Bill > SB239

This bill modifies the contribution rates and provisions for the Ohio Police and Fire Pension Fund, specifically addressing employer contributions for police officers and firefighters. The bill gradually increases the police officer employers' contribution rate from 19.5% to 24% over several years, and establishes a mechanism for potential future adjustments if the pension fund's unfunded actuarial accrued pension liability exceeds a 30-year amortization period. If such a scenario occurs, the board of trustees can adjust the contribution rates for both police officers and firefighters, but with specific limitations: the adjustment cannot exceed 1.5% over a three-year period, cannot be more than 0.5% in any single year, and must be consistent across police and fire contributions. The bill also maintains existing provisions requiring municipal corporations with historical police and fire pension funds to levy a 0.3 mill tax to help cover these contributions and related expenses. Additionally, the bill makes some technical amendments to related sections of the Ohio Revised Code concerning tax levies and budget commissions, primarily updating cross-references and ensuring consistent treatment of these pension fund contributions in various financial and budgetary contexts.

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https://www.legislature.ohio.gov/legislation/136/sb239