reglab/statecodes huggingface dataset:
2023 Ohio Revised Code › Title 7 | Municipal Corporations › Chapter 742 | Police and Fire Pension Fund › Section 742.08 | Expenses - Liability Insurance.

Effective:
November 2, 1999
Latest Legislation:
House Bill 222 - 123rd General Assembly
(A) The members of the board of trustees of the Ohio police and fire pension fund shall serve without compensation but shall be reimbursed for their necessary expenses incurred in the performance of their official duties.
An employee member of the board shall suffer no loss or penalty whatsoever because of absence from the employee member's regular employment while engaged in official duties as a member of the board.
(B) The board may secure insurance coverage designed to indemnify board members and employees for their actions or conduct in the performance of official duties, and may pay required premiums for such coverage from the expense fund.
(C) The board shall adopt rules in accordance with section 111.15 of the Revised Code establishing a policy for reimbursement of travel expenses incurred by board members in the performance of their official duties. As part of any audit performed under Chapter 117. of the Revised Code, an inquiry shall be made into whether board members have complied with these rules.
(D) No board member shall accept payment or reimbursement for travel expenses, other than for meals and other food and beverages provided to the member, from any source other than the expense fund established under section 742.59 of the Revised Code. Except in the case of an emergency, no out-of-state travel expenses shall be reimbursed unless approved in advance by a majority of the board at a regular board meeting.
2023 Ohio Revised Code › Title 7 | Municipal Corporations › Chapter 742 | Police and Fire Pension Fund › Section 742.091 | Actions; Venue.

Effective:
April 6, 2017
Latest Legislation:
House Bill 520 - 131st General Assembly
Any action brought against the Ohio police and fire pension fund or the Ohio police and fire pension fund b oard of trustees or its officers, employees, or board members in their official capacities shall be brought in the appropriate court in Franklin county, Ohio.
2023 Ohio Revised Code › Title 7 | Municipal Corporations › Chapter 742 | Police and Fire Pension Fund › Section 742.10 | Powers of Board.

Effective:
August 18, 2019
Latest Legislation:
Senate Bill 221 - 132nd General Assembly
The board of trustees of the Ohio police and fire pension fund may sue and be sued, plead and be impleaded, contract and be contracted with, employ and fix the compensation of employees, and adopt rules for the proper administration and management of the fund.
Effective ninety days after September 15, 2004, the board of trustees may not employ a state retirement system investment officer, as defined in section 1707.01 of the Revised Code, who does not hold a valid state retirement system investment officer license issued by the division of securities in the department of commerce.
If the Ohio retirement study council establishes a uniform format for any report the board is required to submit to the council, the board shall submit the report in that format.
The attorney general shall prescribe procedures for the adoption of rules authorized under this chapter, consistent with the provisions of section 111.15 of the Revised Code under which all rules shall be filed in order to be effective. Such procedures shall establish methods by which notice of proposed rules is given to interested parties and rules adopted by the board published and otherwise made available. When it files a rule with the joint committee on agency rule review pursuant to section 111.15 of the Revised Code, the board shall submit to the Ohio retirement study council a copy of the full text of the rule, and if applicable, a copy of the rule summary and fiscal analysis required by division (B) of section 106.024 of the Revised Code.
2023 Ohio Revised Code › Title 7 | Municipal Corporations › Chapter 742 | Police and Fire Pension Fund › Section 742.101 | Transfer Expenses From Guarantee Fund to Expense Fund.

Effective:
July 23, 2002
Latest Legislation:
Senate Bill 134 - 124th General Assembly
The board of trustees of the Ohio police and fire pension fund shall estimate annually the amount required to pay its expenses for the ensuing year, and shall fix the amount which shall be transferred from the guarantee fund to the expense fund.
2023 Ohio Revised Code › Title 7 | Municipal Corporations › Chapter 742 | Police and Fire Pension Fund › Section 742.102 | Travel Expense Policies - Bonus Policy - Budget.

Effective:
September 15, 2004
Latest Legislation:
Senate Bill 133 - 125th General Assembly
The board of trustees of the police and fire pension fund shall do all of the following:
(A) In consultation with the Ohio ethics commission, review any existing policy regarding the travel and payment of travel expenses of members of the board of trustees and employees of the fund and adopt rules in accordance with section 742.10 of the Revised Code establishing a new or revised policy regarding travel and payment of travel expenses. Not less than sixty days before adopting a new or revised policy, the board shall submit the policy to the Ohio retirement study council for review.
(B) If the board intends to award a bonus to any employee of the board, adopt rules in accordance with section 742.10 of the Revised Code establishing a policy regarding employee bonuses;
(C) Provide copies of the rules adopted under divisions (A) and (B) of this section to each member of the Ohio retirement study council;
(D) Submit to the Ohio retirement study council a proposed operating budget, including an administrative budget for the board, for the next immediate fiscal year and adopt that budget not earlier than sixty days after it is submitted to the council;
(E) Submit to the council a plan describing how the board will improve the dissemination of public information pertaining to the board.
2023 Ohio Revised Code › Title 7 | Municipal Corporations › Chapter 742 | Police and Fire Pension Fund › Section 742.103 | Ethics Policy - Commission Approval - Ethics Training.

Effective:
September 15, 2004
Latest Legislation:
Senate Bill 133 - 125th General Assembly
The board of trustees of the police and fire pension fund shall, in consultation with the Ohio ethics commission, develop an ethics policy to govern board members and employees in the performance of their official duties. The board shall submit this policy to the commission for approval.
The commission shall review the policy and, if the commission determines that the policy is adequate, approve the policy. If the commission determines that the policy is inadequate, it shall specify the revisions to be made and the board shall submit a revised policy. If the commission approves the revised policy, the board shall adopt it. If not, the board shall make any further revisions required by the commission and adopt the policy. Not less than sixty days before adopting the policy, the board shall submit it to the Ohio retirement study council for review.
The board periodically shall provide ethics training to members and employees of the board. The training shall include training regarding the requirements and prohibitions of Chapter 102. of the Revised Code and sections 2921.42 and 2921.43 of the Revised Code and any other training the board considers appropriate.
The board shall establish a procedure to ensure that each employee of the board is informed of the procedure for filing a complaint alleging violation of Chapter 102. of the Revised Code or section 2921.42 or 2921.43 of the Revised Code with the Ohio ethics commission or the appropriate prosecuting attorney.
2023 Ohio Revised Code › Title 7 | Municipal Corporations › Chapter 742 | Police and Fire Pension Fund › Section 742.105 | Selection of Internal Auditor.

Effective:
April 6, 2017
Latest Legislation:
House Bill 520 - 131st General Assembly
The Ohio police and fire pension fund board of trustees shall appoint a committee to oversee the selection of an internal auditor. The committee shall select one or more persons for employment as an internal auditor. The board shall employ the person or persons selected by the committee.
The committee shall consist of the following board members: one retirant member, one employee member, and one other member. The committee shall annually prepare and submit to the Ohio retirement study council a report of its actions during the preceding year.
2023 Ohio Revised Code › Title 7 | Municipal Corporations › Chapter 742 | Police and Fire Pension Fund › Section 742.111 | Prohibited Business Transactions.

Effective:
November 2, 1999
Latest Legislation:
House Bill 222 - 123rd General Assembly
The Ohio police and fire pension fund shall make no investments through or purchases from, or otherwise do any business with, any individual who is, or any partnership, association, or corporation that is owned or controlled by, a person who within the preceding three years was employed by, an officer of, or a board member of the fund, or in which a person who within the preceding three years was employed by, an officer of, or a board member of the fund, holds a fiduciary, administrative, supervisory or trust position, or any other position in which such person would be involved, on behalf of the person's employer, in decisions or recommendations affecting the investment policy of the fund, and in which the person would benefit by any monetary gain.
2023 Ohio Revised Code › Title 7 | Municipal Corporations › Chapter 742 | Police and Fire Pension Fund › Section 742.112 | Restrictions on Fiduciaries.

Effective:
November 2, 1999
Latest Legislation:
House Bill 222 - 123rd General Assembly
(A) Except as provided in division (B) of this section, a fiduciary shall not cause the Ohio police and fire pension fund to engage in a transaction, if the fiduciary knows or should know that such transaction constitutes a direct or indirect:
(1) Sale or exchange, or leasing, of any property between the fund and a party in interest;
(2) Lending of money or other extension of credit between the fund and a party in interest;
(3) Furnishing of goods, services, or facilities between the fund and a party in interest;
(4) Transfer to, or use by or for the benefit of a party in interest, of any assets of the fund; or
(5) Acquisition, on behalf of the fund, of any employer security or employer real property.
(B) Nothing in this section shall prohibit any transaction between the Ohio police and fire pension fund and any fiduciary or party in interest if:
(1) All the terms and conditions of the transaction are comparable to the terms and conditions which might reasonably be expected in a similar transaction between similar parties who are not parties in interest; and
(2) The transaction is consistent with the fiduciary duties described in Chapter 742. of the Revised Code.
(C) A fiduciary shall not:
(1) Deal with the assets of the fund in the fiduciary's own interest or for the fiduciary's own account;
(2) In the fiduciary's individual or in any other capacity, act in any transaction involving the fund on behalf of a party (or represent a party) whose interests are adverse to the interests of the fund or the interests of its participants or beneficiaries; or
(3) Receive any consideration for the fiduciary's own personal account from any party dealing with such fund in connection with a transaction involving the assets of the fund.
(D) In addition to any liability which the fiduciary may have under any other provision, a fiduciary with respect to the fund shall be liable for a breach of fiduciary responsibility of any fiduciary with respect to the fund in the following circumstances:
(1) If the fiduciary participates knowingly in, or knowingly undertakes to conceal, an act or omission of such other fiduciary, knowing such act or omission is a breach;
(2) If, by the fiduciary's failure to comply with Chapter 742. of the Revised Code, the fiduciary has enabled such other fiduciary to commit a breach; or
(3) If the fiduciary has knowledge of a breach by such other fiduciary, unless the fiduciary makes reasonable efforts under the circumstances to remedy the breach.
(E) Every fiduciary of the fund shall be bonded or insured to an amount of not less than one million dollars for loss by reason of acts of fraud or dishonesty.
2023 Ohio Revised Code › Title 7 | Municipal Corporations › Chapter 742 | Police and Fire Pension Fund › Section 742.113 | Conflicts of Interest.

Effective:
July 23, 2002
Latest Legislation:
Senate Bill 134 - 124th General Assembly
Except as provided in sections 742.01 to 742.61 of the Revised Code, no trustee and no employee of the board of trustees of the Ohio police and fire pension fund shall have any interest, direct or indirect, in the gains or profits of any investment made by the board nor as such, directly or indirectly, receive any pay or annual emolument for the trustee's or employee's services. No trustee or employee of said board shall, directly or indirectly, for self or as an agent or partner of others, borrow any funds or deposits over which the board has jurisdiction or use the same except to make such current and necessary payments as are authorized by the board; nor shall any member or employee of the said board become an endorser or surety or become in any manner an obligor for money loaned by or borrowed from the board.
2023 Ohio Revised Code › Title 7 | Municipal Corporations › Chapter 742 | Police and Fire Pension Fund › Section 742.114 | Designation of Ohio-Qualified Agents - Selection Policy - Utilization - Annual Report.

Effective:
March 31, 2021
Latest Legislation:
House Bill 312 - 133rd General Assembly
(A) As used in this section and in section 742.116 of the Revised Code:
(1) "Agent" means a dealer, as defined in section 1707.01 of the Revised Code, who is licensed under sections 1707.01 to 1707.50 of the Revised Code or under comparable laws of another state or of the United States.
(2) "Minority business enterprise" has the same meaning as in section 122.71 of the Revised Code.
(3) "Ohio-qualified agent" means an agent designated as such by the board of trustees of the fund.
(4) "Ohio-qualified investment manager" means an investment manager designated as such by the board of trustees of the fund.
(5) "Principal place of business" means an office in which the agent regularly provides securities or investment advisory services and solicits, meets with, or otherwise communicates with clients.
(B) The board of trustees of the fund shall, for the purposes of this section, designate an agent as an Ohio-qualified agent if the agent meets all of the following requirements:
(1) The agent is subject to taxation under Chapter 5725., 5726., 5733., 5747., or 5751. of the Revised Code;
(2) The agent is authorized to conduct business in this state;
(3) The agent maintains a principal place of business in this state and employs at least five residents of this state.
(C) The board shall adopt and implement a written policy to establish criteria and procedures used to select agents to execute securities transactions on behalf of the retirement system. The policy shall address each of the following:
(1) Commissions charged by the agent, both in the aggregate and on a per share basis;
(2) The execution speed and trade settlement capabilities of the agent;
(3) The responsiveness, reliability, and integrity of the agent;
(4) The nature and value of research provided by the agent;
(5) Any special capabilities of the agent.
(D)(1) The board shall, at least annually, establish a policy with the goal to increase utilization by the board of Ohio-qualified agents for the execution of domestic equity and fixed-income trades on behalf of the retirement system, when an Ohio-qualified agent offers quality, services, and safety comparable to other agents otherwise available to the board and meets the criteria established under division (C) of this section.
(2) The board shall review, at least annually, the performance of the agents that execute securities transactions on behalf of the board.
(3) The board shall determine whether an agent is an Ohio-qualified agent, meets the criteria established by the board pursuant to division (C) of this section, and offers quality, services, and safety comparable to other agents otherwise available to the board. The board's determination shall be final.
2023 Ohio Revised Code › Title 7 | Municipal Corporations › Chapter 742 | Police and Fire Pension Fund › Section 742.115 | Annual Disclosures to Ohio Ethics Commission.

Effective:
September 15, 2004
Latest Legislation:
Senate Bill 133 - 125th General Assembly
(A) The Ohio police and fire pension fund shall disclose the following to the Ohio ethics commission:
(1) Anything of value received by the system from an agent and anything of value given on behalf of the system by an agent;
(2) The name of any employee of the system with authority over the investment of retirement system funds or any board member of the system who deals with an agent regarding amounts described in division (A)(1) of this section.
(B) The disclosures required by this section shall be made annually in a report submitted by a date prescribed by the Ohio ethics commission.
2023 Ohio Revised Code › Title 7 | Municipal Corporations › Chapter 742 | Police and Fire Pension Fund › Section 742.116 | Designation of Ohio-Qualified Investment Managers - Utilization - Annual Report.

Effective:
September 29, 2015
Latest Legislation:
House Bill 64 - 131st General Assembly
(A) The board of trustees of the pension fund shall, for the purposes of this section, designate an investment manager as an Ohio-qualified investment manager if the investment manager meets all of the following requirements:
(1) The investment manager is subject to taxation under Chapter 5725., 5726., 5733., 5747., or 5751. of the Revised Code;
(2) The investment manager meets one of the following requirements:
(a) Has its corporate headquarters or principal place of business in this state;
(b) Employs at least five hundred individuals in this state;
(c) Has a principal place of business in this state and employs at least twenty residents of this state.
(B)(1) The board shall, at least annually, establish a policy with the goal to increase utilization by the board of Ohio-qualified investment managers, when an Ohio-qualified investment manager offers quality, services, and safety comparable to other investment managers otherwise available to the board. The policy shall also provide for the following:
(a) A process whereby the board can develop a list of Ohio-qualified investment managers and their investment products;
(b) A process whereby the board can give public notice to Ohio-qualified investment managers of the board's search for an investment manager that includes the board's search criteria.
(2) The board shall determine whether an investment manager is an Ohio-qualified investment manager and whether the investment manager offers quality, services, and safety comparable to other investment managers otherwise available to the board. The board's determination shall be final.
2023 Ohio Revised Code › Title 7 | Municipal Corporations › Chapter 742 | Police and Fire Pension Fund › Section 742.12 | Bonds Purchased From Taxing Districts.

Effective:
November 2, 1999
Latest Legislation:
House Bill 222 - 123rd General Assembly
Bonds purchased by the board of trustees of the Ohio police and fire pension fund from any taxing district of the state shall be in the denomination required by the board in its resolution of purchase, or the board may by its resolution require that all bonds of any series of bonds purchased by it from any taxing district of the state be consolidated and issued as one bond, the principal amount of which is equal to the aggregate amount of all the bonds of said series, which principal together with the interest thereon shall be paid in installments evidenced by and payable upon the surrender of combined principal and interest coupons attached thereto, which coupons shall each separately state the amounts of principal and interest included therein.
2023 Ohio Revised Code › Title 7 | Municipal Corporations › Chapter 742 | Police and Fire Pension Fund › Section 742.13 | Record of Proceedings Between Board and Taxing District.

Effective:
November 2, 1999
Latest Legislation:
House Bill 222 - 123rd General Assembly
The proper officers of each taxing district issuing the bonds provided for in section 742.12 of the Revised Code shall, without additional procedure or legislation on their part, comply with this section and with section 742.12 of the Revised Code, except that the proper accounting officers of such taxing district and the secretary of the sinking fund shall make and keep a detailed record of any such changes required by the board of trustees of the Ohio police and fire pension fund. The board shall not change the date of maturity of any part of the principal or interest of any bond issue, nor shall it require a bond of any issue to be of a larger denomination, nor any partial payment of principal to be of greater amount than the aggregate amount of such issue falling due at any date.
2023 Ohio Revised Code › Title 7 | Municipal Corporations › Chapter 742 | Police and Fire Pension Fund › Section 742.15 | Collecting and Retaining Data.

Effective:
November 2, 1999
Latest Legislation:
House Bill 222 - 123rd General Assembly
The board of trustees of the Ohio police and fire pension fund shall collect and keep in convenient form such data as are necessary for the preparation of the required mortality and service tables and for the compilation of such other information as is required for the actuarial evaluations provided for by section 742.14 of the Revised Code.
2023 Ohio Revised Code › Title 7 | Municipal Corporations › Chapter 742 | Police and Fire Pension Fund › Section 742.16 | Amortizing Unfunded Actuarial Accrued Pension Liability.

Effective:
January 7, 2013
Latest Legislation:
Senate Bill 340 - 129th General Assembly
The board of trustees of the Ohio police and fire pension fund shall establish a period of not more than thirty years to amortize the Ohio police and fire pension fund's unfunded actuarial accrued pension liabilities. The board shall adopt a plan that specifies how it proposes to meet the thirty-year amortization period not later than December 31, 2006. If the period necessary to amortize the unfunded actuarial accrued pension liability exceeds thirty years, as determined by the actuarial valuation required by section 742.14 of the Revised Code, the board, not later than ninety days after receipt of the valuation, shall prepare and submit to the Ohio retirement study council and the standing committees of the house of representatives and the senate with primary responsibility for retirement legislation a report that includes the following information:
(A) The number of years needed to amortize the unfunded actuarial accrued pension liability as determined by the actuarial valuation;
(B) A plan approved by the board that indicates how the board will reduce the amortization period of unfunded actuarial accrued pension liability to not more than thirty years;
(C) Whether the board has made any progress in meeting the thirty-year amortization period.
2023 Ohio Revised Code › Title 7 | Municipal Corporations › Chapter 742 | Police and Fire Pension Fund › Section 742.161 | Adjustment to Age and Years of Service Credit.

Effective:
June 24, 2013
Latest Legislation:
Senate Bill 340 - 129th General Assembly
Following the actuarial investigation required by division (B) of section 742.14 of the Revised Code due on November 1, 2017, and following each quinquennial actuarial investigation thereafter, if, in consultation with its actuary, the Ohio police and fire pension fund board of trustees determines that an adjustment to the age and years of service credit required to receive a pension or benefit under division (C) of section 742.37 of the Revised Code is appropriate, the board may, in accordance with rules adopted under section 742.10 of the Revised Code, do either of the following:
(A) If the board's determination is that increasing the age and years of service requirements is necessary to preserve the fiscal integrity of the fund, increase the age and years of service credit required to receive a pension or benefit;
(B) If the board's determination is that reducing the age and years of service requirements would not materially impair the fiscal integrity of the fund, reduce the age and years of service credit required to receive a pension or benefit.
2023 Ohio Revised Code › Title 7 | Municipal Corporations › Chapter 742 | Police and Fire Pension Fund › Section 742.17 | Form of Application or Election.

Effective:
April 6, 2017
Latest Legislation:
House Bill 520 - 131st General Assembly
An application or election made under this chapter shall be submitted to the Ohio police and fire pension fund in the form and manner specified by the fund. The fund shall determine whether an application or election is complete and properly submitted. Its determination is final.
If the fund determines that an application or election is incomplete or not properly submitted, it may give the person who submitted the application or election the opportunity to correct any deficiency or may reject the application or election and require that it be resubmitted. The fund shall give written notice of the rejection to the person who submitted the application or election.
2023 Ohio Revised Code › Title 7 | Municipal Corporations › Chapter 742 | Police and Fire Pension Fund › Section 742.211 | Transfers of Service Credit and Contributions Between System and Cincinnati Retirement System.

Effective:
April 1, 2001
Latest Legislation:
House Bill 535 - 123rd General Assembly
(A) Service credit and contributions for full-time service may be transferred between the fund and the Cincinnati retirement system as specified in sections 742.212 and 742.213 of the Revised Code if both of the following conditions are met:
(1) The Cincinnati city council and the board of trustees of the Cincinnati retirement system take all actions, including the adoption of any ordinance or resolution, necessary to authorize the transfer of service credit and contributions between the system and the fund.
(2) The Ohio police and fire pension fund and Cincinnati retirement system, through their boards of trustees, enter into an agreement governing the transfers that is consistent with the requirements of sections 742.212 and 742.213 of the Revised Code and includes both of the following:
(a) A provision under which the retirement system and the fund agree to transfer the amounts specified in those sections;
(b) A provision that specifies the amount of credit the system to which the transfer is made will grant for a specific period of service earned under the transferring system.
(B) The amount of credit specified under division (A)(2) of this section may be less than the person earned for a specific period of service under the transferring system.
(C)(1) The Ohio police and fire pension fund, through its board of trustees, and the Cincinnati retirement system, acting pursuant to the authority granted it by the Cincinnati city council, may do either of the following:
(a) By mutual consent, modify the agreement described in this section;
(b) Rescind the agreement described in this section.
(2) Any action taken under division (C)(1) of this section does not affect any transfers made between the fund and the system and grants of credit made by the fund or the system prior to the time action is taken.
(3) Rescinding an agreement as provided in division (C)(1)(b) of this section does not require mutual consent. The fund or retirement system that rescinds the agreement must promptly notify the other.
(D) If either of the conditions described in division (A) of this section is not met, a member of the Ohio police and fire pension fund who meets the requirements of section 742.21 of the Revised Code may purchase credit under division (B) of that section for service in the Cincinnati retirement system.
2023 Ohio Revised Code › Title 7 | Municipal Corporations › Chapter 742 | Police and Fire Pension Fund › Section 742.22 | Restoration to Active Duty After Receiving Disability Benefits.

Effective:
November 2, 1999
Latest Legislation:
House Bill 222 - 123rd General Assembly
A member of the fund who is receiving disability benefits from the Ohio police and fire pension fund and is restored to active duty as a member of a police or fire department shall, in computing years of service under section 742.37 or 742.39 of the Revised Code, be given service credit for the time the member was receiving such disability benefits.
On restoration to active duty as a member of a police or fire department, the member shall make contributions to the fund in accordance with section 742.31 of the Revised Code, and the member's disability benefits shall be terminated on the first day following restoration to active duty. In determining the amount of the member's account after the termination of disability benefits, the total sum of the disability benefits paid shall be deducted from any refund payable to the member under division (G) of section 742.37 of the Revised Code.
The employer shall notify the board of trustees of the Ohio police and fire pension fund of the member's return to active duty before the end of the month then current, designating the date of the resumption of active duty. If the member is paid any amount of disability benefits to which the member is not entitled under this section, such amount shall be repaid to the fund by the member or shall be recovered by a withholding from subsequent retirement allowances or other amounts payable under this chapter.
2023 Ohio Revised Code › Title 7 | Municipal Corporations › Chapter 742 | Police and Fire Pension Fund › Section 742.221 | Conditions for Receiving Credit for Time Spent on Pregnancy or Medical Disability Leave.

Effective:
March 24, 2003
Latest Legislation:
House Bill 373 - 124th General Assembly
A member of the Ohio police and fire pension fund who, during the period of employment as a member of a police or fire department, is removed from active pay status due to pregnancy or a medical disability leave not exceeding one year for each such leave and who is not a participant in the deferred retirement option plan established under section 742.43 of the Revised Code shall, in computing years of active service in such department under division (C) of section 742.37 or section 742.39 of the Revised Code, be given full credit for time for which contributions were not made during such leave of absence if all of the following conditions are met:
(A) The leave was approved by the member's employing authority.
(B) During the period of the leave the member was not entitled to receive disability benefits from the fund.
(C) The member pays into the fund an amount equal to the employee contributions that would have been deducted from the base pay had the member remained on active pay status, plus interest compounded annually from the date the leave commenced to the date of payment. The rate of interest shall be determined by the board of trustees of the Ohio police and fire pension fund.
2023 Ohio Revised Code › Title 7 | Municipal Corporations › Chapter 742 | Police and Fire Pension Fund › Section 742.23 | Municipal Police Department Employee Credit for Service in Fire Department.

Effective:
March 24, 2003
Latest Legislation:
House Bill 373 - 124th General Assembly
A member of the fund who is an employee of the police department of a municipal corporation, who has resigned or has been honorably discharged from membership in the fire department of the same municipal corporation, and who is not a participant in the deferred retirement option plan established under section 742.43 of the Revised Code shall, in computing years of service in the police department under section 742.37 or 742.39 of the Revised Code, be given full credit for time served in such fire department, provided the member has paid into the Ohio police and fire pension fund a sum equal to that which the member would have been required to pay, under former section 741.12 and section 742.31 of the Revised Code, as a member of such fire department during the years for which service credit is claimed had the member been contributing a percentage of the member's salary to a firemen's relief and pension fund or to the Ohio police and fire pension fund as provided by such sections during such years.
2023 Ohio Revised Code › Title 7 | Municipal Corporations › Chapter 742 | Police and Fire Pension Fund › Section 742.24 | Municipal Fire Department Employee Credit for Service in Police Department.

Effective:
March 24, 2003
Latest Legislation:
House Bill 373 - 124th General Assembly
A member of the fund who is an employee of the fire department of a municipal corporation, who has resigned or has been honorably discharged from membership in the police department of the same municipal corporation, and who is not a participant in the deferred retirement option plan established under section 742.43 of the Revised Code shall, in computing years of service in the fire department under section 742.37 or 742.39 of the Revised Code, be given full credit for the time served in such police department, provided the member has paid into the Ohio police and fire pension fund a sum equal to that which the member would have been required to pay, under former section 741.43 and section 742.31 of the Revised Code, as a member of such police department during the years for which service credit is claimed had the member been contributing a percentage of the member's salary to a police relief and pension fund or to the Ohio police and fire pension fund, as provided by such sections during such years.
2023 Ohio Revised Code › Title 7 | Municipal Corporations › Chapter 742 | Police and Fire Pension Fund › Section 742.25 | Member Credit for Service Credit in Former Pension Funds.

Effective:
November 2, 1999
Latest Legislation:
House Bill 222 - 123rd General Assembly
Each member of the fund, in computing years of service, shall be given credit for the service credit to which the member was entitled in a firemen's relief and pension fund, established pursuant to former section 521.02 or 741.02 of the Revised Code, or a police relief and pension fund, established pursuant to former section 741.32 of the Revised Code, on the date that the assets of the particular fund were transferred to the Ohio police and fire pension fund.
2023 Ohio Revised Code › Title 7 | Municipal Corporations › Chapter 742 | Police and Fire Pension Fund › Section 742.251 | Credit for Full Time Out-of-State or Federal Service.

Effective:
March 24, 2003
Latest Legislation:
House Bill 373 - 124th General Assembly
(A) A member of the Ohio police and fire pension fund who is not a participant in the deferred retirement option plan established under section 742.43 of the Revised Code, in computing years of active service under division (C) of section 742.37 or section 742.39 of the Revised Code, shall be given full credit for full-time out-of-state or federal service, other than military service, purchased under this section. A member may purchase credit for such service if all of the following conditions are met:
(1) The service was rendered as an employee of an entity of state or local government, or of an entity of the United States government;
(2) The member is eligible to retire under this chapter or will become eligible to retire as a result of purchasing the credit;
(3) The member agrees to retire within ninety days after receiving notice of the amount determined under division (B) of this section.
(B) On receipt of a request from a member eligible to purchase credit under this section, the fund shall obtain from its actuary certification of the amount of the additional liability to the fund for each year of credit the member is eligible to purchase and shall notify the member of that amount. For each year of credit purchased, the member shall pay to the fund an amount equal to the additional liability resulting from the purchase of credit for that year. Payment shall be made in full at the time of purchase.
(C) The number of years of service purchased under this section shall not exceed five.
(D) A member may not purchase credit under this section for service that is used in the calculation of any public or private retirement benefit, other than federal social security benefits, currently being paid or payable in the future to the member.
(E) If the member does not retire within ninety days after purchasing credit under this section, the fund shall withdraw the credit and refund the amount paid by the member.
2023 Ohio Revised Code › Title 7 | Municipal Corporations › Chapter 742 | Police and Fire Pension Fund › Section 742.27 | Purchasing Service Credit for Lay Off Period.

Effective:
March 24, 2003
Latest Legislation:
House Bill 373 - 124th General Assembly
(A) As used in this section, "lay off" means to cease to employ a person pursuant to sections 124.321 to 124.328 of the Revised Code or pursuant to any similar provisions that apply to the person under any of the following:
(1) A collective bargaining agreement entered into under Chapter 4117. of the Revised Code;
(2) Any ordinance, resolution, contract, agreement, policy, or procedure governing employment.
(B) A member of the Ohio police and fire pension fund who, during employment as a member of a police or fire department, is removed from active pay status by being laid off by the member's employer, shall, in computing years of active service under division (C) of section 742.37 or section 742.39 of the Revised Code, be given full credit for time for which contributions were not made during the period the member was laid off, if all of the following conditions are met:
(1) During the time the member was laid off, the member was not entitled to receive disability benefits from the fund.
(2) During the time the member was laid off, the member did not render any service that is used in the calculation of any public or private retirement benefit, except any federal social security retirement benefit, currently being paid or payable in the future to the member.
(3) The fund receives the amount determined under division (C) of this section from the member, the member's employer, or the member and the employer.
(4) At the time the fund receives the amount described in division (B)(3) of this section, the member is not a participant in the deferred retirement option plan established under section 742.43 of the Revised Code.
The total amount of service purchased by any member under this section shall not exceed two years. A member may choose to purchase only part of such credit in any one payment, subject to board rules.
(C) The amount paid for the credit purchased under this section shall be an amount equal to the additional liability to the fund resulting from the purchase of the credit, as determined by an actuary employed by the board of trustees of the fund.
(D) The board shall have final authority to determine and fix the amount of the payment for credit purchased under this section. The employer may pay all or part of the payment.
(E) The board shall adopt rules for the implementation of this section.
2023 Ohio Revised Code › Title 7 | Municipal Corporations › Chapter 742 | Police and Fire Pension Fund › Section 742.30 | Paying Employer's Accrued Liability.

Effective:
January 7, 2013
Latest Legislation:
Senate Bill 340 - 129th General Assembly
(A) The employer's accrued liability, as determined pursuant to former section 742.29 of the Revised Code, shall be paid to the Ohio police and fire pension fund. Payments shall be credited to the police officers' pension reserve fund, or to the firefighters' pension reserve fund, in accordance with the relief and pension fund from which the liability for such payment arises, until such time as the employer's accrued liability on account of pensioners and other benefit recipients on the rolls of the particular police relief and pension fund or firemen's relief and pension fund is satisfied. Thereafter, payments shall be credited to the police officers' contribution fund or the firefighters' contribution fund, in accordance with the relief and pension fund from which the liability for such payments arises, until such time as the employer's accrued liability on account of deductions made from the compensation of police officers or firefighters under the particular police relief and pension fund or firemen's relief and pension fund is satisfied. Thereafter, payments shall be credited to the police officer employers' contribution fund, or firefighter employers' contribution fund, in accordance with the relief and pension fund from which the liability for such payments arises, until such time as the employer's total accrued liability under the particular police relief and pension fund or firemen's relief and pension fund is satisfied.
(B) That part of the employer's accrued liability remaining unpaid on January 1, 1969, shall be paid by the employer at not less than the following rates per year: two per cent in 1969, two per cent in 1970, three per cent in 1971, four per cent in 1972, and five per cent per annum beginning in 1973 and each year thereafter for sixty-two years. Except as provided in division (C) of this section, payments shall be fixed annually and paid on dates fixed by the board of trustees of the Ohio police and fire pension fund.
(C) The board may enter into an agreement with a municipal corporation or township for a single payment by the municipal corporation or township of the employer's accrued liability. The agreement may provide for a reduction in the amount of the accrued liability based on the value to the fund of receiving a single payment. A municipal corporation or township that has made payment in accordance with such an agreement shall have no further obligation to make payments under this section.
(D) The board shall report every three years to the general assembly the condition of the retirement system, with particular emphasis upon the payment of the employer's accrued liability, and make such recommendations, upon the advice of its actuary, as it considers necessary for the proper funding of the liabilities.
2023 Ohio Revised Code › Title 7 | Municipal Corporations › Chapter 742 | Police and Fire Pension Fund › Section 742.301 | Penalty and Interest on Late Payment of an Employer's Accrued Liability.

Effective:
January 7, 2013
Latest Legislation:
Senate Bill 340 - 129th General Assembly
(A) Each employer shall promptly pay the amount due on the accrued liability on the dates fixed by the board of trustees of the Ohio police and fire pension fund. Upon certification by the board that payment of an employer's accrued liability has not been paid within thirty days following the date a payment is due, a penalty of five per cent of the amount due shall be assessed against such employer. If the payment and penalty have not been paid within ninety days following the date a payment is due, annual interest at six per cent shall be assessed against the payment and penalty from the date that the payment is due.
(B) Upon certification by the board to the superintendent of liquor control or the county auditor of an amount due from any employer who is subject to this chapter by reason of such employer's delinquency in making payments on the accrued liability, the amount due shall be withheld from the employer from liquor control permit fees to be distributed to that employer according to Chapter 4301. of the Revised Code or from the local government fund allocated for distribution to that employer by the county budget commission in accordance with Chapter 5739. of the Revised Code. Upon receipt of the certification from the board, the superintendent or county auditor shall provide for payment against such funds in favor of the Ohio police and fire pension fund for the certified amount due and any penalty and interest thereon.
(C) If the payments under divisions (A) and (B) of this section are insufficient to pay the Ohio police and fire pension fund any amounts due the fund from an employer, the fund may seek payment through the office of budget and management. On certification by the board to the director of budget and management of any such amount due, the director shall withhold from the employer any amount available, not to exceed the amount certified as due the fund, from any amounts under the director's control that are payable or due the employer. The director shall pay the amount withheld to the fund.
2023 Ohio Revised Code › Title 7 | Municipal Corporations › Chapter 742 | Police and Fire Pension Fund › Section 742.31 | Contribution by Employee; Adjustments by Board.

Effective:
June 24, 2013
Latest Legislation:
Senate Bill 340 - 129th General Assembly
(A) Except as provided in division (B) of this section, each employee shall contribute an amount equal to a percentage of the employee's salary to the Ohio police and fire pension fund according to the following schedule:
(1) For salary earned in pay periods beginning not later than July 1, 2013, ten per cent;
(2) For salary earned in pay periods beginning not earlier than July 2, 2013, but not later than July 1, 2014, ten and three-quarters per cent;
(3) For salary earned in pay periods beginning not earlier than July 2, 2014, but not later than July 1, 2015, eleven and one-half per cent;
(4) For salary earned in pay periods beginning not earlier than July 2, 2015, twelve and one-quarter per cent.
(B) Following the actuarial investigation required by division (B) of section 742.14 of the Revised Code due on November 1, 2017, and following each quinquennial actuarial investigation thereafter, if, in consultation with the board's actuary, the board determines that an adjustment to the contribution rate is appropriate, the board may, in accordance with rules adopted under section 742.10 of the Revised Code, do either of the following:
(1) If the board's determination is that an increase in the contribution rate is necessary to preserve the fiscal integrity of the fund, increase the contribution rate;
(2) If the board's determination is that a decrease in the contribution rate would not materially impair the fiscal integrity of the fund, decrease the contribution rate.
(C) The amount shall be deducted by the employer from the employee's salary as defined in division (L) of section 742.01 of the Revised Code for each payroll period, irrespective of whether the minimum compensation provided by law for the employee is reduced thereby. Every employee shall be deemed to consent to the deductions, and payment to the employee less the deductions is a complete discharge and acquittance of all claims and demands for the services rendered by the employee during the period covered by such payment.
2023 Ohio Revised Code › Title 7 | Municipal Corporations › Chapter 742 | Police and Fire Pension Fund › Section 742.311 | Annual Review of Adequacy of Contribution Rates.

Effective:
November 2, 1999
Latest Legislation:
House Bill 222 - 123rd General Assembly
(A) As used in this section, "entry age normal actuarial cost method" means an actuarial cost method under which the actuarial present value of the projected benefits of each individual included in the valuation is allocated on a level basis over the earnings or service of the individual between the entry age and the assumed exit age, with the portion of the actuarial present value that is allocated to the valuation year to be the normal cost and the portion of the actuarial present value not provided for at the valuation date by the actuarial present value of future normal costs to be the actuarial accrued liability. Under this method, the actuarial gains or losses are reflected as they occur in a decrease or increase in the unfunded actuarial accrued liability.
(B) The Ohio retirement study council shall annually review the adequacy of the contribution rates provided under sections 742.31, 742.33, and 742.34 of the Revised Code and the contribution rates recommended in a report by the actuary of the Ohio police and fire pension fund for the forthcoming year.
The actuarial calculations used by the actuary shall be based on the entry age normal actuarial cost method, and the adequacy of the contribution rates shall be reported on the basis of that method. The Ohio retirement study council shall make recommendations to the general assembly that it finds necessary for the proper financing of the benefits of the Ohio police and fire pension fund.