“We have five buildings, we have five different investment groups,” he said. “We have a huge number of employees, a huge amount of overhead and costs. Can we cut that there? Can we stop spending so much money?”
Plummer isn’t yet certain about any other major logistical issues, but said he has talked about it with several other GOP lawmakers who are involved in the matter.
Weinman rejects this solution.
“Just because one system seems to be struggling right now, it’s really unfair to lump everyone else together,” Weinman said.
He said OP&F would lose its voice in a sea of retirees.
The Ohio Public Employees Retirement System (OPERS) is the largest with 1.2 million members. Next is STRS with 500,000 members. The School Employees Retirement System of Ohio (SERS) has 240,000 members. OP&F has 60,000. The smallest is the Ohio Highway Patrol Retirement System (HPRS), which has 3,000 members.
“What our members do on the street is nothing compared to what an officer would do at the BMV,” the retired officer said, explaining that both jobs are valuable. “You just have so many different dynamics and so many different needs.”
The FOP, however, represents more than just police officers. They also have sheriffs and deputies. But OP&F only covers police officers and firefighters. Deputies are subject to OPERS, which was Weinman’s fight.
“They are simply dwarfed by everyone else,” he said. “We have already experienced what it is like to be a small minority in a very large system.”
The lack of OPERS authority, as Weinman describes it, seems like a microcosm of what might happen to police under one giant pension fund.
“Having such a small number of OPERS officers means I can’t select anyone to serve on the board,” he said, noting that it means sheriffs’ concerns often go unheard.
Weinman is one of dozens of retirees who have spoken out against it. I’ve gotten messages from retirees in each of the five pension systems — all concerned and confused about how it will work logistically and legally.
It’s unclear what that plan might look like: Would those pooled retirement funds be distributed equally to each retiree and beneficiary? Would they also be distributed equally, regardless of what each person receives now? Would a “pooled” plan ultimately reduce the income of current retirees and beneficiaries?
“Me and [state Rep.] Tom Young is working on the legislation, and we’ll take it from there,” Plummer said. “We need the opinions of retirees, but people need to have logic and common sense.”
He added that there is no problem that cannot be solved.
“We need to have good, smart people willing to work on this,” he said.
They don’t have a plan for how that would work, but he knows he wants to explain why traffic patrols aren’t part of the police and fire departments.
Another of his plans is to “crack down” on disability pensions, especially as they relate to law enforcement.
“Too many people have left because of disability, and that’s a long-term burden,” Plummer said. “We’ve had guys who worked for five years, retired — now we’re paying for them for 60 years.”
That’s ridiculous, considering OP&F has drastically cut disability pensions, Weinman responded.
“What’s frustrating is that there are people with real disabilities, and when people keep repeating this ‘fake injury’ nonsense, it keeps them working,” the retired officer said. “They’re afraid of being stigmatized.”
He wants to see at least the STRS board put under greater supervision and restructuring to prevent possible cases of corruption.
“Let’s hire people who have the knowledge, experience and expertise needed to keep an eye on who is investing our money, how much and where,” the Republican added.
I asked whether it could be considered anti-democratic to deprive elected members of their voice.
“Well, that depends on how we set it up,” he replied of his proposal. “If we have one central council, they still have the right to elect people.”
He added that it could be just one person selected for a separate entity within the main pension system. There will also be nominations and investment experts.
I asked representatives from both pension funds for their views, but only STRS spokesman Dan Minnich would comment publicly.
“Several recent audits have shown that STRS Ohio is well-managed and follows best practices in its operations. For the 20-year period ending March 31, 2024, the STRS Ohio Fund’s total net investment return was higher than 97% of the Meketa (Retirement Board investment consultant) plan sponsor group,” Minnich said. “STRS Ohio staff are in ongoing discussions with state lawmakers and will provide lawmakers with any requested information as discussions about the governance of the retirement system continue.”
I asked why STRS thinks other pension systems are mad at him for upsetting lawmakers, but he did not answer that question.
“Do you think police and fire departments will be left behind if we combine all the systems?” I asked Weinman.
“Of course,” he replied. “Generally speaking, we are such a small group of people, and when you throw us into such a large system, we will be forgotten.”
