Yesterday, Governor Kasich signed into law the five bills that reform public pension systems in Ohio. These bills provide comprehensive updates to each of Ohio’s five pension systems and are the culmination of months of hard work by legislators, the state pension systems, and interested stakeholder groups.
Representative Ramos (D-Lorain) serves on the House Health and Aging Subcommittee on Retirements and Pensions and has dealt with this issue extensively over the duration of this General Assembly.
“As with any bill or set of bills this complex, there is no doubt a section that someone might disagree with, or something that one might have done differently; however, these bills achieve a very important and laudable goal, which is to provide comprehensive change that ensures the continued existence of a meaningful defined benefit retirement system for our state’s public employees,” Rep. Ramos said at the signing of these bills today.
Ohioans across the state depend on income from one of the five retirement systems, and the ability to plan for income and count on retirement stability not only helps retirees but ensures their participation in Ohio’s economy. The pension systems represent over $100 billion in financial resources for their members.
“Put simply, these bills are not just a step toward fixing our five retirement systems, these bills are the fix necessary to provide long-term solvency to these systems, and more importantly, long-term retirement stability to more than 1.5 million Middle class Ohioans across our state,” Rep. Ramos Said. “The benefits of this solution will continue to be seen by members over years, not just days or weeks. This is really their bill, not ours. These bills belong to the workers.”