3307.84 Transfer of portion of employer contribution to employers' trust fund to mitigate negative financial impact on system. - Ohio Statutes

3307.84 Transfer of portion of employer contribution to employers' trust fund to mitigate negative financial impact on system.

For each member participating in a plan established under section 3307.81 of the Revised Code, the state teachers retirement system shall transfer to the employers’ trust fund a portion of the employer contribution required under section 3307.28 of the Revised Code that is equal to the percentage of compensation of members described in this section for whom the contributions are being made that is determined by the board’s actuary to be necessary to mitigate any negative financial impact on the state teachers retirement system of the participation of members in a plan established under section 3307.81 of the Revised Code. The remainder shall be credited as provided in section 3307.28 of the Revised Code. The state teachers retirement board shall have prepared annually an actuarial study to determine whether the percentage transferred under this section should be changed to reflect a change in the level of the negative financial impact resulting from participation of members in a plan established under section 3307.81 of the Revised Code. The board shall increase or decrease the percentage transferred under this section to reflect the amount needed to mitigate the negative financial impact, if any, on the system based on the actuarial study. An increase or decrease shall take effect on the first day of the month following the date the conclusions of the actuarial study are reported to the board. The system shall make the transfer required under this section until the unfunded actuarial accrued liability for all benefits, except health care benefits provided under section 3307.39 or 3307.61 of the Revised Code and benefit increases provided to members and former members participating in the plan described in sections 3307.50 to 3307.79 of the Revised Code after July 13, 2000, is fully amortized, as determined by the annual actuarial valuation prepared under section 3307.51 of the Revised Code.

Effective Date: 04-01-2001