Effective: March 22, 2019
Latest Legislation: House Bill 572 - 132nd General Assembly
(A) As used in this section and in sections 742.04 and 742.05 of the Revised Code:
(1) "Police officer" means a member of the fund who is or has been an employee of a police department and is not a police retirant.
(2) "Firefighter" means a member of the fund who is or has been an employee of a fire department and is not a firefighter retirant.
(3) "Firefighter retirant" means a member of the fund who is receiving an age and service or disability benefit as a result of service in a fire department or a surviving spouse of a deceased member who is receiving a benefit as a result of the deceased member's service in a fire department. "Firefighter retirant" does not include a member of the fund who is participating in the deferred retirement option plan established under section 742.43 of the Revised Code.
(4) "Police retirant" means a member of the fund who is receiving an age and service or disability benefit as a result of service in a police department or a surviving spouse of a deceased member who is receiving a benefit as a result of the deceased member's service in a police department. "Police retirant" does not include a member of the fund who is participating in the deferred retirement option plan established under section 742.43 of the Revised Code.
(B) The administration, control, and management of the Ohio police and fire pension fund, created under section 742.02 of the Revised Code, is vested in a board of trustees of the Ohio police and fire pension fund, which shall consist of the following members:
(1) One member, known as the treasurer of state's investment designee, who shall be appointed by the treasurer of state for a term of four years and have the following qualifications:
(a) The member is a resident of this state.
(b) Within the three years immediately preceding the appointment, the member has not been employed by the public employees retirement system, police and fire pension fund, state teachers retirement system, school employees retirement system, or state highway patrol retirement system or by any person, partnership, or corporation that has provided to one of those retirement systems services of a financial or investment nature, including management, analysis, supervision, or investment of assets.
(c) The member has direct experience in the management, analysis, supervision, or investment of assets.
(d) The member is not currently employed by the state or a political subdivision of the state.
(2) Two members, known as the investment expert members, who shall be appointed for four-year terms. One investment expert member shall be appointed by the governor, and one investment expert member shall be jointly appointed by the speaker of the house of representatives and the president of the senate. Each investment expert member shall have the following qualifications:
(a) Each member shall be a resident of this state.
(b) Within the three years immediately preceding the appointment, each member shall not have been employed by the public employees retirement system, police and fire pension fund, state teachers retirement system, school employees retirement system, or state highway patrol retirement system or by any person, partnership, or corporation that has provided to one of those retirement systems services of a financial or investment nature, including the management, analysis, supervision, or investment of assets.
(c) Each member shall have direct experience in the management, analysis, supervision, or investment of assets.
(3) Four members known as employee members.
Two employee members shall be police officers elected by police officers. Two employee members shall be firefighters elected by firefighters. Employee members of the board shall be elected for terms of four years as provided by section 742.04 of the Revised Code.
(4) One member known as the firefighter retirant member, who shall be a resident of this state elected by the firefighter retirants. The firefighter retirant member shall be elected for a term of four years as provided by section 742.04 of the Revised Code.
(5) One member known as the police retirant member, who shall be a resident of this state elected by the police retirants. The police retirant member shall be elected for a term of four years as provided by section 742.04 of the Revised Code.
(C) No employee member of the board who retires while a member of the board shall be eligible to become a retirant member for three years after the date of the member's retirement.
(D) Any member appointed under this section, including a member appointed to fill a vacancy occurring prior to the expiration of the term for which the member's predecessor was appointed, holds office until the end of the term for which the member is appointed. The member continues in office subsequent to the expiration date of the member's term until the member's successor takes office.
Structure Ohio Revised Code
Title 7 | Municipal Corporations
Chapter 742 | Police and Fire Pension Fund
Section 742.01 | Police and Fire Pension Fund Definitions.
Section 742.013 | Definitions for "Terminal Pay" and "Salary".
Section 742.02 | Creation and Purpose of Fund.
Section 742.03 | Board of Trustees to Administer and Control Fund.
Section 742.031 | Orientation Program Required for New Members - Continuing Education.
Section 742.032 | Members With Excessive Travel Expenses Ineligible for Another Term.
Section 742.041 | No Election if Only One Candidate Nominated.
Section 742.043 | Filing of Statements - Prohibited Campaign Activities.
Section 742.044 | Complaint Alleging Violation of Rc 742.043 - Procedure - Fine.
Section 742.046 | Disqualification of Convicted Member - Misconduct in Office - Removal Procedure.
Section 742.05 | Vacancy on Board of Trustees.
Section 742.06 | Oath or Affirmation of Office.
Section 742.07 | Meetings of Board of Trustees.
Section 742.08 | Expenses - Liability Insurance.
Section 742.09 | Attorney General Is Legal Counsel for Board.
Section 742.091 | Actions; Venue.
Section 742.10 | Powers of Board.
Section 742.101 | Transfer Expenses From Guarantee Fund to Expense Fund.
Section 742.102 | Travel Expense Policies - Bonus Policy - Budget.
Section 742.103 | Ethics Policy - Commission Approval - Ethics Training.
Section 742.105 | Selection of Internal Auditor.
Section 742.11 | Investment Powers of Board.
Section 742.111 | Prohibited Business Transactions.
Section 742.112 | Restrictions on Fiduciaries.
Section 742.113 | Conflicts of Interest.
Section 742.115 | Annual Disclosures to Ohio Ethics Commission.
Section 742.116 | Designation of Ohio-Qualified Investment Managers - Utilization - Annual Report.
Section 742.12 | Bonds Purchased From Taxing Districts.
Section 742.13 | Record of Proceedings Between Board and Taxing District.
Section 742.15 | Collecting and Retaining Data.
Section 742.16 | Amortizing Unfunded Actuarial Accrued Pension Liability.
Section 742.161 | Adjustment to Age and Years of Service Credit.
Section 742.17 | Form of Application or Election.
Section 742.21 | Service Credit for Membership in State or Municipal Retirement System.
Section 742.212 | Eligibility for Credit for Service in Cincinnati Retirement System.
Section 742.213 | Transferring Contributions to Cincinnati Retirement System.
Section 742.214 | Transferring Contributions on Deposit From Non-Uniform Retirement System.
Section 742.22 | Restoration to Active Duty After Receiving Disability Benefits.
Section 742.23 | Municipal Police Department Employee Credit for Service in Fire Department.
Section 742.24 | Municipal Fire Department Employee Credit for Service in Police Department.
Section 742.25 | Member Credit for Service Credit in Former Pension Funds.
Section 742.251 | Credit for Full Time Out-of-State or Federal Service.
Section 742.26 | Employment of Opfpf or Other State Retirement System Retirant.
Section 742.27 | Purchasing Service Credit for Lay Off Period.
Section 742.30 | Paying Employer's Accrued Liability.
Section 742.301 | Penalty and Interest on Late Payment of an Employer's Accrued Liability.
Section 742.31 | Contribution by Employee; Adjustments by Board.
Section 742.311 | Annual Review of Adequacy of Contribution Rates.
Section 742.32 | Reporting Employee Deductions.
Section 742.33 | Police Officer Employers' Contribution.
Section 742.34 | Firefighter Employers' Contribution.
Section 742.35 | Payment of Employer's Contribution.
Section 742.351 | Notice of Member's Election to Retire.
Section 742.352 | Failure to Transmit Certain Reports and Payments Concerning Deductions.
Section 742.353 | Failure to Transmit Certain Reports and Payments Concerning Retirement Election.
Section 742.361 | Certification of Amount Required to Be Paid.
Section 742.362 | Annual Payment in Lieu of Employer Contribution.
Section 742.37 | Rules for Disbursement of Benefits and Pensions.
Section 742.374 | Additional Pension Payments for Retirees on and After 12-31-71.
Section 742.375 | Credit for Time Served in State Highway Patrol Retirement System.
Section 742.376 | Credit for Service as a Full-Time Police Officer or Firefighter Prior to 1-1-67.
Section 742.377 | Increasing Survivor Benefits.
Section 742.378 | Additional Monthly Payment.
Section 742.3710 | Increasing Survivor Benefits.
Section 742.3711 | Optional Plans Upon Retirement.
Section 742.3712 | Increase in Monthly Pension, Allowance or Benefit Effective 7-1-81.
Section 742.3713 | Increase in Monthly Benefit Effective 11-15-81.
Section 742.3714 | Designating Contingent Dependent Beneficiary.
Section 742.3715 | Election of Retiree to Change to Optional Plan.
Section 742.3716 | Annual Increases in Pension or Benefits.
Section 742.3717 | Annual Cost of Living Increase.
Section 742.3718 | Minimum Pension or Benefit.
Section 742.3719 | Increase in Benefit or Allowance When Irc 415 Limits Increased.
Section 742.3721 | Qualified Governmental Excess Benefit Arrangement Maintained and Established.
Section 742.381 | Annual Report Disability Retirement Experience of Each Employer.
Section 742.39 | Eligibility for Disability Benefit.
Section 742.40 | Disability Benefit Recipient to Agree to Obtain Recommended Medical Treatment.
Section 742.41 | Annual Statement of Funds.
Section 742.42 | Maintenance of Individual Account.
Section 742.43 | Deferred Retirement Option Plan Established.
Section 742.44 | Electing to Participate in Deferred Retirement Option Plan.
Section 742.441 | Effect of Electing to Participate in Deferred Retirement Option Plan.
Section 742.444 | Termination of Participation in Deferred Retirement Option Plan.
Section 742.446 | Death Benefit if Electing to Participate in Deferred Retirement Option Plan.
Section 742.447 | Verifying Termination of Active Service.
Section 742.45 | Deduction From Benefit Payment for Group Health Insurance.
Section 742.451 | Additional Deposits to Fund Medical Expenses.
Section 742.46 | Vested Right to Pension or Benefit.
Section 742.461 | Restitution Order Based on Theft in Office or Certain Sex Offenses.
Section 742.462 | Order for Division of Marital Property.
Section 742.463 | Forfeiture of Retirement Benefits Under Rc 2929.192.
Section 742.464 | Benefits Subject to Termination.
Section 742.48 | Written Notice of Waiver.
Section 742.50 | Death Benefit.
Section 742.511 | Transfer of Police Officers of Newly Incorporated Municipality Prior to 12-1-83.
Section 742.513 | Township Officer Assuming Municipal Status May Transfer to Fund.
Section 742.514 | Transfer of Former Cincinnati Park Police Officers to Fund.
Section 742.515 | Firefighter's Election to Transfer From Public Employees Retirement System.
Section 742.516 | Firefighter's Election to Transfer to Public Employees Retirement System.
Section 742.52 | Purchasing Military Service Credit.
Section 742.521 | Credit for Military Service.
Section 742.53 | Long Term Care Insurance.
Section 742.54 | Volunteer Firemen's Relief and Pension Fund Operation and Maintenance.
Section 742.55 | Itemization of Purchases and Expenditures.
Section 742.56 | Payroll Deduction Plan for Payments for Service Credits.
Section 742.57 | Payments by Vouchers From State Treasury.
Section 742.58 | Lump Sum Death Benefit Payment.
Section 742.59 | Creation of Funds - Trustees.
Section 742.60 | Funds to Be Separate and Distinct Legal Entities.
Section 742.61 | Treasurer of State Is Custodian of Police and Fire Pension Fund.
Section 742.62 | Ohio Public Safety Officers Death Benefit Fund.
Section 742.63 | Adoption of Rules for Management of Fund and Disbursement of Benefits.