Increase certain contributions to Police and Fire Pension Fund

HB 296 increases the mandatory contributions that employers of full-time municipal police officers and members of the Ohio Police and Fire Pension Fund must make to the pension system. The bill establishes a schedule where employee contributions rise gradually from 12.5% to 15% between 2025 and 2030, while employer contributions increase from 19.5% to 23.25% over the same period. To help fund these higher payments, the legislation requires certain municipalities to levy a new property tax of three-tenths of one mill, with revenues prioritized for the pension fund and related liabilities. Additionally, the bill allows the pension fund board to adjust contribution rates in the future if an actuarial study determines such changes are needed to maintain the fund's financial health.