Major pension changes considered for public workers in Ohio

Ohio’s five state pension funds are all considering changes that impact millions of public workers around the state.

From teachers to police, firefighters and prison workers everything is being considered from changes to cost of living increases to changes in health plans.

Here’s a look at what’s being talked about:

1 million may see pension cut

Ohio’s biggest public pension system is considering cutting the cost of living allowances for its 1-million members as a way to shore up the long-term finances of the fund.

Ohio Public Employees Retirement System trustees on Wednesday discussed options that could affect all current and future retirees, including tying the cost of living allowance to inflation and capping it and delaying the onset of the COLA for new retirees.

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Pension fund moves toward health care cuts for cops, firefighters

The pension fund wants to switch to stipends for retirees to buy health care by Jan. 1, 2019. Currently, retirees are offered pension fund-sponsored health care plans that cover 75 percent of the premium costs for retirees and 25 percent of the cost for their spouses. The amount of the stipends has yet to be decided.

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Cost of living changes for school employees

The School Employees Retirement System of Ohio is asking lawmakers for permission to cut the cost of living allowance given to retirees and use that money to shore up funding for retiree health care.

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