H.B. No. 94 Summary

• Amends Ohio Revised Code section 145.295 to modify conditions for Public Employees Retirement System (PERS) members to transfer or purchase military and uniformed retirement system service credit.

• Removes requirement that PERS member's existing service credit must exceed the amount of credit being transferred and eliminates separate eligibility requirement, consolidating conditions into three requirements instead of four.

• Requires members to agree to retire or accept disability benefits within 90 days of receiving notice that credit has been obtained, with automatic refund if member fails to do so or if disability application is denied.

• Allows members to purchase only partial credit they are eligible for, subject to Public Employees Retirement Board rules, and prohibits purchasing credit for service already used in other retirement programs.

• Specifies that interest on transferred amounts shall be calculated separately for each year at the lesser of the actuarial assumption rates for PERS or the uniform retirement system where credit was earned, compounded annually.