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Ohio Police & Fire Pension Fund: leaders say long legacy underfunding and unchanged employer rates strain fund
Summary
A representative of the Ohio Police & Fire Pension Fund told committee members the fund is about 70% funded, that historical underfunding and unchanged employer contribution rates have left the fund strained, and that health coverage changes reduced volatility in retiree health costs.
A representative speaking for the Ohio Police & Fire Pension Fund told the House Public Insurance and Pensions Committee that OP&F is roughly 70% funded and faces a long history of underfunding and employer contribution rates that have not adjusted to meet liabilities.
The presenter — addressed during the hearing as “Mary Beth” — said OP&F began in 1965 by consolidating more than 450 municipal plans and inheriting significant liabilities with relatively few assets, which has left a persistent funding gap. “Despite that…
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