COLUMBUS, Ohio (AP) — The state board overseeing pensions for Ohio police and firefighters has reached a deal that aligns the fund with state law while raising costs and lowering benefits by $570 million.
The agreement by the Ohio Police & Fire Pension Fund board puts the fund in compliance with a law requiring its obligations be paid off within 30 years.
The Columbus Dispatch reports (http://bit.ly/1c2htOY ) the deal reached Wednesday would require police and firefighters to contribute an additional 1 percent of their pay one year earlier than planned.
The agreement also reduces annual cost-of-living adjustments for retirees by 0.75 percent.
The plan goes next to the Ohio Retirement Study Council and ultimately to state lawmakers.
The fund services more than 50,000 current and retired members.