H.B. 562 Summary

• Amends section 3307.67 of the Revised Code regarding cost-of-living adjustments for the State Teachers Retirement System (STRS) defined benefit plan.

• Maintains the current annual increase structure: 3% through July 31, 2013, and 2% on and after August 1, 2013.

• Beginning July 1, 2022, allows the STRS board to increase benefits above the standard 2% rate if the board's actuary determines the adjustment does not materially impair the system's fiscal integrity.

• Until June 30, 2022, the board may adjust increases downward if necessary to preserve fiscal integrity based on annual actuarial valuations.

• Requires the board to adopt rules necessary to implement these cost-of-living adjustment provisions.