OHIO State pension fund bill awaits likely signature from governor

Membership on four of the five pension fund boards would increase.
By JEFF ORTEGA
VINDICATOR CORRESPONDENT
COLUMBUS -- Gov. Bob Taft is expected to sign a bill soon that would revamp the operation of the state's public employee pension funds.
The Ohio Senate passed the bill Wednesday by a vote of 22-11. The House had passed the measure Tuesday.
The bill arose after news reports last year of questionable spending at two of the five state pension funds.
A Taft spokesman gave no indication of when the governor would sign the legislation.
The bill, the product of eight months of work, would expand the membership of boards for four of the five public pension funds and would place investment personnel on each of the boards.
An analysis of the bill shows the board of the Public Employees Retirement System would increase from nine to 11 members.
The police and fire pension board would remain at nine members.
The board of the State Teachers Retirement System also would go from nine to 11 members, and the school employees retirement board would be expanded to nine members from seven. The highway patrol retirement board would expand from seven to 11 members.
The bill also would, among other things, require candidates for the board and campaign committees to file statements detailing contributions and expenditures.
The measure also would require each board to establish a goal for the use of Ohio-based brokers, agents and investment managers and would require each board to annually report to the state the name, number and percentage of assets handled.
Pension-fund reform became a hot topic last year amid reports of lavish spending on new offices, travel, artwork, salaries and bonuses at the State Teachers Retirement System and questionable spending at the Ohio Police and Fire Pension Fund at a time when assets were declining and member benefits were being reduced.