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OH SB280
Bill
Status
1/12/2022
Primary Sponsor
Teresa Fedor
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AI Summary
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Amends section 3307.67 of the Revised Code regarding State Teachers Retirement System (STRS) cost-of-living adjustments to retirement benefits.
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Maintains existing annual increases of 3% through July 31, 2013, and 2% on and after August 1, 2013, for STRS defined benefit plan allowances and benefits.
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Until June 30, 2022, allows the State Teachers Retirement Board to adjust increases downward if the board's actuary determines the adjustment does not materially impair or is necessary to preserve the fiscal integrity of the retirement system.
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Beginning July 1, 2022, allows the board to adjust increases upward beyond the required 2% if the board's actuary determines the adjustment does not materially impair the fiscal integrity of the retirement system.
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Repeals existing section 3307.67 and requires the board to adopt rules necessary to carry out the amended provisions.
Legislative Description
Regards cost of living adjustments by State Teachers Retirement Board
State and Local Government : Public Officials and Employees
Last Action
Refer to Committee: Insurance
1/26/2022