The bill amends several sections of the Revised Code related to contributions to the Ohio Police and Fire Pension Fund, specifically sections 742.16, 742.33, 742.34, 5705.06, and 5705.31, while also repealing section 742.311. Key changes include the establishment of a maximum thirty-year period for amortizing the pension fund's unfunded actuarial accrued liabilities, with the board of trustees required to adjust employer contributions based on actuarial valuations. The police officer employers' contribution is set at 19.5% initially, with provisions for gradual increases to 23.5% and then to 24% depending on the timing of salary earnings and actuarial assessments.

Additionally, the bill introduces specific adjustments to the firefighter employers' contribution, which is initially set at 24%, with similar provisions for adjustments based on actuarial evaluations. The bill also outlines the process for municipalities to levy taxes to cover these contributions and accrued liabilities, ensuring that the funds are allocated appropriately for current expenses and pension obligations. Overall, the bill aims to enhance the financial stability of the pension fund while ensuring compliance with actuarial standards.

Statutes affected:
As Introduced: 742.16, 742.33, 742.34, 5705.06, 5705.31, 742.311