency of the five state retirement systems.
Among the provisions included in the substitute bills are measures to:
• Set an effective date of January 7, 2013 to give public employees, teachers and safety workers time to plan for their retirement.
• Increase the base amount of earnable income for service credits, a provision that the House mediated between stakeholders and PERS.
• Specify that the vesting provisions do not apply to cost of living adjustments granted after the PERS pension reform bill is effective.
All five bills had passed unanimously from the Health and Aging Subcommittee on Retirement and Pensions as well as the full Health and Aging Committee.