Tue September 10, 2013
Report: Pension Fund On Uncertain Long-Term Footing
A consultant's report shows the Ohio Police & Fire Pension Fund is still on uncertain long-term fiscal ground.
The report by Pension Trustee Advisors goes before an Ohio Retirement Study Council meeting Thursday. The report says fund members could face higher contributions and lower benefits. The fund serves 57-thousand current and retired police officers, firefighters, 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 its 30-year target. A fund spokesperson 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 their finances.