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State Senator Bill Beagle
Progress Toward
Strengthening State Pensions announced
COLUMBUS—State Senator Bill Beagle (R-Tipp City) today announced that
all five state pensions are at or below a 30 year funding period, which
is the amount of time needed to pay off the system’s unfunded
liabilities.
The public pensions are required by law to amortize any unfunded
liabilities over a period of not more than 30 years. Each pension
system is now within the guidelines and continuing to work to lower the
funding period.
“As chairman of the Ohio Retirement Study Council, I am proud to
announce during Retirement Savings Week that fiscal responsibility has
led to all five of the public pension systems reaching their goal of a
funding period at or under 30 years,” said Beagle. “This is a good
first step toward fully funded public pensions here in Ohio.”
The Public Employees Retirement System is currently funded at 21 years,
the Ohio Police and Fire Pension Fund at 30 years, the State Teachers
Retirement System at 28.4 years, the School Employees Retirement System
at 29 years and the State Highway Patrol Retirement System at 29 years.
This week is National Save for Retirement Week—an effort to raise
public awareness about the need for personal retirement savings and the
advantages of creating a personal retirement plan.
According to studies by the National Institute on Retirement Security,
the United States retirement savings deficit is between $6.8 and $14
trillion. The NIRS research also found that two-thirds of working
households age 55-64 with at least one earner have retirement savings
less than their annual income.
“We are facing a state and a national retirement savings crisis. With
the typical family only having several thousand dollars saved for
retirement, it is important that we continue our efforts to increase
awareness and encourage saving,” said Beagle.
Ohioans can contact their employer or their local bank or credit union
for more information on retirement savings options.
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