OH HB388

Suspends retirement benefit payments for retirees of Ohio's public retirement systems (PERS, OPFPF, STRS, SERS) when they return to public employment, with benefits resuming after employment ends.

Requires retirement allowances to be placed in a suspended account from the first day of the month following employment commencement through the first day of the month following employment termination.

Provides retirees with a supplemental monthly annuity or lump sum payment based on contributions made during the period of re-employment, with payment options including single life annuity or survivor benefit arrangements.

Removes prior provisions that forfeited benefits for retirees employed within two months of retirement and eliminates cross-system benefit forfeitures between different state retirement systems.

Creates new sections (145.386, 742.261, 3307.354, 3309.346) detailing annuity payment calculations and benefit structures for retirees receiving supplemental payments from re-employment contributions.