Ohio Gov. Bob Taft opposes legislation that would require the state's five public pension funds to have 70% of their securities trades executed by Ohio-based brokers and 50% of externally managed assets handled by Ohio money managers. Orest Holubec, the governor's press secretary, said Mr. Taft wants legislators to focus on governance and ethics, rather than management.
The Ohio Senate and House each passed pension reform legislation and are working on a compromise bill. Executive directors of the five systems - the Ohio Public Employees Retirement System, Highway Patrol Retirement System, Police and Fire Pension Fund, State Teachers Retirement System and School Employees Retirement System - oppose the two measures. Mr. Taft has said he wants a pension fund reform bill on his desk by the end of the year. The five Columbus-based plans have a combined $115 billion in assets.