Lynn R. Wachtmann, Ohio state senator and chairman of the Ohio Retirement Study Council, will introduce legislation to overhaul the structure of the five state pension funds, including consolidation, board composition and operations expenses. Bethany Rhodes, legislative aide, expects the bill to be introduced in about a week.
William J. Estabrook, executive director of the $8.2 billion Ohio Police & Fire Pension Fund, Columbus, said he is awaiting details of the legislation. The bill would also affect the $52 billion Ohio Public Employees Retirement System, $42.4 billion Ohio State Teachers Retirement System, $7.2 billion Ohio School Employees Retirement System and $600 million Ohio State Highway Patrol Retirement System. All are based in Columbus.
Aristotle Hutras, director of the Ohio Retirement Study Council, couldn't be reached for comment. The council oversees the state pension systems and assists state government in the formation of public pension policy. Ms. Rhodes said the council will also review the legislation.