OH HB311

Requires the State Teachers Retirement Board to have an actuary determine the five-year average percentage of electing employees' compensation contributed to the retirement system that was used to amortize unfunded actuarial accrued pension liabilities, within 90 days of the bill's effective date.

Directs the State Teachers Retirement System to use the actuary-determined percentage to calculate the contribution percentage that public institutions of higher education must deduct from electing employees' compensation.

Requires the retirement system to reduce the calculated percentage on a prorated basis each year over a 30-year period until the percentage is completely eliminated.