SB 343 Summary

• Restructures retirement eligibility for PERS members with new tiered age and service credit requirements, replacing the previous 145.33 framework with the new section 145.332 that maintains different tiers based on when members would have become eligible

• Changes final average salary calculations from a three-year average to options based on either three or five years of highest earnable salary, depending on member eligibility tier

• Establishes a Contribution Based Benefit Cap (CBBC) that limits retirement allowances based on member contributions with interest, preventing allowances from exceeding certain thresholds except for members grandfathered under prior eligibility rules

• Requires members who commit felonies causing disability to forfeit disability benefits under the new section 2929.194, and creates criminal penalties for false statements regarding retirement benefits under section 2921.13

• Modifies cost calculation methods for service credit purchases to use actuarial liability determinations rather than formulas, and allows six-month transition period for members to initiate purchases under prior cost structures