742-10-01. Policy on employee bonuses

In accordance with division (B) of section 742.102 of the Revised Code, any discretionary non-recurring awards (bonuses) shall be determined and approved each year by the board of trustees of Ohio police and fire pension fund (OP& F). Non-recurring awards may be granted only if OP& F's board of trustees had adopted a budget allocation for non-recurring awards. Each OP& F department director may use allotted funds to reward employees, as appropriate, throughout the year, subject to the limitations set forth in this rule and terms of the discretionary non-recurring award (bonus) program adopted by OP& F's board of trustees. The recommended awards are limited to one payment per year, which shall be limited by the terms of the approved budget and subject to approval by the executive director. At no time shall any non-recurring award in a given calendar year, exceed the lesser of three per cent of an individual's base wages or three thousand five hundred dollars.

Five Year Review (FYR) Dates: 11/19/2018 and 11/19/2023
Promulgated Under: 111.15
Statutory Authority: 742.10, 742.102
Rule Amplifies: 742.102
Prior Effective Dates: 01/10/2005

Prior History: (R.C. 119.032 review dates: 10/29/2013 and 10/29/2018
Promulgated Under: 111.15
Statutory Authority: 742.10, 742.102
Rule Amplifies: 742.102
Prior Effective Dates: 01/10/2005)