Ohio’s five public pension systems have lost roughly $4 billion since January 1 as President Trump’s trade war unsettles the stock market.
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- Ohio’s five public pension funds have collectively lost roughly $4 billion since January 1, 2025, due to stock market fluctuations linked to President Trump’s tariffs.
- These funds, which cover 1.16 million Ohio workers and retirees, rely on investment returns to meet their obligations.
- A Quinnipiac University poll reveals that a majority of Americans believe Trump’s tariffs will negatively impact the economy.
The stock market turmoil linked to President Donald Trump’s tariffs has increased Americans’ anxiety over their retirement accounts.
A look at the portfolios of Ohio’s five public pension funds shows combined losses of roughly $4 billion since Jan. 1 − a number that changes by the day.
The retirement systems ended 2024 with $253.2 billion on the books, thanks largely to a robust stock market last year. But those gains − and potentially more − stand to whittle away as the market cools in response to the tariffs and other factors.
The five systems, which serve 1.16 million Ohio workers and retirees, are funded through a combination of employer and employee contributions and returns on investments.
The pension boards set their expected annual rate of return, ranging from a low of 6.9% for Ohio Public Employees Retirement System to a high of 7.5% for Ohio Police & Fire. When they miss those anticipated returns, it can take years to recover.
For the teachers’ pension system, investment returns are crucial to making up a $4 billion annual negative cash flow − the fund pays out more in benefits than it receives in contributions. “It must be made up through investment returns, leaving STRS Ohio very sensitive to market fluctuations,” said Aaron Hood, interim executive director.
Unlike a 401k where the employee has no guarantee of how much the account will hold at retirement, Ohio’s public employees are in “defined benefit” systems. They’re guaranteed pension check amounts are based on the years of service, their final average pay and the age at retirement.
Here is a look at the total portfolio values at the end of 2024 and the most recent number made available.
Ohio Public Employees Retirement System: $117.6 billion on Dec. 31; $114.56 billion on April 11.
State Teachers Retirement System: $96.3 billion on Dec. 31; $95.7 billion on March 31. STRS declined to provide a more recent number.
Ohio Police & Fire Pension Fund: $18.7 billion on Dec. 31; $18.39 billion on April 11.
School Employees Retirement System: $19.5 billion on Dec. 31; $19.47 billion on April 11.
Ohio State Highway Patrol Retirement System: $1.1 billion on Dec. 31; $1.085 billion on April 4.
Even week to week, the pension systems are on a roller coaster of gains and losses as the Trump administration changes the tariff plans. Between April 2 and April 9, the tariffs and retaliatory tariffs roiled the markets.
SERS’ portfolio had dipped to $18.76 billion as of April 4 but rebounded to $19.47 billion a week later after the president announced a partial pause.
A new poll released April 9 by Quinnipiac University found that most Americans see Trump’s tariffs as damaging to the economy. 72% believe the tariffs will hurt the economy in the short-term and 53% believe they’ll hurt in the long-term as well.
Four in 10 voters approve of Trump’s job performance while 53% disapprove, pollsters found.
State government reporter Laura Bischoff can be reached at lbischoff@gannett.com and @lbischoff on X.
This story was updated to add a video.
