Ohio Public Employees Retirement System, Columbus, is designing a defined contribution plan for employees with fewer than five years of service.
A law requiring the system to establish a defined contribution plan was signed into law last week by Gov. Bob Taft. Lauri Fiori Hacking, executive director, said the $57 billion pension fund is now in the research phase, using focus groups and surveys to find out what employees and employers want. She expects that the new plan will be open by mid-2002.