Ohio Code 3307.512 – Amortizing unfunded actuarial accrued pension liability
The state teachers retirement board shall establish a period of not more than thirty years to amortize the state teachers retirement system’s unfunded actuarial accrued pension liabilities for benefits paid under the STRS defined benefit plan. If in any year the period necessary to amortize the unfunded actuarial accrued pension liability exceeds thirty years, as determined by the annual actuarial valuation required by section 3307.51 of the Revised Code, the board, not later than ninety days after receipt of the valuation, shall prepare and submit to the Ohio retirement study council and the standing committees of the house of representatives and the senate with primary responsibility for retirement legislation a report that includes the following information:
Terms Used In Ohio Code 3307.512
- Amortization: Paying off a loan by regular installments.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- state: means the state of Ohio. See Ohio Code 1.59
- Year: means the year beginning the first day of July and ending with the thirtieth day of June next following, except that for the purpose of determining final average salary under the plan described in sections 3307. See Ohio Code 3307.01
(A) The number of years needed to amortize the unfunded actuarial accrued pension liability as determined by the annual actuarial valuation;
(B) A plan approved by the board that indicates how the board will reduce the amortization period of unfunded actuarial accrued pension liability to not more than thirty years.