February 26, 2010

The latest information from the Ohio Retirement Study Council (ORSC) suggests that the draft legislation is so near to completion we should almost be able to taste it. ORSC staff advise that it is still possible that the bill will be ready in time for the Council to have public comments on it at its March 10, 2010 meeting.

Is drafting the bill taking longer than it should?

As I've said before, I'm persuaded they're just trying to get it right. ORSC pulled together data from the five different pension systems. Then, as with all Ohio legislation, the non-partisan Ohio Legislative Service Commission (LSC) drafted the official language of the bill. It was then sent back to ORSC for their review, and for input from the pension systems themselves.

When LSC does this, in effect it is asking, "Is this what you meant? Did we get it right?" ORSC and the pension systems have then given their comments back to LSC. And the cycle continues, until everyone involved agrees that the pension system's proposals are properly reflected in the bill drafted by the LSC.

Sound like fun? Not to me, either. But it does make me appreciate the public servants—who are, incidentally, all covered under OPERS themselves—whose job it is to get the legislation right.

ORSC, meanwhile, soldiers on with its regular business—monitoring investment performance, selecting vendors for actuarial reports on the funding of each system, following other pension-related legislation. The 14-member board is supported by just four full-time staff members: an executive director, two staff attorneys, and an executive assistant.

As for when the legislation will be ready, the answer seems to be, "When LSC, ORSC, and the pensions systems all agree that it says what it's intended to say." Since ORSC staff are still hopeful of comment on the bill at the Council's next meeting, this phase of the process could be complete as early as the first week in March.

—Ken Robinson