News
News Home
Quick Bites
Exploradio
News Archive
News Channel
Special Features
NPR
nowplaying
On AirNewsClassical
Loading...
  
School Closings
WKSU Support
Funding for WKSU is made possible in part through support from the following businesses and organizations.

Cedar Point

Northeast Ohio Medical University


For more information on how your company or organization can support WKSU, download the WKSU Media Kit.

(WKSU Media Kit PDF icon )


Donate Your Vehicle to WKSU

Programs Schedule Make A Pledge Member BenefitsFAQ/HelpContact Us
Politics


Officials are examining Ohio Police and Fire Pension Fund projections
Republican Rep. Lynn Wachtmann says the pension fund is using the wrong funding formula
by WKSU's ANDY CHOW


Reporter
Andy Chow
 
In The Region:
Officials are arguing over a state retirement plan and whether or not it meets Ohio’s funding requirements. Statehouse correspondent Andy Chow talked to one lawmaker who believes the system's board is being deceptive.
Officials examining Ohio Police and Fire Pension Fund projections

Other options:
Windows Media / MP3 Download (1:42)


There’s a growing dispute between leaders of a state retirement panel and a public pension system.

Earlier this month the Ohio Police and Fire Pension Fund sent out a statement claiming it’s in good shape and on track to meet the state’s 30-year funding requirement.

Republican Rep. Lynn Wachtmann, who chairs the Ohio Retirement Study Council, says that statement was deceptive to its members.

Wachtmann says pension fund is using the wrong formula to determine its funding requirement. He argues the fund takes into account the present-day assets instead of what’s called a smoothing of assets. The latter takes the past four years of investments into consideration. This is believed to create a more reasonable, long-term number.

Wachtmann says the pension’s board should be prepared to make changes.

“If they’re not within 30-year funding, ...  they should bring a proposal forward. But history shows that they’re not very good at that.”

Since the state just recently implemented major pension reform, Ohio’s Fraternal Order of Police President Jay McDonald is calling for patience from the council and to give the reform time to prove that it’s working.

And as for Wachtmann’s accusation of deception, McDonald says, “I think that’s completely ridiculous. The board of the fund is made up of members both police officers and firefighters -- both active and retired. We stand by the board, we trust the board. Nobody wants a solid, stable, solvent fund more than the members and the members that serve on the board.”

Because of the reform deal between the state and all of Ohio's public pension funds, members will pay out 12.5 percent of their salary toward their retirement benefits, and McDonald says that’s enough.
Listener Comments:

I am a member of OPFPF. I trust our elected board much more than I trust the members of government or the public for that matter. I also am a member of OSTRS, which has been reformed by government standards. STRS has been ruined by the "reform." I do not want the same to happen to OPFPF. It's not a public decision.


Posted by: stan henry (Wooster, Ohio) on September 15, 2013 12:09PM
To any rational person, it's unthinkable that the OPFPF's report should be the gold standard for such a sigficant decision. To me, it's comparable to the fox guarding the chickens. Why aren't the State and private citizens, part of this group. Each person on the OPFPF has their own personal pocketd to protect, not the public. Geez. no wonder their veracity is in question.


Posted by: stan bluestein (Banner Elk,NC) on September 13, 2013 10:09AM
Add Your Comment
Name:

Location:

E-mail: (not published, only used to contact you about your comment)


Comments:




 
Page Options

Print this page

E-Mail this page / Send mp3

Share on Facebook




Stories with Recent Comments

Seven minutes changed everything, but what changed Ashford Thompson?
He shot the guy four times in the head. I have never been that drunk or mad, and I have been through it. Shoot a guy once is bad, maybe a mistake, shoot a guy f...

First cricket farm in the U.S. opens in Youngstown
I am interested in cricket flour to replace soy flour in a low carbohydrate diet. As soon as you have cricket flour available for the average person, please le...

New process starts digesting sludge in Wooster
Awesome! When do our sewage rates decrease accordingly?

Akron's Chapel Hill Mall in foreclosure
Not a surprise. Between the shoplifting, gangs and violence that goes on up there it is no wonder that no one feels safe to shop at Chapel Hill. They have sca...

Ohio launches investigation into at least one Concept charter school
I worked at Noble Academy Cleveland as admin assistant and enrolment coordinator for 6 years, I know this is so valid and true and can provide staff names and p...

Crisis looms in filling aviation industry jobs in Ohio and the nation
I listened to this story yesterday morning on the radio and just want to add this comment. My son went to school to train as an air traffic controller, and gra...

Cuyahoga Valley National Park considers fire to fight invasives
I'm for the controlled burn. There are not enough people (myself included) who volunteer for the removal of invasive plant species. Therefore, another solution ...

Remembering Cleveland music impresario Hank LoConti
The picture here is not the original Agora. It is the old WHK studios where the Agora moved into.

Copyright © 2014 WKSU Public Radio, All Rights Reserved.

 
In Partnership With:

NPR PRI Kent State University

listen in windows media format listen in realplayer format Car Talk Hosts: Tom & Ray Magliozzi Fresh Air Host: Terry Gross A Service of Kent State University 89.7 WKSU | NPR.Classical.Other smart stuff. NPR Senior Correspondent: Noah Adams Living on Earth Host: Steve Curwood 89.7 WKSU | NPR.Classical.Other smart stuff. A Service of Kent State University