H.B. 310 - Military Service Credit Purchase Summary

• Amends Ohio Revised Code sections regarding State Teachers Retirement System (STRS) members' purchases of military service credit.

• Exempts military service credit purchases under section 3307.751 from the 100% actuarial liability payment requirement that applies to other service credit purchases made after January 1, 2014.

• Requires STRS members purchasing military service credit to pay only the sum of employee and employer contributions that would have been made if the member had been actively teaching during the military service period, with no additional actuarial liability charges.

• Prohibits the board from requiring members to pay interest or any amount beyond the required contributions to purchase military service credit under section 3307.751.

• Allows members who previously purchased military service credit before October 29, 1996, to request refunds if eligible under current rules, provided they pay required contributions for the new credit option.