Ohio Public Pensions Hit By Recent Big Bank Blunders

In case you missed it, a lot of manure hit the fan at a couple of big banks recently. 💩💵 Silicon Valley Bank (SVB) and Signature Bank collapsed, sparking a little bit of panic at the disco. 🥵🪩

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Although the government did step in and the two banks were only regional, the downstream impacts are being felt nationwide. 📉 In fact, some of Ohio's biggest public pension funds got caught in the mix. 

Here’s Five Fast Facts about how the recent bank blunders affected Ohio's pensions:

1. 🏫 Schooled - The Ohio's State Teachers Retirement System was dealt the biggest smackdown. It didn't own any shares of Signature Bank, but it had SVB shares worth $27.2 million (or 0.03% of the portfolio).

2. 🏙️ Going Public - The Ohio Public Employees Retirement System held $3.2 million in SVB shares and $2.2 million in Signature. The $5.4 million total loss made up 0.0058% of the portfolio.

3. 🚨 Someone Call 911 - The Ohio Police & Fire Pension Fund didn't own SVB shares, but it didn't escape the madness. It was exposed to the two failed banks through investments in the Russell 1000 Index Fund. Total losses were roughly $320,000.

4. 🚌 Wheels On The Bus - Cafeteria workers, bus drivers, and non-teaching staff rely on The School Employees Retirement System to fund their pensions. They reported a total loss of $929,000, or 0.01% of the overall $17 billion investment portfolio.

5. 💰 Social Security? Not For Me - The Buckeye State's public pension system supports close to two million employees, retirees, and former government workers. Fun fact: Ohio's public employees don't contribute to Social Security. For many, public pensions serve as their main source of retirement funding. 

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🔥Bottom line: Fortunately, these pension plans didn't lose *that* much during the recent bank failures. However, it goes to show you that these things have a trickle down impact on John and Jane Q Public. Even if you don't give a Kardashian's behind about big banks, there's a chance you could be affected when things go south. Wondering how much moolah you need to retire? Click here!

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Are you an OH public employee entitled to one of these pensions?

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