The Ohio Public Employees’ Retirement System (OPERS) voted last week to cut health care benefits provided to the pension’s current and future retirees beginning in 2022 to try to weaken the imminent threat of insolvency.

If the changes had not been enacted, the pension would run out of money in approximately 11 years, executive director Karen Carraher said during a board meeting, where the measure was passed by a 9-2 vote.

“There is no available funding for health care,” a report from the board said. “All of the employer contribution[s] must be allocated to pension funding until that funding improves. Based on current projections, no funding will be available for health care for 15 or more years.”

Read the whole article in the Chief Investment Officer.

This article quotes selections from “Ohio’s State Pension Slashes Healthcare Benefits amid Insolvency Concerns Threat” by Steffan Navedo-Perez in Chief Investment Officer.