b'City of Dover Tuscarawas County, Ohio Notes to the Basic Financial Statements For the Year Ended December 31, 2018 OPERS provides retirement, disability, survivor and death benefits, and annual cost-of-living adjustments to members of the traditional and combined plans.Authority to establish and amend benefits is provided by Chapter 145 of the Ohio Revised Code.OPERS issues a stand-alone financial report that includes financial statements,requiredsupplementaryinformationanddetailedinformationaboutOPERSfiduciarynet position that may be obtained by visiting https://www.opers.org/financial/reports.shtml, by writing to the OhioPublicEmployeesRetirementSystem,277EastTownStreet,Columbus,Ohio43215-4642,orby calling (800) 222-7377.Senate Bill (SB) 343 was enacted into law with an effective date of January 7, 2013.In the legislation, members in the traditional and combined plans were categorized into three groups with varying provisions of the law applicable to each group.The following table provides age and service requirements for retirement and the retirement formula applied to final average salary (FAS) for the three member groups under the traditional and combined plans as per the reduced benefits adopted by SB 343 (See OPERS financial report referencedpreviouslyforadditionalinformation,includingrequirementsforreducedandunreduced benefits):Group A Group B Group CEligible to retire prior to 20 years of service credit prior to Members not in other GroupsJanuary 7, 2013, or 5 years January 7, 2013, or eligible to retire and members hired on or afterafter January 7, 2013 10 years after January 7, 2013 January 7, 2013State and Local State and Local State and LocalAge and Service Requirements: Age and Service Requirements: Age and Service Requirements:Age 60 with 60 months of service credit Age 60 with 60 months of service credit Age 57 with 25 years of service creditor Age 55 with 25 years of service credit or Age 55 with 25 years of service credit or Age 62 with 5 years of service creditTraditional Plan Formula: Traditional Plan Formula: Traditional Plan Formula:2.2% of FAS multiplied by years of 2.2% of FAS multiplied by years of 2.2% of FAS multiplied by years ofservice for the first 30 years and 2.5% service for the first 30 years and 2.5% service for the first 35 years and 2.5%for service years in excess of 30 for service years in excess of 30 for service years in excess of 35Combined Plan Formula: Combined Plan Formula: Combined Plan Formula:1% of FAS multiplied by years of 1% of FAS multiplied by years of 1% of FAS multiplied by years ofservice for the first 30 years and 1.25% service for the first 30 years and 1.25% service for the first 35 years and 1.25%for service years in excess of 30 for service years in excess of 30 for service years in excess of 35 Final average salary (FAS) represents the average of the three highest years of earnings over a members career for Groups A and B.Group C is based on the average of the five highest years of earnings over a members career.Members who retire before meeting the age and years of service credit requirement for unreduced benefits receive a percentage reduction in the benefit amount. When a traditional plan benefit recipient has received benefits for 12 months, an annual COLA is provided. This COLA is calculated on the base retirement benefit at the date of retirement and is not compounded. Members retiring under the combined plan receive a COLA of the defined benefit portion of their pension benefit.For those retiring prior to January 7, 2013, the COLA will continue to be a 3 percent simple annual COLA.For those retiring subsequent to January 7, 2013, beginning in calendar year 2019, the COLA will be based on the average percentage increase in the Consumer Price Index, capped at 3 percent.Defined contribution plan benefits are established in the plan documents, which may be amended by the Board.Member-directedplanandcombinedplanmemberswhohavemettheretirementeligibility requirements may apply for retirement benefits.The amount available for defined contribution benefits in - 57 58 -'