145.54 Annual estimate of amount necessary to defray expenses - apportionment. - Ohio Statutes

145.54 Annual estimate of amount necessary to defray expenses - apportionment.

The public employees retirement board shall estimate annually the amount required to defray the expenses of the administration of the public employees retirement system in the ensuing year. If in the judgment of the board, as evidenced by a resolution of that board in its minutes, the amount in the income fund exceeds the amount necessary to cover the ordinary requirements of that fund, the board may transfer to the expense fund such excess amount not exceeding the entire amount required to cover the expenses as estimated for the year. The board may then apportion any remaining amount required for the expense fund for the year then current among contributors. The amount so apportioned in any year shall not exceed three dollars per contributor.

Effective Date: 08-01-1959