Ohio Pension Bill Protects Taxpayers and Promotes Transparency
State lawmakers in Ohio are set to consider legislation that would take a meaningful step toward protecting taxpayers from excessive retirement plan costs while enhancing transparency in public employee compensation.
HB 473, proposed by David Thomas, prohibits government agencies from paying the contributions public employees are required to make toward their retirement, which can range from 10 to 14 percent of salary depending on the specific pension plan.
Known as a fringe benefit “pickup” contribution, this form of compensation is often provided through contract negotiation and can mask an employee’s true cost to taxpayers.
HB 473 prohibits government agencies from paying the contributions public employees are required to make toward their retirement
Author summary: Ohio lawmakers consider pension bill to protect taxpayers.