In 2020, each system exceeded its target. Returns ranged from a high of 14.3% at the Ohio Highway Patrol Retirement System to a low of 9.2% at the Ohio Police & Fire Pension Fund.
The five systems have collectively invested $234 billion for nearly 2 million public servants, retirees and beneficiaries.
Ohio’s retirement benefits and contribution rates are largely set by state law — not union contracts. As a general rule, public employees and their employers do not contribute to or receive social security benefits, so pension systems are their main retirement income.
Pension systems are legally and financially distinct entities that are governed by elected and appointed trustees.
Public Employee Retirement Systems in Ohio
Ohio Highway Patrol Retirement System
Director: Carl Roark
Creation: 1941
Assets: $1 billion
2020 returns: 14.3%
Expected rate of return: 7.25%
Members & retirees: 4,300
Ohio Police and Fire Department
Director: John Gallagher
Creation: 1965
Assets: $17 billion
2020 returns: 9.2%
Expected rate of return: 8%
Members & retirees: 61,000
Ohio School Employees Retirement System
Director: Richard Strensrud
Creation: 1937
Assets: $16.5 billion
Returns 2020: 12.99%
Expected rate of return: 7.5%
Members and retirees: 240,000
State Teachers’ Pension Scheme:
Director: William Neville
Foundation: 1919
Assets: $86.9 billion
2020 returns: 12.26%
Expected rate of return: 7.5%
Members and retirees: 500,000
Ohio Public Employees Retirement System
Director: Karen Carrher
Creation: 1935
Assets: $98.4 billion pension; $13.4 billion healthcare fund
2020 returns: 12.02% pension funds; 10.96% healthcare funds;
Expected rate of return: 7.2% pension fund; 6% healthcare fund
Members & retirees: 1,118,199
Sources: Ohio Retirement Study Council; pension systems; Search the Dayton Daily News