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 at 19.5% initially, with provisions for gradual increases to a maximum of 24% over a specified period, contingent on the amortization period exceeding thirty years.

Additionally, the bill outlines the process for adjusting the firefighter employers' contribution in a similar manner, ensuring that any adjustments align with those made for police officer contributions. The bill also mandates that municipal corporations levy a tax to cover these contributions and accrued liabilities, detailing the order in which the tax revenues should be allocated. The existing provisions that are being repealed are replaced with the new language to streamline the pension fund's financial management and ensure sustainability.

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