2. After ethics scandals broke at the Ohio Police & Fire Pension Fund and the School Employees Retirement Fund over lavish spending and lax oversight, lawmakers in 2004 moved to strengthen governance and limit travel expenses at all five boards.
3. The financial market meltdown of 2008 was a driving factor to the most sweeping overhaul of Ohio's public pension systems in more than 30 years. In 2012, lawmakers agreed to increase the age and service requirements to qualify for pensions, require employees to contribute more and stretch out the final average salary calculation.
4. Public pension benefits are set by state law, not union contracts. And public employees in Ohio do not pay into Social Security so their state pensions are the primary retirement funds for them.
5. The Ohio Retirement Study Council is a 14-member bipartisan board appointed by the Legislature and governor to provide oversight of the five pension systems.
Related: Pension cuts looming for Ohio teachers and retirees
Related: Pension funds to put financial data online
Related:
Drastic pension overhaul biggest in state history
About the Author
