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 thirty-year amortization period for 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 to start at nineteen and one-half percent, with provisions for gradual increases to twenty-three and one-half percent, and eventually to twenty-four percent, depending on the amortization period determined by future valuations.

Additionally, the bill outlines the process for adjusting contributions for both police and firefighter employers if the amortization period exceeds thirty years. It specifies that adjustments must be made in a controlled manner, limiting increases to no more than one and one-half percent over three years and no more than one-half percent in any single year. The bill also mandates that municipal corporations levy a tax to cover these contributions and accrued liabilities, ensuring that funds are allocated appropriately for current expenses and pension obligations. The existing provisions in the repealed sections are replaced with these new regulations to enhance the financial stability of the pension fund.

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