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 specific conditions regarding the member's service credit in the public employees retirement system and the introduction of new language that simplifies the eligibility criteria for members seeking to transfer their service credit. The bill also specifies that members must agree to retire or accept a disability benefit within ninety days of notification from the retirement system.

Additionally, the bill outlines the financial obligations associated with 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 establishes that service credit purchased or obtained under this section will be treated as equivalent to Ohio service credit. The bill also includes provisions for members who have received refunds from a uniform retirement system and wish to repurchase their service credit, ensuring that the public employees retirement system can withdraw credit and refund amounts if certain conditions are not met. Overall, the amendments aim to streamline the process for members transitioning between retirement systems while ensuring compliance with eligibility requirements.

Statutes affected:
As Introduced: 145.295