Kill bill

November 2003
Pensions & Investments;11/24/2003, Vol. 31 Issue 24, p10
The Ohio House of Representatives has passed a hidden tax on taxpayers to finance the state retirement systems. The House passed legislation that would require at least 50% of externally managed investments and 70% of brokerage trading to be handled by in-state firms. The bill looks out for money managers and brokerage firms in the state at the expense of public pension plans participants and taxpayers who finance the benefits. Some legislators argued that using Ohio-based managers and brokers could improve the performance of the state's pension funds.


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