Ohio teachers make concessions to boost finances of retirement fund

From The Columbus Dispatch: Almost $11 billion is coming out of the pockets of Ohio teachers to bring their ailing retirement system back to financial health. The State Teachers Retirement System board has voted 7-3 to raise teachers' retirement age, increase the amount taken from their paychecks for pensions and reduce cost-of-living raises they get in retirement. Teachers would receive 77 percent of their final average salary with 35 years of service. The new plan, which now goes to the legislature, is designed to save $10.9 billion in accrued liabilities without asking for additional taxpayer money.