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OPERS tells committee House Bill 73 would add cost and risk; calls DROP for OPERS law-enforcement members an unsound approach
Summary
OPERS executive director Karen Caraher testified in opposition to House Bill 73, which would create a deferred retirement option plan (DROP) for law-enforcement members covered by OPERS, saying it would impose significant implementation costs, add actuarial and administrative complexity, and benefit relatively few members.
Karen Caraher, executive director of the Ohio Public Employees Retirement System (OPERS), testified in opposition to House Bill 73, which would establish a DROP for OPERS law-enforcement members.
Caraher said the DROP design in the bill is materially richer than law-enforcement DROP programs in other Ohio systems and that OPERS lacks the contribution-rate structure and population to support it without added financial risk. She listed five reasons for opposition: the bill creates liability risk through a rich benefit design;…
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