Benefits December 16, 2008

Ohio Teachers' System Opposes Mandatory DC Enrollment

December 16, 2008 (PLANSPONSOR.com) - The board of the State Teachers' Retirement System of Ohio (STRSOH) voted unanimously to oppose House Bill 645 and any future legislation that would impose mandatory enrollment in a defined contribution plan for public employees.
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A statement of retirement board actions said House Bill 645 would require all newly hired members of the state’s five pension plans (including STRSOH) to participate in defined contribution plans. The bill has been assigned to the House Financial Institutions, Real Estate and Securities Committee, which has sent notice that no further hearings for the year are anticipated.

In addition, the state lawmaker who introduced the bill is leaving the Legislature at the end of the year due to term limits, so for the bill to be considered, it would need to be reintroduced in the next General Assembly.

The five retirement system directors have also sent a joint letter to Representative Larry Wolpert and House leadership stating their opposition to the bill, the statement said.

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