OH HB512

Increases police officer employer contributions to the Ohio Police and Fire Pension Fund on a phased schedule from 19.5% of salaries (before December 31, 2022) to 26.5% (January 1, 2027 and after)

Increases firefighter employer contributions on a phased schedule from 24% of salaries (before December 31, 2022) to 26.5% (January 1, 2027 and after)

Intermediate contribution rates for both groups increase incrementally each year from 2023 through 2026

Contributions are paid monthly by employers from general funds or municipal levies authorized under state law

Repeals existing sections 742.33 and 742.34 of the Revised Code