Bill > HB424

This bill amends Ohio Revised Code section 145.295 to modify rules for transferring or purchasing retirement service credit between the Public Employees Retirement System (PERS) and uniform retirement systems like the Ohio Police and Fire Pension Fund or State Highway Patrol Retirement System. The key changes remove a previous requirement that a member's service credit in PERS must be greater than the amount of credit being transferred. The bill maintains existing provisions allowing members to transfer military service credit or service credit earned under specific chapters, with conditions such as the member being eligible for retirement or disability benefits and agreeing to retire within 90 days of credit transfer. The bill specifies detailed financial transfer requirements, including how accumulated contributions, employer contributions, and interest will be calculated and transferred between retirement systems. Additionally, the bill preserves rules about service credit equivalency, limitations on credit purchases, and provisions for members who have earned service credit in multiple systems. The amendment aims to provide more flexibility for members in transferring and purchasing retirement service credit while maintaining financial and administrative safeguards.

Budget and Finance

https://www.legislature.ohio.gov/legislation/136/hb424