H.B. No. 492 Summary

• Establishes a deferred retirement option plan (DROP) for PERS law enforcement officers who are eligible to retire under section 145.332 of the Revised Code

• Participating officers continue working but do not accrue additional service credit; their retirement allowance accrues monthly to a benefit account with annual interest

• Officers must terminate active service and begin receiving retirement benefits within 8 years of electing to participate; those who fail to comply will have their service terminated by the board

• Upon ceasing participation, officers receive accrued benefits through a distribution method compliant with federal IRC Section 401(a); officers younger than 52 cannot access benefits for 4 years, while those 52+ cannot access for 3 years

• Includes technical amendments to sections governing actuarial valuations, fund management, disability benefits, retirement payment plans, and public safety officers death benefits