Ohio Code 5505.121 – Amortizing state highway patrol retirement system’s unfunded actuarial accrued pension liabilities
The state highway patrol retirement board shall establish a period of not more than thirty years to amortize the state highway patrol retirement system‘s unfunded actuarial accrued pension liabilities. 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 5505.12 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 commission 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 5505.121
- Amortization: Paying off a loan by regular installments.
- board: means the state highway patrol retirement board provided for in the plan. See Ohio Code 5505.01
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Pension: means an annual amount payable by the retirement system throughout the life of a person or as otherwise provided in the plan. See Ohio Code 5505.01
- Plan: means the provisions of this chapter. See Ohio Code 5505.01
- Retirement: means retirement as provided in sections 5505. See Ohio Code 5505.01
- state: means the state of Ohio. See Ohio Code 1.59
- system: means the state highway patrol retirement system created and established in the plan. See Ohio Code 5505.01
(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.