Outside auditors are recommending that the Ohio Public Employees Retirement System should pick the custodial banks to oversee billions of pension dollars – not the state treasurer – and system should hire the fund’s lawyers – not the state attorney general.
Ohio’s four largest public pension systems, which control $200 billion on behalf of 1.9 million workers and retirees, are paying more than $407,000 a year for outside lobbyists to make their cases with state lawmakers and federal officials, public records show.
Is federal deficit spending a problem? You bet. But it isn’t our biggest problem yet.
“I would like to clear up several misstatements in the recent News Record article about University of Cincinnati employee pensions. … The crux of the article — the university’s net pension liabilities — is a figure that the Governmental Accounting Standards Board requires the university to report in their financial statements. However, the university’s only responsibility is to remit the statutorily required contribution rates, and this liability is reflected for accounting purposes only. …”
“The Ohio Police & Fire Pension Fund (OPFP) is making a concerted effort to build out its real assets portfolio, after the board approved a pacing plan to invest $290 million in the asset class throughout the 2019 calendar year. … Private infrastructure has been trending amongst institutional investors lately, since the characteristics of a long-term investment with stable, sometimes predictable cash flows fit the long-term and risk-adverse [sic] nature of public pension plans.” (Note: Looks like the 2009-2010 bailouts “worked.” Look out below.)
The cost of retiree health care is spiraling out of control. In just two years, according to a recent S&P Global Ratings report, unfunded retiree health-care liabilities across the 50 states increased by $100 billion to now just under $700 billion.
COLUMBUS - Ohio businesses now can pay their taxes with check, money order and ... bitcoin. On Monday, Ohio became the first state in the nation to accept the cryptocurrency, bitcoin, for 23 different business taxes ranging from sales tax to severance taxes on oil and gas.
Truth in Accounting, a non-profit focused on fiscal transparency and accountability, gave Ohio a "D" for its current financial state.
The city of Dayton is looking to provide whistleblower services to field complaints about fraud, waste, abuse, illegal and unethical activities and wrongdoing.
Welcome to Lorain, where the mayor, Chase Ritenauer, would like to show you around. The police car over there? It broke down during a pursuit not long ago, leaving the officer to continue the chase on foot. The new high school? It is part of a school system so badly underfunded that it is now overseen by the state.
In Mid-July, Ohio Senators Sherrod Brown and Rob Portman chaired a hearing in Columbus on the multi-employer pension plan (MEPP) crisis. Reading the coverage of their efforts led me to seek the opportunity to visit Ohio and visit first-hand to those most effected by this issue.
Roberta Dell has worked for 46 years making lollipops, and she loves her job. But she worries that retirement may not be as sweet as the Dum Dum lollipops she bags.
Marsha Rarick, 66, worked 21 years driving a truck and hauling cars, mostly Jeeps out of Toledo, Ohio.
United Mine Workers President Cecil Roberts fired up a crowd of thousands of union workers in Columbus, Ohio, with a simple chant: “Fix it!”
Later this year if we’re lucky, some groundwork laid in Columbus this past week could help to steady a precarious national house of cards known as multiemployer pension plans.
Several lawmakers in our region are headed Friday to Columbus, Ohio, to come up with a solution to the pension crisis impacting more than a million Americans and thousands of small businesses across the nation.
Organizers say they're expecting thousands of workers and retirees to descend on Ohio's capital to push for solving the nation's burgeoning pension crisis.
On Thursday July 12th, thousands of active and retired mineworkers, truck drivers, warehouse workers, bakery workers and others who worked hard to earn a lifetime pension are rallying in Columbus, Ohio to urge lawmakers to protect their benefits.
Denny Pickens spent more than 43 years working for the coal mines in anticipation of the prize at the finish line, the pension he’d spent four decades working for.
Not all the surprises at the Ohio Statehouse bring bad news.