Ohio School Employees' Retirement System 's board raised the employee...

Ohio School Employees’ Retirement System’s board raised the employee pension contribution rate to 10% from 9%, the first increase since 1989. The increase, effective July 1, was prompted by three years of investment losses that have reduced the Columbus-based system’s assets to $6 billion from $9 billion, according to a statement by the board. The employer contribution rate of 14% was unchanged. The increase is expected to provide the fund with an additional $22 million a year.