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OPERS Seeks to Cut Future Benefits

Ohio Public Employees Retirement System building.
KAREN KASLER
/
STATEHOUSE NEWS BUREAU
The Ohio Public Employees Retirement System has voted and now will ask lawmakers to cut the COLA (cost of living adjustment) for 2022 and 2023.

Ohio’s largest public pension fund is asking state lawmakers to allow it to cut a future benefit increase for more than 200,000 retirees.  

The Ohio Public Employees Retirement System has voted to ask lawmakers for permission to freeze a cost of living adjustment in 2022 and 2023 and to delay that increase for all new retirees. Michael Pramik of OPERS says that will eliminate a record high unfunded liability of $24 billion. Pramik says that’s the result of several down years for its investments and an increase in retirees who are also living longer. And he says OPERS isn’t alone.

“Just look across the country and try to find a public pension fund that's increasing benefits right now," Pramik said. "You’re just not going to find it.”

Pramik says right now there are no plans to change health care benefits, but that is definitely on the table.

Karen is a lifelong Ohioan who has served as news director at WCBE-FM, assignment editor/overnight anchor at WBNS-TV, and afternoon drive anchor/assignment editor in WTAM-AM in Cleveland. In addition to her daily reporting for Ohio’s public radio stations, she’s reported for NPR, the BBC, ABC Radio News and other news outlets. She hosts and produces the Statehouse News Bureau’s weekly TV show “The State of Ohio”, which airs on PBS stations statewide. She’s also a frequent guest on WOSU TV’s “Columbus on the Record”, a regular panelist on “The Sound of Ideas” on ideastream in Cleveland, appeared on the inaugural edition of “Face the State” on WBNS-TV and occasionally reports for “PBS Newshour”. She’s often called to moderate debates, including the Columbus Metropolitan Club’s Issue 3/legal marijuana debate and its pre-primary mayoral debate, and the City Club of Cleveland’s US Senate debate in 2012.