OH SB347

Establishes a contribution based benefit cap (CBBC) for School Employees Retirement System member retirement benefits, which limits the maximum retirement allowance a member may receive.

Requires the retirement board to designate a CBBC factor based on advice from an appointed actuary, with authority to revise the factor periodically.

Mandates the board calculate each member's CBBC by determining accumulated contributions, converting to a single life annuity adjusted for retirement age, and multiplying by the CBBC factor.

Requires the board to reduce any retirement allowance that exceeds the member's calculated CBBC to an amount equal to the CBBC, with the reduced amount becoming the member's single lifetime allowance.

Takes effect August 1, 2023.