How will employers fund the increase?

The legislation proposes a modest 4% increase phased in over eight years. It is beneficial for Ohio’s public schools to be able to attract and retain excellent educators. This increase aids that endeavor by providing additional resources that could allow the Retirement Board to reduce the service credit required for full benefits or pay retirees a modest COLA. As the service credit requirements are able to be reduced, older career teachers at generally higher pay and medical costs will be able to retire thus providing resource savings for the employers. The employers were not part of the equation during pension reform. They will need to be part of the equation now.