County employees respond to lawsuit
By Scott Halasz - shalasz@aimmediamidwest.com
XENIA The attorney for 10 Greene County employees being sued by the commissioners filed a response to the lawsuit saying the employees are not required to reimburse the county for being overpaid.
The county alleges that the employees owe slightly more than $90,000 in wages they overpaid due to Medicare withholding omissions made by the auditor’s office between 2007 and mid-2018. The lawsuit says that the auditor’s office “incorrectly believed IRS regulations did not require Medicare FICA payments if an employee retired under the Ohio Public Employee Retirement System and was originally hired by Greene County prior to 1986.”
The last three months of 2020 were great for Ohio s largest public pension system.
Investments for both the defined benefit and health care funds soared reversing losses from the coronavirus pandemic and putting the Ohio Public Employees Retirement System back on track.
The main retirement returned 11.35% when the target rate was 7.2%, according to preliminary 2020 numbers from OPERS. The health care fund s rate of return was 10.91% when it needed 6%. It was a good year, let’s put it that way, considering how it started, OPERS Chief Investment Officer Paul Greff said during an OPERS board meeting Tuesday.
For the first three months of 2020, Moody s Investor Service showed a $1 trillion total loss for state and local pension funds as markets collapsed and economies across the globe shuttered to stop the spread of the coronavirus pandemic.
Ohio Public Employees looking for DC plan administrator
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Ohio Public Employees Retirement System, Columbus, is searching for a third-party administrator for its two 401(a) plans.
The $102.4 billion retirement system has issued an RFP because of the upcoming expiration of current administrator Voya Financial s contract on Dec. 31, said Michael Pramik, spokesman, in an email. The firm is eligible to rebid.
The two plans have a total of $2.2 billion in assets.
The RFP is available on OPERS website. Proposals are due at 2 p.m. EST on Feb. 8. A timeline for a decision has yet to be determined.
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