The issue of pension reform is in need of attention in Ohio. As a recent Time magazine article pointed out, pension liabilities are now 35 percent of the state’s GDP. Ohio’s taxpayers, active members, and retirees rely on a comprehensive solution.

While a quick solution would be ideal in everyone’s minds, it must also be done right. An actuarial study is currently being conducted by the Ohio Retirement Council (ORC), which will outline proposals and suggestions for how best to manage the five public retirement systems in Ohio. It is expected to be released by mid- July.

Officials from these retirement systems have been asked to submit their reform proposals. Looking at their ideas, as well as the proposals by the ORC’s report, would be the best way to move this process forward in order to make sure all sides of the issue are covered.

The Ohio Senate has introduced five bills (one for each public retirement system). We all realize the need for reform of the retirement system in Ohio. I believe that pushing legislative action as soon as possible with the information that the report on this subject will provide makes sense and will lead to the best result.

I think it is important that we proceed with caution on this issue so that we end up with effective policies that will lead our state in the appropriate direction. It is not as though nothing is being done in the meantime to address this issue. Members of both the House and Senate have been developing ideas for several months so that we can quickly advance in the process upon the release of the report.