❌ HB280
Regards Ohio Police and Fire Pension Fund contributions
Current Status: In House Committee (Public Insurance and Pensions)
Summary
The bill amends sections related to the Ohio Police and Fire Pension Fund, establishing a maximum 30-year period to amortize unfunded actuarial accrued pension liabilities. It requires the board of trustees to adopt a plan for this amortization and mandates adjustments to employer contributions based on actuarial valuations. Additionally, it allows municipal corporations to levy taxes to fund these contributions.
Rationale
The bill increases government control over pension funding and mandates employer contributions, conflicting with Libertarian principles of minimal government intervention and free market employment agreements. It also involves taxation for funding, which opposes the Libertarian stance on taxation and government spending.
Risks and Concerns
- Increased government control over pension funds
- Potential for higher taxes on municipalities
- Mandated employer contributions may limit employment flexibility