Bill > HB73

This bill establishes a Deferred Retirement Option Plan (DROP) specifically for law enforcement officers in the Public Employees Retirement System (PERS). The plan allows eligible law enforcement officers who are qualified for retirement to continue working while having their retirement benefit calculated and set aside. Participants can remain in active service for up to eight years while their monthly retirement allowance accrues and earns interest. During participation, officers will not earn additional service credit and will contribute to the retirement system at a reduced rate. When they terminate active service, participants can select how to receive their accrued benefits, with different distribution rules based on their age at entry into the plan. The bill includes provisions for how participants' benefits are handled in scenarios such as disability, death, or early termination of participation. Participants must elect to join the plan before applying for full retirement and agree to terminate active service within eight years of joining. The plan is designed to provide flexibility for law enforcement officers near retirement age while ensuring financial stability for both the individual and the retirement system.

Budget and Finance

https://www.legislature.ohio.gov/legislation/136/hb73