Senator Kearney Introduces Pension Legislation with Senate President Niehaus

Senator Kearney talks with reporters following press conference.

CINCINNATI– Senate Democratic Leader Eric H. Kearney (D-Cincinnati) and Senate President Tom Niehaus (R-New Richmond) announced the introduction of legislation today to strengthen Ohio’s public pension system. The legislation (SB 340, SB 341, SB 342 and SB 343) is based on recommendations from the boards overseeing the pension plans for STRS, PERS, SERS and Police and Fire. Senator Kearney gave the following remarks at a press conference announcing the legislation:

“I want to thank President Niehaus for tackling this important issue on a bipartisan basis. It’s all too rare when the leaders of opposing parties in the General Assembly jointly sponsor legislation. The fact that it’s happening now reflects our strong desire to pass pension reform legislation this year.

“Quite frankly, it’s long overdue. Our state pension plans are losing two million dollars a day in savings while they wait for the General Assembly to finally act.

“My mother is a retired school teacher. Like many other retired Ohioans, she lives on a fixed income and depends on her retirement benefits to pay for groceries, utility bills and other necessities of life. These Ohioans are counting on us to make the necessary reforms to preserve their benefits.

“Drafting this legislation has been a collaborative effort. I’ve had numerous conversations and meetings with interested parties from PERS, STRS, SERS and the Police and Fire pension fund. I’ve also spoken with the members of my caucus. And based on those meetings and conversations I am comfortable with putting my name on this legislation as it now stands.


“Some of the changes might not be popular with everyone. But, we are doing what needs to be done to protect retirement benefits for nearly two million retirees and future retirees.


“It’s important to point out that Ohio has one of the better managed pension systems in the nation. Historically, Ohio’s pension plans have taken a prudent, conservative approach to investments to ensure stable and secure retirements for our public employees.


“In fact, the Pew Center for the States has called Ohio a “Solid Performer”, which is the organization’s highest rating.


“All long-term investments require periodic adjustments. The stock market goes up and down and the number of retirees changes. Our pension plans must adjust to reflect these changes.


“The legislation we are introducing here today will strengthen our pension system and maintain its status as one of the best in the nation. And we’ll accomplish that goal without any additional tax dollars.


“I urge my colleagues in the General Assembly to work with President Niehaus and me to pass this legislation. The time to act is now.”