Ohio House Passes Resolution in Support of Pension Systems

The Ohio House of Representatives adopted House Concurrent Resolution 40, which pledges support of the state’s five pension systems and recognizes standards set forth by the Governmental Accounting Standards Board (GASB).

The GASB is an independent organization that creates standards for state and local governments to use for financial and accounting reports. The resolution language acknowledges GASB standards 67 and 68 and expresses support for the pension systems to comply with the standards in an effort to increase transparency and accountability.

“Our pension systems play a vital role in providing retirement, disability and survivor benefits to nearly two million Ohioans,” Ohio House Speaker William G. Batchelder said. “This resolution highlights the need for making important information available to the public in a way that is easy to understand, and I’m pleased to see its passage.”

Ohio’s pension systems include the Public Employees Retirement System, the Ohio Police and Fire Pension Fund, the State Teachers Retirement System, the School Employees Retirement System, and the State Highway Patrol Retirement System. With combined assets of more than $165 billion, the resolution highlights the General Assembly’s commitment to secure and sustainable pensions for that state’s public employees.

House Concurrent Resolution 40 will now be considered by the Ohio Senate.