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% of salaries, with provisions for gradual increases to 23.5% and then to 24% depending on the timing of salary periods and actuarial assessments.

Additionally, the bill introduces specific adjustments to the firefighter employers' contribution, aligning it with the police officer contributions and establishing a similar framework for adjustments based on actuarial evaluations. The bill also outlines the use of tax levies to fund these contributions, ensuring that municipal corporations levy taxes to cover both current contributions and any accrued liabilities from previous pension funds. The existing sections being repealed will be replaced by the new provisions, streamlining the process for managing pension fund contributions and ensuring fiscal responsibility.

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