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 to start at nineteen and one-half percent, with provisions for gradual increases to twenty-four percent over a specified period, depending on the amortization status of the pension liabilities.

Additionally, the bill introduces new language that allows for adjustments to both police officer and firefighter employers' contributions if the amortization period exceeds thirty years, with specific guidelines on how these adjustments can be implemented. The bill also outlines the use of tax levies to fund these contributions and the order in which revenues from these levies should be allocated. Overall, the bill aims to ensure the financial stability of the Ohio Police and Fire Pension Fund while providing a structured approach to managing employer contributions.

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