Ohio Code 742.161 – Adjustment to age and years of service credit
Following the actuarial investigation required by division (B) of section 742.14 of the Revised Code due on November 1, 2017, and following each quinquennial actuarial investigation thereafter, if, in consultation with its actuary, the Ohio police and fire pension fund board of trustees determines that an adjustment to the age and years of service credit required to receive a pension or benefit under division (C) of section 742.37 of the Revised Code is appropriate, the board may, in accordance with rules adopted under section 742.10 of the Revised Code, do either of the following:
Terms Used In Ohio Code 742.161
- Actuary: means an individual who satisfies all of the following requirements:
(1) Is a member of the American academy of actuaries;
(2) Is an associate or fellow of the society of actuaries;
(3) Has a minimum of five years' experience in providing actuarial services to public retirement plans. See Ohio Code 742.01
(A) If the board’s determination is that increasing the age and years of service requirements is necessary to preserve the fiscal integrity of the fund, increase the age and years of service credit required to receive a pension or benefit;
(B) If the board’s determination is that reducing the age and years of service requirements would not materially impair the fiscal integrity of the fund, reduce the age and years of service credit required to receive a pension or benefit.