COLUMBUS, Ohio (AP) — Ohio's largest pension system has voted to cut benefits for retirees.
The Columbus Dispatch reports the Ohio Public Employees Retirement System voted Wednesday on the plan that would affect all of its more than 1 million members, current retirees and future ones.
The plan approved by the board would reduce cost-of-living adjustments to match the Consumer Price Index, subject to a 2.25 percent cap.
The benefit amount is now fixed at 3 percent for those who retired before January 2013.
The proposal requires General Assembly approval.
Board chairman Ken Thomas represents municipal employees. He says the proposed changes are balanced.
Board member Steve Toth represents retirees. He says the system is financially stable and the changes aren't necessary. He says the plan means a pay cut for retirees.