An Ohio House Representative introduced legislation that aims to cap how much retirement benefits school employees can receive.
House Bill (HB) 146, sponsored by State Representative Adam Bird (R-New Richmond), would establish a School Employee Retirement System contribution-based benefit cap to prevent pension spiking.
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Ohio Attorney General Dave Yost’s decision to briefly “retire” prior to taking the oath for a second term in the same position has renewed discussion among public officials over pension “double dipping.”
The practice of retiring in order to trigger the collection of a pension while simultaneously drawing a public paycheck is legal.
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Each person in Ohio is on the hook for more than $36,000 in unfunded state pension liabilities, one of the highest numbers in the nation, according to a new report from the American Legislative Exchange Council.
Nationwide, unfunded state pension liabilities have climbed to $8.28 trillion, or nearly $25,000 for every person in the United States. ALEC released the latest edition of its report on pensions in all 50 states Thursday. The report, “Unaccountable and Unaffordable 2021,” shows just a handful of states with outsize pension liabilities accounting for a large share of overall pension debt in the U.S.
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The Ohio Public Employees Retirement System claims Facebook violated federal securities law and purposely misled the public in a lawsuit filed to recover investor losses of more than $100 billion, Ohio Attorney General Dave Yost said.
The lawsuit Yost filed on behalf of the state retirement system and Facebook investors says Facebook boss Mark Zuckerberg and other company officials knew they were making false statements regarding the safety, security and privacy of its platforms.
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Following a year in which stock markets posted healthy gains, the organization running Ohio’s public employee benefits is cutting back — a lot.
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