The bill seeks to amend various sections of the Revised Code to establish a deferred retirement option plan (DROP) specifically for law enforcement officers within the Public Employees Retirement System (PERS). It introduces new sections, 145.71 through 145.77, detailing the plan's financial implications and the responsibilities of the retirement board in monitoring its effects. Key provisions include the requirement for the board to conduct actuarial investigations of the DROP at least every five years and to ensure that employer contributions to the accumulation fund will not increase to offset any negative financial impacts of the plan. The bill also clarifies the funds involved in the retirement system, ensuring a comprehensive approach to managing retirement benefits for law enforcement officers.

Additionally, the bill amends existing laws regarding disability benefits and death benefits for law enforcement officers and their families. It establishes new eligibility criteria for death benefits, including provisions for individuals participating in the DROP, and outlines the distribution of these benefits to surviving spouses and children. The bill specifies that benefits will terminate upon the deceased member's maximum pension eligibility date and sets forth conditions for resuming or adjusting benefits based on the eligibility of surviving children. Overall, the bill aims to enhance support for law enforcement officers and their families, ensuring they receive appropriate financial assistance in the event of disability or death in the line of duty.

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