OH HB601

Increases employer contribution rates for both State Teachers Retirement System (STRS) and School Employees Retirement System (SERS) from 14% to 18% of earnable compensation, phased in by 0.5% annually from July 2023 through July 2030

Eliminates the age 60 requirement for STRS members with 35+ years of service credit to retire on or after August 1, 2023, allowing retirement at any age with 35 years of service

Establishes a minimum 1% cost-of-living adjustment (COLA) for STRS retirees on the first $30,000 of annual benefits beginning July 1, 2023, which the board cannot reduce below this floor

Caps the 2% COLA for STRS benefits at the first $30,000 of annual allowance starting July 1, 2023, with board discretion to provide increases on amounts exceeding $30,000