Police officers in Ohio are making a plea to lawmakers to avoid punishing them and fellow retirees for the ongoing controversy surrounding the teachers’ retirement pension fund. The proposed plan by Statehouse Republicans aims to consolidate all five public systems as a cost-cutting measure and to put a stop to any suspected corruption.
When he was 26 years old, Officer Mike Weinman of the Columbus police department was dispatched to the scene of a car accident.
After being struck by a bullet that left him paralyzed, he was forced to retire from active duty. Despite this setback, he continued to serve at the CPD as a civilian for several years. Today, he holds the esteemed position of director of government affairs at the Fraternal Order of Police of Ohio (FOP).
The Ohio Police and Fire Pension Fund (OP&F) played a crucial role in helping him survive.
He emphasized the significance of pension, stating that it holds great value for them. He further added that relying solely on a 401k plan would not suffice for collecting a retirement pension.
During Monday’s Retirement Study Council meeting, Weinman expressed concern that a new proposal could negatively impact all five public pension systems, including the OP&F, which manages hundreds of billions of dollars for Ohioans.
State Representative Phil Plummer (R-Dayton), who serves as the council co-chair, suggested exploring the possibility of combining all five systems.
The State Teachers Retirement System (STRS) has become a hotbed of controversy, with ongoing disputes, two board resignations, and serious accusations of public corruption schemes and mishandling of funds.
From the onset, we have diligently covered the controversy, delving into seven recent stories that address the latest issues surrounding the alleged corruption scheme. In an effort to provide a more comprehensive view of the situation, we conducted a Q&A session with our viewers and readers.
Responding to Inquiries Regarding the Turmoil in Ohio’s Pension Fund for Retired Teachers
Plummer has proposed a solution to the STRS problem, advocating for the consolidation of the state’s public pension systems into one with a singular board.
He said that they have five buildings and five different investment groups. Additionally, they have a significant number of employees and a high level of overhead costs. He questioned whether they could reduce these expenses and stop spending so much money.
Several GOP lawmakers have expressed their support for the idea, although Plummer has not yet determined the specifics of the plan.
Weinman is not accepting this proposal.
Weinman emphasized that it is not fair to generalize and attribute the problems of one system to all others. “Just because one system seems to be having problems right now – it’s really unfair to lump everyone else into that,” he said.
In a sea of pensioners, OP&F will lose its voice, as expressed by him.
With 1.2 million members, the Ohio Public Employees Retirement System (OPERS) stands as the largest retirement system in Ohio. Following closely behind is STRS with 500,000 members, while School Employees Retirement System of Ohio (SERS) has 240,000 members. The Ohio Police & Fire Pension Fund (OP&F) has 60,000 members, whereas the Ohio Highway Patrol Retirement System (HPRS) is the smallest of them all, with only 3,000 members.
According to the retired officer, there is a significant difference between what BMV clerks do and what members of law enforcement do out on the street. Both professions are highly valuable, but they involve entirely different dynamics and needs.
In addition to representing police officers, it’s worth noting that the FOP also represents sheriffs and deputies. However, when it comes to pension coverage, the Ohio Police & Fire Pension Fund (OP&F) only covers police officers and firefighters. This has led to difficulties for Weinman, as deputies fall under the Ohio Public Employees Retirement System (OPERS).
“He said that they feel overshadowed by others and have firsthand experience of being a small minority in a vast system.”
According to Weinman, the powerlessness observed in OPERS could serve as a small-scale representation of what may occur if police were brought under a single pension fund.
“He said that due to our small number of OPERS, it becomes difficult to get anyone elected to the board. As a result, the concerns of the sheriffs often get overlooked.”
Several pensioners, including Weinman, have expressed their opposition to this proposal. Retirees from all five pension systems have reached out, sharing their concerns and confusion about the practical and legal implications of this plan.
The specifics of this plan remain unclear. Will the combined pension funds be distributed equally among all retirees and beneficiaries? Or will the distribution be based on individual circumstances? Furthermore, it is uncertain if the implementation of this “combined” plan will result in a reduction of incomes for current retirees and beneficiaries.
According to Plummer, he and state Representative Tom Young are collaborating on a legislative project, and they are currently in the process of working on it. Plummer emphasized the significance of considering the input of retirees, but also stressed the importance of applying logic and common sense to the proposed legislation.
He emphasized that no problem is insurmountable.
He stated that for this task, it is imperative to have knowledgeable and skilled individuals who are willing to put in the work.
Although there is currently no definitive plan in place, the aim is to explore why highway patrol services are not included alongside police and fire departments. The details of how this would be implemented are still being worked out, but the desire to address this issue is clear.
He intends to crack down on disability retirements, particularly in law enforcement, as part of his plan.
According to Plummer, many individuals with disabilities have left the company, which has resulted in a long-term financial burden. He stated that some employees have worked for five years before going on disability, which means the company must support them financially for 60 years.
Weinman responded with disbelief, stating that the reduction of disability retirements by OP&F makes the situation seem absurd.
According to a retired officer, the constant repetition of the term “fake injury” can be extremely frustrating, especially for those individuals who truly suffer from disabilities. For those who are legitimately injured, it becomes difficult to continue working due to the fear of being labeled as part of the group that fakes injuries. The stigma surrounding the issue is real, and it can have negative effects on those who need assistance.
Plummer suggested to me during Monday’s meeting that eliminating the elected members from the STRS board could have advantages.
Amidst controversy, Ohio lawmakers are proposing the removal of board members from the teachers’ pension fund.
He advocates for increased oversight and restructuring of the STRS board to prevent potential corruption.
The Republican emphasized the importance of involving individuals with the appropriate knowledge, background, and expertise to monitor investments made with our money. “We need to keep a close eye on who is investing, how much they’re investing, and where,” they stated.
I inquired whether removing the voices of the elected members could be viewed as anti-democratic.
When asked about his proposal, he replied, “It all depends on how it’s structured. If we opt for a single, major board, the members will still retain their right to elect individuals.”
According to him, each distinct entity within the primary pension system would have only one elected representative. Moreover, the system would also have designated individuals for appointments and investment expertise.
When I contacted various pension funds for their opinions, only Dan Minnich, the spokesperson for STRS, provided a public comment.
According to Minnich, various audits conducted recently have determined that the management of STRS Ohio is efficient, and the organization follows the best practices in its operations. As per the Retirement Board’s investment consultant, Meketa, STRS Ohio’s net total fund investment return has been higher than 97% of plan sponsor peer groups over the last 20 years, ending on March 31, 2024. She further added that the staff at STRS Ohio are continuously conversing with state lawmakers and will provide them with all the necessary information as they continue to discuss the pension system’s governance.
When asked about other pension systems being upset with them for getting lawmakers riled up, STRS did not respond to the question.
I inquired Weinman if he believed that merging all the systems would result in the police and fire departments being left behind.
“Of course,” he responded. “As a small community, we tend to get lost in the shuffle when integrated into larger systems.”
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