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 receiving notice that the credit has been obtained.

Additionally, the bill specifies the financial obligations for both the member and the uniform retirement system during the transfer process, including the amounts to be paid for military service credit and the interest calculations on those amounts. It also outlines the consequences if a member fails to retire or accept a disability benefit within the specified timeframe, which includes the withdrawal of credit and refund of amounts paid or transferred. Overall, the amendments aim to streamline the process for members seeking to obtain service credit while ensuring compliance with retirement benefit eligibility requirements.

Statutes affected:
As Introduced: 145.295