State retirement board to decide pension cuts

More than a million current or former state employees will be keenly interested in what the Ohio Public Employees Retirement System’s board resolves this week about probable cuts to retiree benefits.

The 11-member body, which will meet at 9:30 a.m. Wednesday at 277 E. Town St., is expected to decide among three options:

■ Aligning future cost-ofliving adjustments (COLA) with the Consumer Price Index subject to a cap. Estimated savings: $6.32 billion for a 1.5 percent cap; $4.41 billion for a 2 percent cap; $2.89 billion for a 2.5 percent cap.

■ Extending the waiting period for the first COLA for new retirees.

■ Providing other safeguards for future inflationary trends, such as a flat dollar amount COLA.

The outcome likely will affect all current and future retirees.

The retirement system’s move would come less than 10 days after the School Employees Retirement System trimmed its COLA for current and future retirees.

The state legislature must approve the action, except for SERS retirees.

OPERS officials say the COLA for retirees, who were not hit by sweeping pension fund changes four years ago, has outpaced inflation 60 percent of the time in the past 30 years. That and increased life expectancies caused the re-evaluation, not a financial crisis, the officials stress.

In a survey, 70 percent of respondents prefer a reduced cap instead of a freeze. Respondents were not given the option of “no change.”

With assets of $90.6 billion, OPERS is the largest public pension fund in Ohio and the 12th biggest in the United States. One out of every 12 Ohioans relies on the system for retirement, disability and/or survivor benefits.

Have another?

Last Sunday’s forum for the four Ohio GOP gubernatorial candidates went so well that Aaron Baer has set his sites on a bigger event.

The head of cosponsor Citizens for Community Values, which aims to promote Catholic and evangelical Christian issues, would like to hold a similar event in the 2020 presidential campaign.

Kasich not welcome here

During breaks when the candidates were not onstage during the forum at Genoa Baptist Church, moderator Frank Luntz showed his GOP pollster side by taking quickie surveys of the several hundred people present.

When he asked how many have an unfavorable view of Ohio Gov. John Kasich, the applause were overwhelming.

Most also applauded when Luntz inquired whether they think a culture war is going on in America.

But fewer than 10 raised their hands when he wanted to know how many expect their children to be better off than them.

Even the governor gets stuck in traffic

Columbus commuters, Kasich shares your pain.

Kasich and Ohio Department of Transportation Director Jerry Wray both spoke last week at the Ohio Transportation Engineering Conference.

While reciting the steps that the state is taking to make its roads safer and more efficient, Kasich still had something sticking in his craw from trying to get home to Genoa Township, reporter Randy Ludlow noted.

“Jerry, I went home from the Statehouse at 4:30 the other day. It took me an hour and a half. What are you doing?”

The line was good for a laugh with the large crowd. Kasich’s concerns aside, I-670 is still sometimes a mess.