Ohio’s five public pension systems have lost around $4 billion since January 1st, as President Trump’s trade war has destabilized the stock market.
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President Trump exempts smartphones, computers and other electronic imports from mutual tariffs.
- The five Ohio public pension funds have collectively lost about $4 billion since January 1, 2025 due to stock market fluctuations related to President Trump’s tariffs.
- Covering 116 million Ohio workers and retirees, these funds rely on investment returns to meet their obligations.
- A Quinnipiac University poll reveals that the majority of Americans believe Trump’s tariffs will have a negative impact on the economy.
Stock market turmoil related to President Donald Trump’s tariffs has heightened Americans’ fears about retirement accounts.
Looking at the portfolio of Ohio’s five public pension funds, we see the number that will change to that day, combining losses of around $4 billion since January 1st.
The retirement system ended in 2024, with $253.2 billion in books worth $253.2 billion thanks to the solid stock market last year. However, these benefits are potentially more likely than not as the market cools down due to tariffs and other factors.
The five systems serving 1.16 million workers in Ohio and retirees are funded through a combination of employer-employee contributions and investment returns.
The Pension Commission has set an expected annual return rate ranging from a minimum of 6.9% of Ohio’s civil servant retirement system to a maximum of 7.5% for Ohio State Police & Fire Department. It can take years to recover when they miss the expected return.
In the case of teacher pension plans, investment returns are important to create negative cash flows of $4 billion a year – the fund pays more profits than you receive in donations. “It must be constructed through investment returns, and STRS Ohio will be extremely sensitive to market fluctuations,” said interim executive director Aaron Hood.
Unlike 401K, which has no guarantees about how much an employee will hold an account upon retirement, Ohio civil servants belong to the “defined profit” system. They are guaranteed that pension check amounts are based on the year of service, the average final salary, and retirement age.
Make the total portfolio values for the end of 2024 and the latest numbers available.
Ohio’s civil servant resignation system: $117.6 billion on December 31st. $1145.6 billion on April 11th.
State Teacher Resignation System: $96.3 billion on December 31st. $95.7 billion on March 31st. STRS refused to provide more recent numbers.
Ohio Police & Fire Pension Fund: $18.7 billion on December 31st. $183.9 billion on April 11th.
School employee resignation system: $19.5 billion on December 31st. $19.47 billion on April 11th.
Ohio State Highway Patrol Resignation System: $1.1 billion on December 31st. $1.085 billion on April 4th.
Even every week, pension plans are on Jane’s Coaster of Profits and Losses. Trump administration changes tariff plans. Between April 2 and April 9, tariffs and retaliatory charges shook the market.
SERS’ portfolio had fallen to $18.76 billion as of April 4, but rebounded to $19.47 billion a week later after the president announced a partial suspension.
New poll released on April 9th Kinipiac University Most Americans have discovered that Trump’s tariffs will damage the economy. 72% believe tariffs will hurt the economy in the short term, while 53% believe it will hurt the economy in the long term.
Four in 10 voters have approved Trump’s job performance, with 53% disapproving, polls found.
State government reporter Laura Bischoff can be contacted by X at lbischoff@gannett.com and @lbischoff.
This story has been updated to add videos.
