Ohio Gov. John Kasich last week signed into law five bills reforming the state’s retirement systems.
The measures — Senate Bills 340, 341, 342, 343 and 345 — come after months of debate among legislators and a comprehensive analysis.
The measures implement various changes, including the increase of employee contributions, reduced cost-of-living adjustments, and increased retirement ages.
They also give more authority to the five boards that oversee the state’s five pension plans, so that they don’t need legislative approval to make some changes in the future.
“It’s an exciting day for members of the various funds and retirees, who now can have a real sense their funds are going to be solvent,” Kasich said at the signing ceremony.
The new law takes effect on Jan. 7, 2013.
