The bill amends section 145.295 of the Revised Code to clarify the process for transferring or purchasing retirement service credit for members of the public employees retirement system who have previously contributed to a uniform retirement system, such as the Ohio police and fire pension fund or the state highway patrol retirement system. Key changes include the removal of the requirement that a member's service credit in the public employees retirement system must exceed the amount being transferred, and the introduction of a new condition that the member must agree to retire or accept a disability benefit within ninety days of notification from the retirement system.

Additionally, the bill specifies the financial obligations involved in these transfers, including the amounts to be paid by the member and the uniform system, as well as the interest calculations for these transactions. It also outlines the circumstances under which a member may lose their purchased credit, such as failing to retire within the specified timeframe or having their disability benefit application denied. Overall, the amendments aim to streamline the process for members seeking to consolidate their retirement credits while ensuring that the financial implications are clearly defined.

Statutes affected:
As Introduced: 145.295