Ohio Revised Code § 3307.512 - Amortizing Unfunded Actuarial Accrued Pension Liability.

The state teachers retirement board shall establish a period of not more than thirty years to amortize the state teachers retirement system's unfunded actuarial accrued pension liabilities for benefits paid under the STRS defined benefit plan. If in any year the period necessary to amortize the unfunded actuarial accrued pension liability exceeds thirty years, as determined by the annual actuarial valuation required by section 3307.51 of the Revised Code, the board, not later than ninety days after receipt of the valuation, shall prepare and submit to the Ohio retirement study council and the standing committees of the house of representatives and the senate with primary responsibility for retirement legislation a report that includes the following information:

(A) The number of years needed to amortize the unfunded actuarial accrued pension liability as determined by the annual actuarial valuation;

(B) A plan approved by the board that indicates how the board will reduce the amortization period of unfunded actuarial accrued pension liability to not more than thirty years.

Amended by 129th General AssemblyFile No.147, SB 342, ยง1, eff. 1/7/2013.

Effective Date: 07-13-2000

Section: Previous  3307.47  3307.48  3307.49  3307.50  3307.501  3307.51  3307.511  3307.512  3307.513  3307.514  3307.515  3307.52  3307.53  3307.54  3307.55  Next

Last modified: October 10, 2016