Created on Tuesday, 10 September 2013 Written by THE ASSOCIATED PRESS
COLUMBUS, Ohio (AP) — A pension analysis concludes that the Ohio Police & Fire Pension Fund is on uncertain fiscal ground long-term.
A consultant's report says members could face having to make more contributions from their paychecks and changing benefits. The report by Pension Trustee Advisors goes before an Ohio Retirement Study Council meeting Thursday.
The fund serves about 57,000 current and retired police, firefighters and beneficiaries and other former government workers. It is required by state law to have enough funding to meet 30-year obligations.
The report says the fund will need to earn double-digit percent returns annually to stay on target.
A fund spokesman, Dave Graham, says recent pension reforms need time to work. State legislation passed last year called for all five public pension funds to make changes to shore up finances.
"We urge our elected officials to let pension reform work as intended before considering any additional changes to our system," Graham said in a statement.
State Rep. Lynn Wachtmann, R-Napoleon, leads the Ohio Retirement Study Council, which provides state oversight of the public pension systems. The Dayton Daily News reported that he is skeptical of the police and fire fund's leadership, saying it's overstating its position, giving "people an absolutely false sense of security of what's going on with the system."
Police and firefighters pay 10.75 percent of their salaries to the pension fund, up from 10 percent before July 1.