OH SB194

Increases employer contribution percentages to the Ohio Police and Fire Pension Fund for full-time municipal police officers, phased in over three years starting June 29, 2024.

Contribution rates by pay period: 19.5% (before June 29, 2024); 21% (June 30, 2024-June 29, 2025); 22% (June 30, 2025-June 29, 2026); 23% (June 30, 2026-June 29, 2027); 24% (June 30, 2027 and later).

Employers must pay contributions monthly from general funds or from levies authorized under Ohio Revised Code sections 5705.19(J), (W), or (JJ).

Municipal corporations with police relief and pension funds on October 1, 1965 must levy a three-tenths mill tax, with revenues first applied to current police officer employer contributions, then accrued liabilities for former funds, then operating expenses.

Repeals existing section 742.33 of the Revised Code.