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Ohio Public Employees Retirement System tells committee fund is 83% funded with $21.6 billion unfunded liability
Summary
Ohio Public Employees Retirement System executive director Karen Caraher told the House Public Insurance and Pensions Committee that OPERS is 83% funded, with an actuarial accrued liability of about $128.6 billion and market assets of roughly $107 billion, leaving an unfunded liability of $21.6 billion and a 16-year amortization period.
Ohio Public Employees Retirement System Executive Director Karen Caraher briefed the House Public Insurance and Pensions Committee on the size, funding status and recent policy choices of OPERS, saying the system is 83% funded with a $21.6 billion unfunded liability and a 16-year amortization period.
Caraher told members the retirement system serves roughly 1.3 million members and separates its assets into a pension trust and a health care trust: “Member money always goes into the pension trust fund.” She said the health care trust is well funded relative to pension, reporting it “sits at $13,000,000,000.”
The nut graf: Caraher said OPERS’ funding follows the basic equation — contributions plus investment earnings must cover benefits and administrative expenses — and that investment returns and statutory contribution limits…
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