Ohio Code 742.31 – Contribution by employee; adjustments by board
(A) Except as provided in division (B) of this section, each employee shall contribute an amount equal to a percentage of the employee’s salary to the Ohio police and fire pension fund according to the following schedule:
Terms Used In Ohio Code 742.31
- Actuary: means an individual who satisfies all of the following requirements:
(1) Is a member of the American academy of actuaries;
(2) Is an associate or fellow of the society of actuaries;
(3) Has a minimum of five years' experience in providing actuarial services to public retirement plans. See Ohio Code 742.01
- Employee: means any person who is a member of a police department or a member of a fire department. See Ohio Code 742.01
- Employer: means the government entity by which an employee is employed and paid. See Ohio Code 742.01
- Salary: includes payments for overtime that are included in the payroll for the period in which the overtime is worked or the payroll for any period not later than sixty days after the overtime is worked. See Ohio Code 742.01
(1) For salary earned in pay periods beginning not later than July 1, 2013, ten per cent;
(2) For salary earned in pay periods beginning not earlier than July 2, 2013, but not later than July 1, 2014, ten and three-quarters per cent;
(3) For salary earned in pay periods beginning not earlier than July 2, 2014, but not later than July 1, 2015, eleven and one-half per cent;
(4) For salary earned in pay periods beginning not earlier than July 2, 2015, twelve and one-quarter per cent.
(B) Following the actuarial investigation required by division (B) of section 742.14 of the Revised Code due on November 1, 2017, and following each quinquennial actuarial investigation thereafter, if, in consultation with the board’s actuary, the board determines that an adjustment to the contribution rate is appropriate, the board may, in accordance with rules adopted under section 742.10 of the Revised Code, do either of the following:
(1) If the board’s determination is that an increase in the contribution rate is necessary to preserve the fiscal integrity of the fund, increase the contribution rate;
(2) If the board’s determination is that a decrease in the contribution rate would not materially impair the fiscal integrity of the fund, decrease the contribution rate.
(C) The amount shall be deducted by the employer from the employee’s salary as defined in division (L) of section 742.01 of the Revised Code for each payroll period, irrespective of whether the minimum compensation provided by law for the employee is reduced thereby. Every employee shall be deemed to consent to the deductions, and payment to the employee less the deductions is a complete discharge and acquittance of all claims and demands for the services rendered by the employee during the period covered by such payment.