Ohio SB239 amends pension fund contributions and levies for police and fire departments.

Ohio SB239 amends the Ohio Revised Code to adjust contributions to the Ohio Police and Fire Pension Fund. The board of trustees must establish a plan to amortize unfunded actuarial accrued pension liabilities within thirty years. If the period exceeds thirty years, the board can adjust the contribution rate over three years, but not by more than 1.5% total or 0.75% per year. The bill also outlines the order of fund use for police and fire departments, prioritizing current contributions, accrued liabilities, and operating expenses.

Ohio SB239 amends pension fund contributions and levies for police and fire departments.

Ohio SB239 amends the Ohio Revised Code to adjust contributions to the Ohio Police and Fire Pension Fund. The board of trustees must establish a plan to amortize unfunded actuarial accrued pension liabilities within thirty years. If the period exceeds thirty years, the board can adjust the contribution rate over three years, but not by more than 1.5% total or 0.75% per year. The bill also outlines the order of fund use for police and fire departments, prioritizing current contributions, accrued liabilities, and operating expenses.