Bill > HB280

This bill modifies the contribution rates and rules for the Ohio Police and Fire Pension Fund for both police officers and firefighters. The legislation gradually increases employer contribution rates from 19.5% to 24% for police officers, with incremental 1% increases occurring on specific dates. For firefighters, the contribution rate remains at 24%. The bill allows the pension fund's board of trustees to adjust contribution rates if the fund's unfunded pension liability cannot be amortized within 30 years, but limits such adjustments to no more than 1.5% over three years and no more than 0.5% in any single year. The adjustments must be applied equally to both police and fire employer contributions. Additionally, the bill maintains existing requirements for municipal corporations to levy a 0.3 mill tax to help cover pension contributions and accrued liabilities. The bill also makes technical amendments to related sections of the Ohio Revised Code concerning tax levies and budgeting to align with these pension contribution changes. The overall aim appears to be ensuring the long-term financial stability of the Ohio Police and Fire Pension Fund by providing a structured approach to managing contribution rates.

Budget and Finance

https://www.legislature.ohio.gov/legislation/136/hb280