The State of Ohio's public pension systems are broke. It needs an additional $312 billion in order to pay its pension obligations. This debt increased $50 billion last year.
Will Ohio be the next state after California, Illinois, New Jersey, Wisconsin, and Kentucky to go into bankruptcy over its public pension systems?
Without money to pay benefits, how long will it be before State of Ohio pensioners have their checks and health care benefits drastically reduced or eliminated?
Ohio has five public pensions systems.
In April, Ohio's State Teachers Retirement System voted to suspend cost of living benefits. Its trustees admitted additional benefit cuts are anticipated.
Retirees of the Ohio Police & Fire Pension Fund are anticipating reductions in its health care benefits and increasing its retirement age.
Ohio's School Employees Retirement System is considering removing cost of living benefits for new retirees and capping it at 2.5 percent for existing pensioners.