The age at which new SERS members are eligible to retire will increase and the fund's board will conduct an actuarial review of requirements every ten years according to SB148. The bill was earlier introduced by Sen. Keith Faber (R-Celina) and passed today (Jan. 19, 2008) by a vote of 88-2 in the House. The bill was described as the most comprehensive update to benefit eligibility requirements for SERS. The Ohio Retirement Study Council unanimously had recommended the proposal.

According to the bill's House manager Rep. Jim Zehringer (R-Ft. Recovery) the bill provides the first elibigility rule change for SERS in decades. The measure is designed to ensure the SERS fund's solvency as time moves forward. The bill contains the first-ever minimum retirement age (55) for retirees with 30+ years of service. Rep. Zehringer stated that the measure, "Is about recognizing the advances that have taken place over the last 50 years and aligning the SERS system accordingly."

"We are all living longer and this demographic trend places stress on traditional defined benefit pension funds," SERS Executive Director James Winfree said in a news release. "Our actuary and our board believe strongly that we must pay attention to this important demographic shift and make adjustments, just as Social Security has done."