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Thu December 19, 2013
Pension Fund Contributions To Rise, Benefits To Be Cut
The Ohio Police & Fire Pension Fund board has reached a deal that aligns the fund with state law while raising costs and lowering benefits by 570 million dollars.
The law requires the fund's obligations be paid off within 30 years. The deal requires the more than 50 thousand fund members to contribute an additional 1 percent of their pay a year earlier than planned. The deal also reduces annual cost-of-living adjustments by three-quarters of one percent. The deal now goes to the Ohio Retirement Study Council and later to state lawmakers.