Ohio House Ends Hearings On OPERS Cost-of-Living Caps
Republican Ohio House leaders have ended hearings on legislation aimed at reducing annual cost-of-living increases for retirees receiving benefits from Ohio's largest public pension system.
State Representative Kirk Schuring says there won't be further hearings on legislation sought by the 90 billion dollar Ohio Public Employees Retirement System. Members of both parties opposed the plan. The bill's sponsor had doubts as well. System director Karen Carraher says she's disappointed by the Legislature's refusal to take action on a proposal to cap cost-of-living increases at no more than 2.5 percent instead of the current fixed amount of 3 percent. Carraher has said the plan is in good shape, but needs to eliminate 19 billion dollars in unfunded liabilities.