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Sponsors urge switch to actuarial funding to stabilize Ohio Police & Fire pension
Summary
Sponsors of House Bill 280 told the Public Insurance and Pensions Committee the Ohio Police & Fire Pension Fund needs a move to actuarially determined employer contributions to restore long-term solvency, proposing a phased increase in police employer rates to 24% and three-year actuary reviews; no formal vote occurred.
Representative Hall and joint sponsor Representative Abrams presented sponsor testimony on House Bill 280, saying the Ohio Police & Fire Pension Fund (OP&F) must change its funding method to protect benefits for police and firefighters.
"It is our legal obligation to fund our pension programs," Representative Hall said, arguing that recent board decisions to lower the fund's assumed return have limited the fund's options and that the General Assembly must act to increase contributions or reduce benefits. Hall said the board reduced the assumed rate of return from roughly 8% to 7.5%, narrowing the fund’s…
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