OH HB413

Creates new section 145.018 granting full year of service credit to county board of developmental disabilities employees in positions that would be covered by school teacher retirement if employed by a public employer, provided they work full-time for at least nine months per year.

Enacts section 145.321 establishing one-time cost-of-living increases effective January 1, 2019, for PERS benefit recipients whose benefits became effective on or before December 31, 1980, with percentage increases ranging from 0.0% (for 1969 and earlier) to 8.8% (for 1979) based on the calendar year the benefit became effective.

Amends section 145.323 to change the maximum cost-of-living adjustment cap from three percent to two and one-half percent for benefits granted after the amendment, while maintaining three percent increases for benefits granted in calendar years 2010-2012 through 2020.

Increases the waiting period for first cost-of-living adjustment from twelve to twenty-four months for benefits effective on or after January 1, 2019.

Restricts additional cost-of-living increases when the system's unfunded actuarial accrued pension liability amortization period equals or exceeds thirty years.