401(k)-style retirement plans on the table for public employees

Mar. 11, 2011, Mansfield News Journal

BY JESSICA ALAIMO

CentralOhio.com

COLUMBUS — Ohio’s GOP legislative leaders say a 401(k)-style retirement plan may be on the table for new public employees, although it is not in the pending pension reform legislation.

The General Assembly is considering an overhaul to Ohio’s five public retirement systems. A House committee is holding hearings on the legislation.

House Speaker Bill Batchelder, R-Medina, and Senate President Tom Niehaus, R-New Richmond, say they are open to moving new hires from the current defined benefit plan to a defined contribution plan. Ohio’s legislative leadership spoke on a panel Thursday at the annual legislative session sponsored by The Associated Press.