Ohio Teachers Agree to Retirement Age Increase to Keep Pensions

Ohio public school teachers would pay a larger share of their retirement costs, work until they’re older and see pension benefits cut under changes approved Thursday that aim to keep their primary pension fund solvent by saving $10.9 billion.

The State Teachers Retirement System board approved a host of changes to the benefit program that serves the bulk of the pension fund’s 470,000 members. The changes must be approved by lawmakers and the governor.

Spokeswoman Laura Ecklar said the package marks the end of a two-year effort to find a way to keep the pension fund afloat for the long haul.

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Posted in * Culture-Watch, * Economics, Politics, City Government, Economy, Education, Pensions, Personal Finance, Politics in General, State Government, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--