Ohio HB280 amends pension fund contributions for police and firefighters.

Ohio HB280 amends the Ohio Revised Code to adjust the contribution rates for police and firefighter employers to the Ohio Police and Fire Pension Fund. The bill sets a maximum amortization period of thirty years for unfunded actuarial accrued pension liabilities. If the amortization period exceeds thirty years, the board of trustees must adjust the contribution rates. The bill also details the order of priority for using tax revenues derived from special levies, including paying current contributions, accrued liabilities, and operating expenses.

Ohio HB280 amends pension fund contributions for police and firefighters.

Ohio HB280 amends the Ohio Revised Code to adjust the contribution rates for police and firefighter employers to the Ohio Police and Fire Pension Fund. The bill sets a maximum amortization period of thirty years for unfunded actuarial accrued pension liabilities. If the amortization period exceeds thirty years, the board of trustees must adjust the contribution rates. The bill also details the order of priority for using tax revenues derived from special levies, including paying current contributions, accrued liabilities, and operating expenses.