OH SB341

Revises retirement eligibility requirements, creating two tiers: members with 25+ years of service credit by August 1, 2017 can retire under prior rules; members with less than 25 years must meet new age and service requirements (age 62 with 10 years, age 60 with 25 years, or age 57 with 30 years of service).

Eliminates the commuted service retirement option (former section 3309.38) and adjusts disability benefit provisions, including new requirements for disability benefit recipients to apply for Social Security disability insurance.

Establishes penalties for employer failures: $100 per day for late contribution transmissions (capped at various limits depending on violation type) and creates procedures for the board to collect delinquent employer payments.

Restructures the School Employees Retirement Board composition and governance, including clarified board member appointment and election procedures, director and officer selection processes, and updated education/orientation requirements.

Modifies health care benefit eligibility and administration, removing restrictions on coverage and allowing the board discretion to establish health care programs for retirants, disability recipients, and beneficiaries with board-determined eligibility criteria.