Will OPERS be next to trim pension hikes?
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-of-living 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.
Read more: http://www.dispatch.com/news/20171015/capitol-insider-will-opers-be-next-to-trim-pension-hikes