Ohio Code § 742.14

§ 742.14.

(A) The board of trustees of the Ohio police and fire pension fund shall have prepared

triennially by or under the supervision of an actuary an actuarial valuation of the

pension assets, liabilities, and funding requirements of the Ohio police and fire

pension fund as established pursuant to sections 742.01 to 742.61 of the Revised Code .  The actuary shall complete the valuation in accordance with actuarial standards

of practice promulgated by the actuarial standards board of the American academy of

actuaries and prepare a report of the valuation.  The report shall include all of the following: (1) A summary of the benefit provisions evaluated; (2) A summary of the census data and financial information used in the valuation; (3) A description of the actuarial assumptions, actuarial cost method, and asset valuation

method used in the valuation, including a statement of the assumed rate of payroll

growth and assumed rate of growth or decline in the number of members of the fund

contributing to the pension fund; (4) A summary of findings that includes a statement of the actuarial accrued pension

liabilities and unfunded actuarial accrued pension liabilities; (5) A schedule showing the effect of any changes in the benefit provisions, actuarial

assumptions, or cost methods since the last triennial actuarial valuation; (6) A statement of whether employee and employer contributions to the pension fund are

expected to be sufficient to satisfy the funding objectives established by the board. The first triennial report shall be made not later than November 1, 2013, to the Ohio

retirement study council, the director of budget and management, and the standing

committees of the house of representatives and the senate with primary responsibility

for retirement legislation immediately upon its availability and thereafter triennially,

not later than the first day of November. (B) At such times as the board determines, and at least once in each quinquennial period,

the board shall have prepared by or under the supervision of an actuary an actuarial

investigation of the mortality, service, and other experience of the members of the

fund and of other system retirants, as defined in section 742.26 of the Revised Code , who are members of a police department or a fire department to update the actuarial

assumptions used in the actuarial valuation required by division (A) of this section.  The actuary shall prepare a report of the actuarial investigation.  The report shall be prepared and any recommended changes in actuarial assumptions

shall be made in accordance with the actuarial standards of practice promulgated by

the actuarial standards board of the American academy of actuaries.  The report shall include all of the following: (1) A summary of relevant decrement and economic assumption experience observed over

the period of the investigation; (2) Recommended changes in actuarial assumptions to be used in subsequent actuarial valuations

required by division (A) of this section; (3) A measurement of the financial effect of the recommended changes in actuarial assumptions; (4) If the investigation required by this division includes the investigation required

by division (E) of this section, a report of the result of that investigation. The board shall submit the report to the Ohio retirement study council and the standing

committees of the house of representatives and the senate with primary responsibility

for retirement legislation not later than the first day of November following the

last fiscal year of the period the report covers. (C) The board shall have prepared by or under the supervision of an actuary an actuarial

analysis of any introduced legislation expected to have a measurable financial impact

on the pension fund.  The actuarial analysis shall be completed in accordance with the actuarial standards

of practice promulgated by the actuarial standards board of the American academy of

actuaries.  The actuary shall prepare a report of the actuarial analysis, which shall include

all of the following: (1) A summary of the statutory changes that are being evaluated; (2) A description of or reference to the actuarial assumptions and actuarial cost method

used in the report; (3) A description of the participant group or groups included in the report; (4) A statement of the financial impact of the legislation, including the resulting increase,

if any, in the employer normal cost percentage;  the increase, if any, in actuarial

accrued liabilities;  and the per cent of payroll that would be required to amortize

the increase in actuarial accrued liabilities as a level per cent of covered payroll

for all active members of the fund over a period not to exceed thirty years; (5) A statement of whether the scheduled contributions to the system after the proposed

change is enacted are expected to be sufficient to satisfy the funding objectives

established by the board. Not later than sixty days from the date of introduction of the legislation, the board

shall submit a copy of the actuarial analysis to the legislative service commission,

the standing committees of the house of representatives and the senate with primary

responsibility for retirement legislation, and the Ohio retirement study council. (D) The board shall have prepared triennially a report giving a full accounting of the

revenues and costs relating to the provision of benefits under section 742.45 of the Revised Code .  The first triennial report shall be made as of December 31, 2013, and the thirty-first

day of December triennially thereafter.  The report shall include the following: (1) A description of the statutory authority for the benefits provided; (2) A summary of the benefits; (3) A summary of the eligibility requirements for the benefits; (4) A statement of the number of participants eligible for the benefits; (5) A description of the accounting, asset valuation, and funding method used to provide

the benefits; (6) A statement of the net assets available for the provision of the benefits as of the

last day of the fiscal year; (7) A statement of any changes in the net assets available for the provision of benefits,

including participant and employer contributions, net investment income, administrative

expenses, and benefits provided to participants, as of the last day of the fiscal

year; (8) For the last six consecutive fiscal years, a schedule of the net assets available

for the benefits, the annual cost of benefits, administrative expenses incurred, and

annual employer contributions allocated for the provision of benefits; (9) A description of any significant changes that affect the comparability of the report

required under this division; (10) A statement of the amount paid under division (B) of section 742.45 of the Revised Code . The board shall submit the report to the Ohio retirement study council, the director

of budget and management, and the standing committees of the house of representatives

and the senate with primary responsibility for retirement legislation immediately

upon its availability and not later than the thirtieth day of June following the year

for which the report was made. (E) At least once in each quinquennial period, the board shall have prepared by or under

the supervision of an actuary an actuarial investigation of the deferred retirement

option plan established under section 742.43 of the Revised Code .  The investigation shall include an examination of the financial impact, if any,

on the fund of offering the plan to members. The actuary shall prepare a report of the actuarial investigation.  The report shall include a determination of whether the plan, as established or

modified, has a negative financial impact on the fund and, if so, recommendations

on how to modify the plan to eliminate the negative financial impact.  If the actuarial report indicates that the plan has a negative financial impact

on the fund, the board may modify the plan or cease to allow members who have not

already done so to elect to participate in the plan.  The firefighter and police officers employers' contributions shall not be increased

to offset any negative financial impact of the plan. If the board ceases to allow members to elect to participate in the plan, the rights

and obligations of members who have already elected to participate shall not be altered. The board may include the actuarial investigation required under this division as

part of the actuarial investigation required under division (B) of this section.  If the report of the actuarial investigation required by this division is not included

in the report required by division (B) of this section, the board shall submit the

report required by this division to the Ohio retirement study council and the standing

committees of the house of representatives and the senate with primary responsibility

for retirement legislation not later than the first day of November following the

last fiscal year of the period the report covers.