Ohio § 742.311
Full text of Ohio Ohio Revised Code § 742.311, with citation guidance and answers to common questions.
§ 742.311.
(A) As used in this section, “ entry age normal actuarial cost method ” means an actuarial cost method under which the actuarial present value of the projected
benefits of each individual included in the valuation is allocated on a level basis
over the earnings or service of the individual between the entry age and the assumed
exit age, with the portion of the actuarial present value that is allocated to the
valuation year to be the normal cost and the portion of the actuarial present value
not provided for at the valuation date by the actuarial present value of future normal
costs to be the actuarial accrued liability. Under this method, the actuarial gains or losses are reflected as they occur in
a decrease or increase in the unfunded actuarial accrued liability. (B) The Ohio retirement study council shall annually review the adequacy of the contribution
rates provided under sections 742.31 , 742.33 , and 742.34 of the Revised Code and the contribution rates recommended in a report by the actuary of the Ohio police
and fire pension fund for the forthcoming year. The actuarial calculations used by the actuary shall be based on the entry age normal
actuarial cost method, and the adequacy of the contribution rates shall be reported
on the basis of that method. The Ohio retirement study council shall make recommendations to the general assembly
that it finds necessary for the proper financing of the benefits of the Ohio police
and fire pension fund.
Frequently Asked Questions About Ohio § 742.311
What does Ohio Revised Code § 742.311 cover?
Section 742.311 is part of the Ohio Revised Code, the codified statutory law of Ohio. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Ohio § 742.311?
A common citation format is "Ohio Revised Code § 742.311" (Ohio). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Ohio law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Ohio official source linked on this page or consult a licensed Ohio attorney.
How does Ohio § 742.311 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Ohio can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Ohio.