OH SB340

Changes actuarial valuations from annual to triennial (every three years), with first triennial report due November 1, 2013

Increases employee contribution rates in phases from 10% to 12.25% of salary between July 2013 and July 2015, with board authority to adjust rates after quinquennial actuarial reviews

Modifies retirement eligibility for members joining on or after July 2, 2013, from age 48 to age 52 with 25 years of service credit, with actuarial equivalent reduction for early retirement at age 48

Changes employer contribution payment frequency from quarterly to monthly, effective 91 days after enactment

Implements salary benchmarking for members with 15+ years of service credit as of July 1, 2013, capping pensionable salary increases at 110% multiplied three times consecutively