Ohio Code 3307.28 – Employer contribution
Each employer shall pay to the state teachers retirement system an amount which shall be a certain per cent of the earnable compensation of all members, and which shall be known as the “employer contribution.” Each employer shall remit the employer contribution at intervals required by the state teachers retirement system. For members participating in the STRS defined benefit plan, the employer contribution shall be deposited into the employers’ trust fund. For members participating in an STRS defined contribution plan, the employer contribution shall be deposited into the defined contribution fund in accordance with the plan selected by the member, less the amount transferred under section 3307.84 of the Revised Code.
Terms Used In Ohio Code 3307.28
- Actuary: means an actuarial professional contracted with or employed by the state teachers retirement board, who shall be either of the following:
(1) A member of the American academy of actuaries;
(2) A firm, partnership, or corporation of which at least one person is a member of the American academy of actuaries. See Ohio Code 3307.01
- compensation: includes amounts paid by an employer as a retroactive payment of earnings, damages, or back pay pursuant to a court order, court-adopted settlement agreement, or other settlement agreement if the retirement system receives both of the following:
(i) Teacher and employer contributions under sections 3307. See Ohio Code 3307.01
- Employer: means the board of education, school district, governing authority of any community school established under Chapter 3314 of the Revised Code, a science, technology, engineering, and mathematics school established under Chapter 3326 of the Revised Code, college, university, institution, or other agency within the state by which a teacher is employed and paid. See Ohio Code 3307.01
- Employer contribution: means the amount paid by an employer, as determined by the employer rate, including the normal and deficiency rates, contributions, and funds wherever used in this chapter. See Ohio Code 3307.01
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Member: means any person included in the membership of the state teachers retirement system, which shall consist of all teachers and contributors as defined in divisions (B) and (D) of this section and all disability benefit recipients, as defined in section 3307. See Ohio Code 3307.01
- state: means the state of Ohio. See Ohio Code 1.59
- STRS defined benefit plan: means the plan described in sections 3307. See Ohio Code 3307.01
- STRS defined contribution plan: means the plans established under section 3307. See Ohio Code 3307.01
The rate per cent of the contribution shall be determined by the actuary on the basis of the actuary’s evaluation of the liabilities of the system, not to exceed fourteen per cent, and shall be approved by the state teachers retirement board. The board may raise the rate per cent of the contribution to fourteen per cent of the earnable compensation of all members. In making such evaluation, the actuary shall use, as the actuarial assumptions, such interest rates and mortality and other tables as are adopted by the board. The actuary shall compute the percentage of such earnable compensation, to be known as the “employer rate,” required annually to fund the liability for all benefits under the STRS defined benefit plan, after deducting therefrom the benefits provided by the member’s accumulated contributions, as defined in section 3307.50 of the Revised Code, deposits, and other appropriations, and to fund any deficiencies in the funds described in divisions (A) to (F) of section 3307.14 of the Revised Code.