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Wastebusters: Misspending -- Ohio Police And Fireman's Pension Fund

Posted: 4:03 p.m. EDT September 19, 2003

7's Wastebusters crew first showed you a financial fiasco at the state teachers retirement system and then came word of similar problems at another pension board.

So now, the governor and state lawmakers are stepping in, promising they'll fix the problem.

First it was the teachers who were up in arms, with signs in hands and rallying at the statehouse, calling for an end to big spending at the state teachers retirement system.

Wastebusters showed you the fancy artwork and millions spent on bonuses for employees, but then a Dayton Daily News investigation found similar problems at the Ohio Police and Firemen's Pension Fund because of excessive travel by board members there.

In response, state lawmakers are investigating the controversial spending and what was their reaction to what was happening at the pension boards?

The teachers pension board has adopted some changes, but that may not be enough because now there's a call for new laws to reform the systems.

Ohio Governor Bob Taft is now weighing in on this issue and he says he wants a reform bill passed within the next 30 days."

Gov. Taft said, "we have to have strong ethical standards that apply. There needs to be a clear statutory requirement for independent audits of our pension systems and their needs to be a way to remove pension board members who are derelict in their duty."

So lawmakers are at work now drafting several plans, all of them designed to keep the pension boards in line.

With a 1.5 million retirees depending on the various pension systems there's a lot riding on what happens next.

The state of Ohio has five different public employee pension boards.

All are independently operated, but must follow regulations set by state lawmakers.

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