❌ HB424
Regards transfers, purchases of certain retirement service credit
Summary
HB424 amends section 145.295 of the Revised Code to allow members of the public employees retirement system to transfer or purchase retirement service credit from uniform retirement systems or for military service credit, under specific conditions. Members must meet eligibility criteria, agree to retire or accept a disability benefit within ninety days, and fulfill financial obligations related to the transfer. The bill also outlines the process for refunding amounts paid if certain conditions are not met.
Rationale
The bill introduces government involvement in retirement systems and mandates conditions for service credit transfers, which may conflict with the Libertarian principles of minimal government interference and free market operations. Both the LP and LPO platforms emphasize limited government and individual choice, which this bill does not fully support.
Risks and Concerns
- Increased government control over retirement systems
- Potential for reduced individual choice in retirement planning
- Financial obligations may burden members