Effective: March 24, 2003
Latest Legislation: House Bill 373 - 124th General Assembly
(A) As used in this section, "transferred service credit" means service credit purchased or obtained under section 145.295, 145.2913, 3307.761, 3307.765, 3309.73, or 3309.731 of the Revised Code prior to the date a member commenced the employment covered by the Ohio police and fire pension fund for which the member is currently contributing to the fund.
(B) A member of the Ohio police and fire pension fund who is in the active service of a police or fire department, has contributions on deposit with, but is no longer contributing to, a non-uniform retirement system, and is not a participant in the deferred retirement option plan established under section 742.43 of the Revised Code shall, in computing years of service, be given full credit for transferred service credit if a transfer to the Ohio police and fire pension fund is made under this section. At the request of a member, the non-uniform system shall transfer to the Ohio police and fire pension fund the sum of the following:
(1) An amount equal to the amounts transferred to the non-uniform system under section 145.295, 145.2913, 3307.761, 3307.765, 3309.73, or 3309.731 of the Revised Code;
(2) Interest, determined as provided in division (E) of this section, on the amount specified in division (B)(1) of this section for the period from the last day of the year in which the transfer under section 145.295, 145.2913, 3307.761, 3307.765, 3309.73, or 3309.731 of the Revised Code was made to the date a transfer is made under this section.
(C) A member of the fund who is in the active service of a police or fire department, has received a refund of contributions to a non-uniform retirement system, and is not a participant in the deferred retirement option plan established under section 742.43 of the Revised Code shall, in computing years of service, be given full credit for transferred service credit if, for each year of service, the Ohio police and fire pension fund receives the sum of the following:
(1) An amount, which shall be paid by the member, equal to the amount refunded by the non-uniform system to the member for that year for transferred service credit, with interest on that amount from the date of the refund to the date a payment is made under this section;
(2) Interest, which shall be transferred by the non-uniform system, on the amount refunded to the member for the period from the last day of the year in which the transfer under section 145.295, 145.2913, 3307.761, 3307.765, 3309.73, or 3309.731 of the Revised Code was made to the date the refund was made;
(3) If the non-uniform system retained any portion of the amount transferred under section 145.295, 145.2913, 3307.761, 3307.765, 3309.73, or 3309.731 of the Revised Code, an amount, which shall be transferred by the non-uniform system, equal to the amount retained, with interest on that amount for the period from the last day of the year in which the transfer under section 145.295, 145.2913, 3307.761, 3307.765, 3309.73, or 3309.731 of the Revised Code was made to the date a transfer is made under this section.
On receipt of payment from the member, the Ohio police and fire pension fund shall notify the non-uniform system, which, on receipt of the notice, shall make the transfer required by this division. Interest shall be determined as provided in division (E) of this section.
(D) Service credit purchased or obtained under this section shall be used in computing the pension and benefits payable under section 742.37 or 742.39 of the Revised Code. A member may choose to purchase only part of the credit the member is eligible to purchase under division (C) of this section in any one payment, subject to rules adopted by the board of trustees of the Ohio police and fire pension fund. A member is ineligible to purchase or obtain service credit under this section for service to be used in the calculation of any retirement benefit currently being paid or payable to the member in the future under any other retirement program or for service credit that may be purchased or obtained under section 742.21 of the Revised Code.
(E) Interest charged under this section shall be calculated separately for each year of service credit at the lesser of the actuarial assumption rate for that year of the Ohio police and fire pension fund or of the non-uniform retirement system to which the credit was transferred under section 145.295, 145.2913, 3307.761, 3307.765, 3309.73, or 3309.731 of the Revised Code. The interest shall be compounded annually.
(F) Any amounts transferred or paid under divisions (B) and (C) of this section that are attributable to contributions made by the member or to amounts paid to purchase service credit shall be credited to the police officers' contribution fund or firefighters' contribution fund created under section 742.59 of the Revised Code, as applicable. Any remaining amounts shall be credited to one or more of the funds created under that section as determined by the board.
(G) At the request of the Ohio police and fire pension fund, the non-uniform retirement system shall certify to the fund a copy of the records of the service and contributions of a member of the fund who seeks service credit under this section. The non-uniform retirement system shall specify the portions of the amounts transferred that are attributable to employee contributions, employer contributions, and interest.
(H) If a member of the fund who is not a current contributor elects to receive service credit under section 145.2913, 3307.765, or 3309.731 of the Revised Code for transferred service credit, as defined in those sections, the fund shall transfer to the non-uniform retirement system, as applicable, the amount specified in division (B) or (C) of section 145.2913, division (B) or (C) of section 3307.765, or division (B) or (C) of section 3309.731 of the Revised Code.
(I) The board may adopt rules to implement this section.
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.