State
Representative Richard Adams
Ohio
Pension Reform Requires Adequate Information
The issue
of pension reform is in need of attention in Ohio. As a recent Time
magazine
article pointed out, pension liabilities are now 35 percent of the
state’s GDP.
Ohio’s taxpayers, active members, and retirees rely on a comprehensive
solution.
While a
quick solution would be ideal in everyone’s minds, it must also be done
right.
An actuarial study is currently being conducted by the Ohio Retirement
Council
(ORC), which will outline proposals and suggestions for how best to
manage the
five public retirement systems in Ohio. It is expected to be released
by mid-
July.
Officials
from these retirement systems have been asked to submit their reform
proposals.
Looking at their ideas, as well as the proposals by the ORC’s report,
would be
the best way to move this process forward in order to make sure all
sides of
the issue are covered.
The Ohio
Senate has introduced five bills (one for each public retirement
system). We all
realize the need for reform of the
retirement system in Ohio. I
believe
that pushing legislative action as soon as possible with the
information that
the report on this subject will provide makes sense and will lead to
the best
result.
I think it
is important that we proceed with caution on this issue so that we end
up with
effective policies that will lead our state in the appropriate
direction. It is
not as though nothing is being done in the meantime to address this
issue. Members
of both the House and Senate have been developing ideas for several
months so
that we can quickly advance in the process upon the release of the
report.
Rep.
Adams may be reached by calling (614)
466-8114, e-mailing District79@ohr.state.oh.us, or writing to State
Representative Richard Adams, 77 South High Street, Columbus, Ohio
43215.
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