Friday, November 14, 2003
Pension reform gains steam
The Associated Press
COLUMBUS - Ohio lawmakers approved separate bills Thursday overhauling the state's pension funds following spending scandals.
House and Senate lawmakers voted to remove the attorney general from the funds' boards and replace him with the state treasurer.
The House version would allow the treasurer to appoint the funds' executive directors.
At stake are investments of $102 billion providing health benefits and retirement pensions to 1.5 million retired state employees.
The Republican-controlled Senate voted 27-6 to approve its reform bill after defeating Democratic proposals to keep the attorney general on the board.
The House voted 80-13 for a bill that, among other things, would require that 50 percent of the funds' outside investment work go to brokerages with a significant presence in Ohio.
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