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OH HB146

Bill

Official Source

Status

Introduced

4/4/2023

Primary Sponsor

Adam Bird

Click for details

Origin

House of Representatives

135th General Assembly (2023-2024)

AI Summary

  • Enacts section 3309.363 of the Revised Code to establish a contribution based benefit cap (CBBC) for School Employees Retirement System members' retirement benefits.

  • School Employees Retirement Board shall designate a CBBC factor based on advice from an appointed actuary and may revise the factor periodically.

  • Board must calculate the member's CBBC by determining accumulated contributions, converting to a single life annuity adjusted for member's age at retirement, then multiplying by the CBBC factor.

  • If a member's calculated retirement allowance exceeds their CBBC, the board shall reduce the allowance to equal the CBBC amount.

  • The reduced retirement allowance becomes the member's single lifetime allowance for purposes of existing retirement code sections; effective August 1, 2024.

Legislative Description

Establish a SERS contribution based benefit cap

State and Local Government : Public Officials and Employees

Last Action

Reported: Pensions

5/22/2023

Committee Referrals

Pensions4/18/2023

Full Bill Text

No bill text available