The bill seeks to amend the Revised Code to establish a deferred retirement option plan (DROP) specifically for law enforcement officers within the Public Employees Retirement System (PERS). It includes provisions for regular actuarial investigations by the public employees retirement board to assess the financial impact of the DROP, mandating these evaluations at least every five years. The bill also introduces new sections detailing the structure and funding of various retirement funds, ensuring that modifications to the DROP do not negatively affect the rights of current participants. Additionally, it outlines the process for applying for disability benefits, including irrevocable elections for coverage and the conditions under which benefits can be suspended or terminated.

Furthermore, the bill expands eligibility for death benefits to include individuals participating in the DROP, thereby broadening the scope of beneficiaries. It clarifies the definitions and eligibility criteria for various law enforcement officers and outlines the death benefits available to the families of officers killed in the line of duty. The bill also allows for the resumption of previously terminated death benefit payments under specific conditions, while detailing the implications for surviving spouses and children. Overall, the legislation aims to streamline retirement and disability processes while ensuring comprehensive coverage and clarity for law enforcement personnel and their families.

Statutes affected:
As Introduced: 145.22, 145.23, 145.35, 145.46, 145.561, 742.63