OH HB73

Establishes a Deferred Retirement Option Plan (DROP) for PERS law enforcement officers who are eligible for retirement under section 145.332, allowing them to continue working for up to 8 years while their retirement benefits accrue with interest

Officers must agree to terminate active service within 8 years of electing to participate; during participation, they continue contributing to PERS but do not earn additional service credit or qualify for health benefits under section 145.58

Requires officers younger than 52 at election to complete 4 years of participation, and officers 52 or older to complete 3 years, to receive full accrued benefits including interest; early termination results in forfeiture of credited interest

Provides options for officers who become disabled while participating, allowing those with line-of-duty injuries to choose between their DROP benefits or standard disability benefits; non-line-of-duty disabilities receive only DROP benefits

Requires the Public Employees Retirement Board to conduct actuarial investigations of the DROP at least every 5 years and modify the plan if it has a negative financial impact on the retirement system, without increasing employer contributions