Related: Retiree health care cuts looming for cops and firefighters in Ohio
The pension fund wants to switch to stipends for retirees to buy health care by Jan. 1, 2019. Currently, retirees are offered pension fund-sponsored health care plans that cover 75 percent of the premium costs for retirees and 25 percent of the cost for their spouses. The amount of the stipends has yet to be decided.
If OP&F doesn’t make changes, the money available for health care benefits will dry up within nine years.
Rising costs, members living longer and a volatile stock market have put pressure on Ohio’s five public pension systems.
Related: Ohio’s public pension systems shift more health care costs to retirees