Ohio Revised Code
Chapter 5505 | Highway Patrol Retirement System
Section 5505.12 | Actuarial Valuation of Pension Assets, Liabilities, and Funding Requirements of State Highway Patrol Retirement System.

Effective: March 23, 2015
Latest Legislation: Senate Bill 42 - 130th General Assembly
(A) The state highway patrol retirement board shall have prepared annually by or under the supervision of an actuary an actuarial valuation of the pension assets, liabilities, and funding requirements of the state highway patrol retirement system as established pursuant to this chapter. The actuary shall complete the valuation in accordance with actuarial standards of practice promulgated by the actuarial standards board of the American academy of actuaries and prepare a report of the valuation. The report shall include all of the following:
(1) A summary of the benefit provisions evaluated;
(2) A summary of the census data and financial information used in the valuation;
(3) A description of the actuarial assumptions, actuarial cost method, and asset valuation method used in the valuation, including a statement of the assumed rate of payroll growth and assumed rate of growth or decline in the number of members contributing to the retirement system;
(4) A summary of findings that includes a statement of the actuarial accrued pension liabilities and unfunded actuarial accrued pension liabilities;
(5) A schedule showing the effect of any changes in the benefit provisions, actuarial assumptions, or cost methods since the last annual actuarial valuation;
(6) A statement of whether contributions to the retirement system are expected to be sufficient to satisfy the funding objectives established by the board.
The board shall submit the report to the Ohio retirement study council, the director of budget and management, and the standing committees of the house of representatives and the senate with primary responsibility for retirement legislation immediately upon its availability and not later than the first day of September following the year for which the valuation was made.
(B) At such times as the state highway patrol retirement board determines, and at least once in each five-year period, the board shall have prepared by or under the supervision of an actuary an actuarial investigation of the mortality, service, and other experience of the members, retirants, and beneficiaries to update the actuarial assumptions used in the actuarial valuation required by division (A) of this section. The actuary shall prepare a report of the actuarial investigation. The report shall be prepared and any recommended changes in actuarial assumptions shall be made in accordance with the actuarial standards of practice promulgated by the actuarial standards board of the American academy of actuaries. The report shall include all of the following:
(1) A summary of relevant decrement and economic assumption experience observed over the period of the investigation;
(2) Recommended changes in actuarial assumptions to be used in subsequent actuarial valuations required by division (A) of this section;
(3) A measurement of the financial effect of the recommended changes in actuarial assumptions;
(4) If the investigation required by this division includes the investigation required by division (F) of this section, a report of the result of that investigation.
The board shall submit the report to the Ohio retirement study council and the standing committees of the house of representatives and the senate with primary responsibility for retirement legislation not later than the first day of November following the last fiscal year of the period the report covers.
(C) The board may at any time request the actuary to make any studies or actuarial valuations to determine the adequacy of the rates of contributions provided by section 5505.15 of the Revised Code.
(D) The board shall have prepared by or under the supervision of an actuary an actuarial analysis of any introduced legislation expected to have a measurable financial impact on the retirement system. The actuarial analysis shall be completed in accordance with the actuarial standards of practice promulgated by the actuarial standards board of the American academy of actuaries. The actuary shall prepare a report of the actuarial analysis, which shall include all of the following:
(1) A summary of the statutory changes that are being evaluated;
(2) A description of or reference to the actuarial assumptions and actuarial cost method used in the report;
(3) A description of the participant group or groups included in the report;
(4) A statement of the financial impact of the legislation, including the resulting increase, if any, in the employer normal cost percentage; the increase, if any, in actuarial accrued liabilities; and the per cent of payroll that would be required to amortize the increase in actuarial accrued liabilities as a level per cent of covered payroll for all active members over a period not to exceed thirty years;
(5) A statement of whether the scheduled contributions to the system after the proposed change is enacted are expected to be sufficient to satisfy the funding objectives established by the board.
Not later than sixty days from the date of introduction of the legislation, the board shall submit a copy of the actuarial analysis to the legislative service commission, the standing committees of the house of representatives and the senate with primary responsibility for retirement legislation, and the Ohio retirement study council.
(E) The board shall have prepared annually a report giving a full accounting of the revenues and costs relating to the provision of benefits under section 5505.28 of the Revised Code. The report shall be made not later than the thirty-first day of December of each year. The report shall include the following:
(1) A description of the statutory authority for the benefits provided;
(2) A summary of the benefits;
(3) A summary of the eligibility requirements for the benefits;
(4) A statement of the number of participants eligible for the benefits;
(5) A description of the accounting, asset valuation, and funding method used to provide the benefits;
(6) A statement of the net assets available for the provision of the benefits as of the last day of the fiscal year;
(7) A statement of any changes in the net assets available for the provision of benefits, including participant and employer contributions, net investment income, administrative expenses, and benefits provided to participants, as of the last day of the fiscal year;
(8) For the last six consecutive fiscal years, a schedule of the net assets available for the benefits, the annual cost of benefits, administrative expenses incurred, and annual employer contributions allocated for the provision of benefits;
(9) A description of any significant changes that affect the comparability of the report required under this division;
(10) A statement of the amount paid under division (B) of section 5505.28 of the Revised Code.
The board shall submit the report to the Ohio retirement study council, the director of budget and management, and the standing committees of the house of representatives and the senate with primary responsibility for retirement legislation immediately upon its availability and not later than the thirtieth day of June following the year for which the report was made.
(F) At least once in each five-year period, the board shall have prepared by or under the supervision of an actuary an actuarial investigation of the deferred retirement option plan established under section 5505.50 of the Revised Code. The investigation shall include an examination of the financial impact, if any, on the retirement system of offering the plan to members.
The actuary shall prepare a report of the actuarial investigation. The report shall include a determination of whether the plan, as established or modified, has a negative financial impact on the retirement system and, if so, recommendations on how to modify the plan to eliminate the negative financial impact. If the actuarial report indicates that the plan has a negative financial impact on the retirement system, the board shall modify the plan. If the board modifies the plan, the rights and obligations of members who have already elected to participate shall not be altered.
The state's contributions to the employer accumulation fund shall not be increased to offset any negative financial impact of the deferred retirement option plan.
The board may include the actuarial investigation required under this division as part of the actuarial investigation required under division (B) of this section. If the report of the actuarial investigation required by this division is not included in the report required by division (B) of this section, the board shall submit the report required by this division to the Ohio retirement study council and the standing committees of the house of representatives and the senate with primary responsibility for retirement legislation not later than the first day of November following the last fiscal year of the period the report covers.

Structure Ohio Revised Code

Ohio Revised Code

Title 55 | Roads-Highways-Bridges

Chapter 5505 | Highway Patrol Retirement System

Section 5505.01 | Highway Patrol Retirement System Definitions.

Section 5505.02 | State Highway Patrol Pension Fund Established - Membership Mandatory.

Section 5505.03 | Creation of Funds.

Section 5505.04 | State Highway Patrol Retirement Board Organization and Rules.

Section 5505.041 | Election to Board - Retirant Member Eligibility - Terms.

Section 5505.042 | Filing of Vacancies by Election.

Section 5505.043 | Election Not Required Where Candidate Unopposed.

Section 5505.044 | Candidate Campaign Finance Statements - Donor Statement of Independent Expenditures.

Section 5505.045 | Filing of Statements - Prohibited Campaign Activities.

Section 5505.046 | Complaint Alleging Violation of Rc 5505.045 - Procedure - Fine.

Section 5505.047 | Adoption of Election Rules - Certification of Nominating Petitions and Election Results.

Section 5505.048 | Disqualification of Convicted Member - Misconduct in Office - Removal Procedure.

Section 5505.049 | Members With Excessive Travel Expenses Ineligible for Another Term.

Section 5505.05 | Oath - Expenses - Liability Insurance.

Section 5505.06 | Investment and Fiduciary Duties of State Highway Patrol Retirement Board.

Section 5505.061 | Transactions Prohibited.

Section 5505.062 | Travel Expense Policies - Bonus Policy - Budget.

Section 5505.063 | Ethics Policy - Commission Approval - Ethics Training.

Section 5505.064 | Orientation Program Required for New Members - Continuing Education.

Section 5505.065 | Chief Investment Officer - Supervision Duties - Monitoring of Securities Transactions.

Section 5505.068 | Designation of Ohio-Qualified Agents - Selection Policy - Utilization - Annual Report.

Section 5505.069 | Annual Disclosures to Ohio Ethics Commission.

Section 5505.0610 | Designation of Ohio-Qualified Investment Managers - Utilization - Annual Report.

Section 5505.07 | Secretary, Actuary, and Employees - Compensation and Expenses.

Section 5505.08 | No Participation by Trustees.

Section 5505.09 | Bonds of Taxing Districts May Be Offered to Board.

Section 5505.10 | Deposit and Security.

Section 5505.11 | Treasurer of State Is Treasurer of State Highway Patrol Retirement System.

Section 5505.111 | Selection of Internal Auditor.

Section 5505.112 | Actions Against Highway Patrol Retirement System, the Board, Its Officers, Employees, or Board Members; Venue.

Section 5505.12 | Actuarial Valuation of Pension Assets, Liabilities, and Funding Requirements of State Highway Patrol Retirement System.

Section 5505.121 | Amortizing State Highway Patrol Retirement System's Unfunded Actuarial Accrued Pension Liabilities.

Section 5505.122 | Format for Report to Retirement Study Council.

Section 5505.14 | Certificate of Prior Service.

Section 5505.15 | Employer Contribution.

Section 5505.151 | Contributions for Time Off While on Disability Leave.

Section 5505.152 | Annual Review of Adequacy of Contributions Rates.

Section 5505.16 | Application for Retirement.

Section 5505.161 | Retirant Re-Employed in Other State Retirement System.

Section 5505.162 | Election of Type of Pension.

Section 5505.163 | Election by Retirant Prior to 9-21-94.

Section 5505.17 | Pension and Benefits Upon Retirement.

Section 5505.171 | Additional Monthly Payments and Benefits.

Section 5505.172 | Additional Monthly Payments Eligibility on or After 7-1-68 and Prior to 7-1-71.

Section 5505.173 | Increase in Monthly Pension, Allowance or Benefit Effective 7-1-81.

Section 5505.174 | Eligibility for Cost-of-Living Increase.

Section 5505.175 | Increase in Benefit or Allowance When Irc 415 Limits Increased.

Section 5505.176 | Increase in Pension for Certain Retirees Prior to 9-16-98.

Section 5505.177 | Qualified Governmental Excess Benefit Arrangement Maintained and Established.

Section 5505.178 | Pensions Paid in Equal Monthly Installments.

Section 5505.18 | Disability Retirement.

Section 5505.181 | Annual Report Disability Retirement Experience of Each Employer.

Section 5505.19 | Cessation of Membership - Disposition of Accumulations.

Section 5505.20 | Restoration of Membership.

Section 5505.201 | Full Credit for Time Served as Police Officer or Firefighter.

Section 5505.203 | Payroll Deduction Plan for Payments for Service Credits.

Section 5505.21 | Distribution of Accumulated Contributions When No Pension Payable.

Section 5505.22 | Pension and Accumulated Contributions Exempt From Tax.

Section 5505.23 | Legal Adviser.

Section 5505.25 | Purchase Service Credit for Military Service.

Section 5505.26 | Restitution Order Based on Theft in Office or Certain Sex Offenses.

Section 5505.261 | Order for Division of Marital Property.

Section 5505.262 | Forfeiture of Retirement Benefits Under Rc 2929.192.

Section 5505.263 | Benefits Subject to Termination.

Section 5505.27 | Payments From State Treasury.

Section 5505.28 | Health Insurance.

Section 5505.281 | Additional Deposits to Fund Medical Expenses.

Section 5505.29 | Refunding Cost of Restored Service Credit.

Section 5505.30 | Lump Sum Death Benefit Payment.

Section 5505.33 | Long-Term Care Insurance Programs.

Section 5505.34 | Recovering Erroneous Payments.

Section 5505.35 | Authorized Deductions.

Section 5505.40 | Full Credit for Service Credit Earned for Full-Time Service as Member of Non-Uniform System.

Section 5505.401 | Transfers of Service Credit and Contributions Between System and Cincinnati Retirement System.

Section 5505.402 | Eligibility for Credit for Service in Cincinnati Retirement System.

Section 5505.403 | Transferring Contributions to Cincinnati Retirement System.

Section 5505.41 | Transferring Contributions on Deposit From Non-Uniform Retirement System.

Section 5505.50 | Deferred Retirement Option Plan.

Section 5505.51 | Participation in Deferred Retirement Plan - Election Procedure.

Section 5505.52 | Plan Members Ineligible for Service Credit or Health Benefits.

Section 5505.53 | Determination of Plan Member's Pension Amount.

Section 5505.54 | Accrual of Plan Member's Pension and Contributions.

Section 5505.55 | Events Terminating Member's Participation in Plan.

Section 5505.56 | Notice of Termination of Active Service - Distribution of Accrued Amount.

Section 5505.57 | Method and Timing of Distribution of Accrued Amount.

Section 5505.58 | Plan Member Qualifying for Disability Retirement.

Section 5505.59 | Plan Member Dying While Participant - Distribution of Benefits.

Section 5505.99 | Penalty.