reglab/statecodes huggingface dataset:
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3309 | Public School Employees Retirement System › Section 3309.14 | Technical and Administrative Employees - Retirement Applications.

Effective:
September 15, 2004
Latest Legislation:
Senate Bill 133 - 125th General Assembly
The school employees retirement board shall secure the service of such technical and administrative employees as are necessary for the transaction of the business of the school employees retirement system.
Effective ninety days after the effective date of this amendment, the board may not employ a state retirement system investment officer, as defined in section 1707.01 of the Revised Code, who does not hold a valid state retirement system investment officer license issued by the division of securities in the department of commerce.
The compensation of all persons engaged by the board and all other expenses of the board necessary for the proper operation of the system shall be paid at such rates and in such amounts as the board approves. Every expense voucher of an employee, officer, or board member of the school employees retirement system shall itemize all purchases and expenditures.
The board shall receive and act upon all applications for retirement under Chapter 3309. of the Revised Code, and shall provide for the payment of all retirement allowances and other benefits and shall make other expenditures required or authorized by this chapter.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3309 | Public School Employees Retirement System › Section 3309.155 | Prohibited Business Transactions.

Effective:
August 20, 1976
Latest Legislation:
House Bill 268 - 111th General Assembly
The school employees retirement system shall make no investments through, purchases from, or otherwise do any business with any individual who is, or any partnership, association, or corporation that is owned or controlled by, a person who within the preceding three years was employed by, a board member of, or an officer of the system, or in which a person who within the preceding three years was employed by, a board member of, or an officer of the system holds a fiduciary, administrative, supervisory or trust position, or any other position in which such person would be involved, on behalf of his employer, in decisions or recommendations affecting the investment policy of the school employees retirement system, and in which such person would benefit by any monetary gain.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3309 | Public School Employees Retirement System › Section 3309.156 | Restrictions on Fiduciaries.

Effective:
June 22, 1984
Latest Legislation:
House Bill 37 - 115th General Assembly
(A) Except as provided in division (B) of this section, a fiduciary shall not cause the school employees retirement system to engage in a transaction, if he knows or should know that such transaction constitutes a direct or indirect:
(1) Sale or exchange, or leasing, of any property between the system and a party in interest;
(2) Lending of money or other extension of credit between the system and a party in interest;
(3) Furnishing of goods, services, or facilities between the system and a party in interest;
(4) Transfer to, or use by or for the benefit of a party in interest, of any assets of the system; or
(5) Acquisition, on behalf of the system, of any employer security or employer real property.
(B) Nothing in this section shall prohibit any transaction between the school employees retirement system and any fiduciary or party in interest if:
(1) All the terms and conditions of the transaction are comparable to the terms and conditions which might reasonably be expected in a similar transaction between similar parties who are not parties in interest; and
(2) The transaction is consistent with the fiduciary duties described in Chapter 3309. of the Revised Code.
(C) A fiduciary shall not:
(1) Deal with the assets of the system in his own interest or for his own account;
(2) In his individual or in any other capacity act in any transaction involving the system on behalf of a party (or represent a party) whose interests are adverse to the interests of the system or the interests of its participants or beneficiaries; or
(3) Receive any consideration for his own personal account from any party dealing with such system in connection with a transaction involving the assets of the system.
(D) In addition to any liability which he may have under any other provision, a fiduciary with respect to the system shall be liable for a breach of fiduciary responsibility of any fiduciary with respect to the system in the following circumstances:
(1) If he participates knowingly in, or knowingly undertakes to conceal, an act or omission of such other fiduciary, knowing such act or omission is a breach;
(2) If, by his failure to comply with Chapter 3309. of the Revised Code, he has enabled such other fiduciary to commit a breach; or
(3) If he has knowledge of a breach by such other fiduciary, unless he makes reasonable efforts under the circumstances to remedy the breach.
(E) Every fiduciary of the system shall be bonded or insured to an amount of not less than one million dollars for loss by reason of acts of fraud or dishonesty.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3309 | Public School Employees Retirement System › Section 3309.157 | Designation of Ohio-Qualified Agents - Selection Policy - Utilization - Annual Report.

Effective:
March 31, 2021
Latest Legislation:
House Bill 312 - 133rd General Assembly
(A) As used in this section and in section 3309.159 of the Revised Code:
(1) "Agent" means a dealer, as defined in section 1707.01 of the Revised Code, who is licensed under sections 1707.01 to 1707.50 of the Revised Code or under comparable laws of another state or of the United States.
(2) "Minority business enterprise" has the same meaning as in section 122.71 of the Revised Code.
(3) "Ohio-qualified agent" means an agent designated as such by the school employees retirement board.
(4) "Ohio-qualified investment manager" means an investment manager designated as such by the school employees retirement board.
(5) "Principal place of business" means an office in which the agent regularly provides securities or investment advisory services and solicits, meets with, or otherwise communicates with clients.
(B) The school employees retirement board shall, for the purposes of this section, designate an agent as an Ohio-qualified agent if the agent meets all of the following requirements:
(1) The agent is subject to taxation under Chapter 5725., 5726., 5733., 5747., or 5751. of the Revised Code.
(2) The agent is authorized to conduct business in this state.
(3) The agent maintains a principal place of business in this state and employs at least five residents of this state.
(C) The school employees retirement board shall adopt and implement a written policy to establish criteria and procedures used to select agents to execute securities transactions on behalf of the retirement system. The policy shall address each of the following:
(1) Commissions charged by the agent, both in the aggregate and on a per share basis;
(2) The execution speed and trade settlement capabilities of the agent;
(3) The responsiveness, reliability, and integrity of the agent;
(4) The nature and value of research provided by the agent;
(5) Any special capabilities of the agent.
(D)(1) The board shall, at least annually, establish a policy with the goal to increase utilization by the board of Ohio-qualified agents for the execution of domestic equity and fixed income trades on behalf of the retirement system, when an Ohio-qualified agent offers quality, services, and safety comparable to other agents otherwise available to the board and meets the criteria established under division (C) of this section.
(2) The board shall review, at least annually, the performance of the agents that execute securities transactions on behalf of the board.
(3) The board shall determine whether an agent is an Ohio-qualified agent, meets the criteria established by the board pursuant to division (C) of this section, and offers quality, services, and safety comparable to other agents otherwise available to the board. The board's determination shall be final.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3309 | Public School Employees Retirement System › Section 3309.158 | Annual Disclosures to Ohio Ethics Commission.

Effective:
September 15, 2004
Latest Legislation:
Senate Bill 133 - 125th General Assembly
(A) The school employees retirement system shall disclose the following to the Ohio ethics commission:
(1) Anything of value received by the system from an agent and anything of value given on behalf of the system by an agent;
(2) The name of any employee of the system with authority over the investment of retirement system funds or any board member of the system who deals with an agent regarding amounts described in division (A)(1) of this section.
(B) The disclosures required by this section shall be made annually in a report submitted by a date prescribed by the Ohio ethics commission.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3309 | Public School Employees Retirement System › Section 3309.159 | Designation of Ohio-Qualified Investment Managers - Utilization - Annual Report.

Effective:
September 29, 2015
Latest Legislation:
House Bill 64 - 131st General Assembly
(A) The school employees retirement board shall, for the purposes of this section, designate an investment manager as an Ohio-qualified investment manager if the investment manager meets all of the following requirements:
(1) The investment manager is subject to taxation under Chapter 5725., 5726., 5733., 5747., or 5751. of the Revised Code.
(2) The investment manager meets one of the following requirements:
(a) Has its corporate headquarters or principal place of business in this state;
(b) Employs at least five hundred individuals in this state;
(c) Has a principal place of business in this state and employs at least twenty residents of this state.
(B)(1) The board shall, at least annually, establish a policy with the goal to increase utilization by the board of Ohio-qualified investment managers, when an Ohio-qualified investment manager offers quality, services, and safety comparable to other investment managers otherwise available to the board. The policy shall also provide for the following:
(a) A process whereby the board can develop a list of Ohio-qualified investment managers and their investment products;
(b) A process whereby the board can give public notice to Ohio-qualified investment managers of the board's search for an investment manager that includes the board's search criteria.
(2) The board shall determine whether an investment manager is an Ohio-qualified investment manager and whether the investment manager offers quality, services, and safety comparable to other investment managers otherwise available to the board. The board's determination shall be final.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3309 | Public School Employees Retirement System › Section 3309.16 | Denomination or Consolidation of Bonds.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Bonds purchased from any taxing district of the state shall be in the denomination required by the school employees retirement board in its resolution of purchase, or the board may by its resolution require that all bonds of any series of bonds purchased by it from any taxing district be consolidated and issued as one bond, the principal amount of which shall be equal to the aggregate amount of all the bonds of said series, which principal together with the interest thereon shall be paid in installments evidenced by and payable upon the surrender of combined principal and interest coupons attached thereto, which coupons shall each separately state the amounts of principal and interest included therein.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3309 | Public School Employees Retirement System › Section 3309.17 | Record of Proceedings Between Board and Taxing District.

Effective:
April 9, 2001
Latest Legislation:
Senate Bill 270 - 123rd General Assembly
The proper officers of each taxing district issuing the bonds provided for in section 3309.16 of the Revised Code shall, without additional procedure or legislation on their part, comply with this chapter, except that the proper accounting officer of such taxing district and the secretary of its sinking fund shall make and keep a detailed record of any such changes required by the school employees retirement board. The board shall not change the date of maturity of any part of the principal or interest of any bond issue, nor shall it require a bond of any issue to be of a larger denomination, nor any partial payment of principal to be of greater amount than the aggregate amount of such issue falling due at any date.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3309 | Public School Employees Retirement System › Section 3309.18 | Interest Credited Annually.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Interest deposited in the guarantee fund created by section 3309.60 of the Revised Code shall be credited annually to the various funds, except the expense fund.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3309 | Public School Employees Retirement System › Section 3309.19 | Trustee or Employee of Board Shall Have No Interest in Profits nor Borrow Funds.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
No trustee and no employee of the school employees retirement board shall have any interest, direct or indirect, in the gains or profits of any investment made by the board nor as such, directly or indirectly, receive any pay or emolument for his services. No trustee or employee of the said board, directly or indirectly, for himself or as an agent or partner of others, shall borrow any of its funds or deposits or use the same except to make such current and necessary payments as are authorized by the board; nor shall any member or employee of said board become an indorser or surety or become in any manner an obligor for moneys loaned by or borrowed from the board.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3309 | Public School Employees Retirement System › Section 3309.20 | Maintenance of Individual Account.

Effective:
June 30, 1991
Latest Legislation:
House Bill 382 - 119th General Assembly
The school employees retirement board shall provide for the maintenance of an individual account with each contributor showing the amount of his contributions and the interest accumulations thereon. It shall collect and keep in convenient form such data as is necessary for the preparation of the required mortality and service tables, and for the compilation of such other information as is required for the actuarial valuation of the assets and liabilities of the various funds created by section 3309.60 of the Revised Code. Upon the basis of the mortality and service experience of the members, retirants, and beneficiaries of the school employees retirement system, or SERS retirants and other system retirants as defined in section 3309.341 of the Revised Code, the board shall adopt the tables to be used for valuation purposes and for determining the amount of annuities to be allowed on the basis of the contributions.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3309 | Public School Employees Retirement System › Section 3309.211 | Amortizing Unfunded Actuarial Accrued Pension Liability.

Effective:
March 7, 1997
Latest Legislation:
Senate Bill 82 - 121st General Assembly
The school employees retirement board shall establish a period of not more than thirty years to amortize the school employees retirement system's unfunded actuarial accrued pension liability. The board shall adopt a plan that specifies how it proposes to meet the thirty-year amortization period not later than June 30, 2007. If in any year the period necessary to amortize the unfunded actuarial accrued pension liability exceeds thirty years, as determined by the annual actuarial valuation required by section 3309.21 of the Revised Code, the board, not later than ninety days after receipt of the valuation, shall prepare and submit to the Ohio retirement study commission and the standing committees of the house of representatives and the senate with primary responsibility for retirement legislation a report that includes the following information:
(A) The number of years needed to amortize the unfunded actuarial accrued pension liability as determined by the annual actuarial valuation;
(B) A plan approved by the board that indicates how the board will reduce the amortization period of the unfunded actuarial accrued pension liability to not more than thirty years;
(C) Whether the board has made any progress in meeting the thirty-year amortization period.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3309 | Public School Employees Retirement System › Section 3309.23 | Contributors to School Employees Retirement System.

Effective:
September 29, 2017
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) Except as provided in division (B) of this section, the following shall be contributors to the school employees retirement system:
(1) All employees, as defined in division (B) of section 3309.01 of the Revised Code;
(2) The employees of an existing or newly created employer unit as defined in division (A) of section 3309.01 of the Revised Code, supported in whole or in part by the state or any political subdivision thereof and wholly controlled and managed by the state or any subdivision thereof. Such employees shall become contributors on the same terms and conditions as provided by this chapter, provided the board of trustees or other managing body of such school, college, or other institution, if such institution is now in existence or if in existence on such date, shall agree by formal resolution to accept all the requirements and obligations imposed by this chapter upon employers. A certified copy of the resolution shall be filed with the school employees retirement board. When such resolution has been adopted and a copy of it filed with the school employees retirement board, it shall not later be subject to rescission or abrogation. Service in such schools, colleges, or other institutions shall be then considered in every way the same as service in the public schools.
(3) All other individuals who become members.
(B) The following individuals may choose to be exempt from compulsory membership by filing a written application for exemption with the employer within the first month after being employed:
(1) A student who is not a member at the time of employment and who is employed by the school, college, or university in which the student is enrolled and regularly attending classes;
(2) An emergency employee serving on a temporary basis in case of fire, snow, earthquake, flood, or other similar emergency;
(3) An individual employed in a program established pursuant to the "Workforce Innovation and Opportunity Act," 29 U.S.C. 3101 et seq., or any other federal job training program.
(C) A member may elect to have employment by the school, college, or university at which the member is enrolled and regularly attending classes exempted from contribution to the retirement system by filing a written application with the member's employer within the first month after being so employed.
(D) In all cases of doubt pertaining to contributors on an individual or group basis or the status of existing or newly created employer units, the decision shall be made by the retirement board, and such decision shall be final.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3309 | Public School Employees Retirement System › Section 3309.24 | Members of Local District Pension System Excluded From Membership - Membership by Petition.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Members of a local district pension system maintained under the laws of the state from appropriations or contributions made wholly or in part by any employer and existing on July 14, 1937, are hereby excluded from membership in the school employees retirement system. If a majority of all employees participating in any such local district pension system apply for membership in the school employees retirement system by a petition duly signed and verified, approved by their employer, and filed with the school employees retirement board, all employees included in the membership of such local district pension system shall become members of the school employees retirement system at such time within three months after the filing of such petition and the compliance with sections 3309.63 to 3309.65, inclusive, of the Revised Code, relative to the dissolution and discontinuance of such local district pension system as the board designates.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3309 | Public School Employees Retirement System › Section 3309.25 | Information to New Employees.

Effective:
April 9, 2001
Latest Legislation:
Senate Bill 270 - 123rd General Assembly
On receipt of notice under section 3309.55 of the Revised Code of the employment of a new employee, the school employees retirement system shall inform the employee of the requirements of section 3309.251 of the Revised Code.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3309 | Public School Employees Retirement System › Section 3309.251 | Electing Defined Benefit or Defined Contribution Plan.

Effective:
August 1, 2005
Latest Legislation:
Senate Bill 133 - 125th General Assembly
(A) Except as provided in division (D) of this section, an individual who becomes a member of the school employees retirement system on or after the date on which the school employees retirement board establishes a plan under section 3309.81 of the Revised Code shall make an election under this section. Not later than one hundred eighty days after the date on which employment begins, the individual shall elect to participate either in the plan described in sections 3309.18 to 3309.70 of the Revised Code or one of the plans established under section 3309.81 of the Revised Code. If a form evidencing an election under this section is not on file with the employer at the end of the one-hundred-eighty-day period, the individual is deemed to have elected to participate in the plan described in sections 3309.18 to 3309.70 of the Revised Code.
(B) An election under this section shall be made in writing on a form provided by the retirement system and filed with the employer's personnel officer. Not later than ten days after receiving the form evidencing the election, the employer shall transmit to the system a copy that includes a statement certifying that it is a true and accurate copy of the original.
(C) An election under this section shall take effect on the date employment began and is irrevocable on receipt by the employer.
(D) An individual is ineligible to make an election under this section if either of the following applies:
(1) At the time employment begins, the individual is already a member or contributor participating in the plan described in sections 3309.18 to 3309.70 of the Revised Code or an SERS retirant, as defined in section 3309.341 of the Revised Code.
(2) An election to participate in an alternative retirement plan under section 3305.05 or 3305.051 of the Revised Code is in effect for employment covered by the system.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3309 | Public School Employees Retirement System › Section 3309.252 | Employee With Less Than 5 Years of Service Electing to Participate in Defined Contribution Plan.

Effective:
April 9, 2001
Latest Legislation:
Senate Bill 270 - 123rd General Assembly
(A) A member of the school employees retirement system, who, as of the last day of the month immediately preceding the date on which the system establishes a plan under section 3309.81 of the Revised Code, has less than five years of total service credit is eligible to make an election under this section.
Not later than one hundred eighty days after the day the board first establishes one or more plans under section 3309.81 of the Revised Code, an eligible member may elect to participate in a plan established under that section. If an election is not made, a member to whom this section applies is deemed to have elected to continue participating in the plan described in sections 3309.18 to 3309.70 of the Revised Code.
(B) An election under this section shall be made in writing on a form provided by the system and filed with the system.
(C) On receipt of an election under this section, the system shall do both of the following:
(1) Credit to the account of the member in the defined contribution fund the accumulated contributions standing to the member's credit in the employees' savings fund;
(2) Cancel all service credit and eligibility for any payment, benefit, or right under the plan described in sections 3309.18 to 3309.70 of the Revised Code.
(D) An election under this section shall be irrevocable on receipt by the system.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3309 | Public School Employees Retirement System › Section 3309.253 | Effect of Electing Defined Contribution Plan.

Effective:
April 9, 2001
Latest Legislation:
Senate Bill 270 - 123rd General Assembly
A member of the school employees retirement system who elects to participate in a plan established under section 3309.81 of the Revised Code shall be ineligible for any benefit or payment under sections 3309.18 to 3309.70 of the Revised Code and shall be forever barred from claiming or purchasing service credit with any state retirement system, as defined in section 145.30 of the Revised Code, for service covered by the election.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3309 | Public School Employees Retirement System › Section 3309.26 | Restoring Service Credit.

Effective:
March 23, 2015
Latest Legislation:
Senate Bill 42 - 130th General Assembly
(A) The membership of any person in the school employees retirement system shall terminate if the person withdraws the person's accumulated contributions, retires on a retirement allowance as provided in sections 3309.36 and 3309.381 of the Revised Code, or dies, unless otherwise provided in Chapter 3309. of the Revised Code.
(B) A former member with an account in the employees' savings fund who formerly lost membership shall be reinstated as a member with all the rights, privileges, and obligations as provided in Chapter 3309. of the Revised Code.
(C)(1) Except as provided in this section, a member or former member of the school employees retirement system with at least one and one-half years of contributing service credit in this system, the public employees retirement system, the state teachers retirement system, the Ohio police and fire pension fund, or the state highway patrol retirement system, subsequent to the withdrawal of contributions and cancellation of service credit in this system may restore such service credit by redepositing in the employees' savings fund the amount withdrawn with interest at a rate to be determined by the board, compounded annually, from the first of the month of withdrawal to and including the month of redeposit.
(2) If the accumulated contributions were withdrawn under section 3309.43 of the Revised Code, service credit may be restored only if the member or former member accrued one and one-half years of service credit after the withdrawal of the accumulated contributions.
(D) A member may choose to purchase only part of such credit in any one payment, subject to board rules. The total payment to restore cancelled service credit, plus any interest credited thereto, shall be considered as accumulated contributions of the member. If a former member is eligible to buy the service credit as a member of the Ohio police and fire pension fund, the state highway patrol retirement system, or the city of Cincinnati retirement system, the former member is ineligible to restore that service credit under this section.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3309 | Public School Employees Retirement System › Section 3309.261 | Payroll Deduction Plans - Restoring Pers or Sters Credit.

Effective:
March 23, 2015
Latest Legislation:
Senate Bill 42 - 130th General Assembly
(A) A member of the school employees retirement system who has at least eighteen months of contributing service credit in the system, the Ohio police and fire pension fund, public employees retirement system, state teachers retirement system, or state highway patrol retirement system, and is a former member of or no longer contributing to the public employees retirement system or state teachers retirement system may restore service credit under section 145.31 or 3307.71 of the Revised Code by making payments pursuant to this section through a payroll deduction plan established under section 3309.27 of the Revised Code. A member seeking to restore service credit shall notify the school employees retirement system on a form approved by the school employees retirement board. After receiving the notice, the school employees retirement system shall request that the former retirement system calculate under section 145.312 or 3307.712 of the Revised Code the cost to the member to restore service credit for each year or portion of a year of service for which the member seeks to restore the service credit. The amount the former retirement system certifies as the cost of restoring the service credit, plus interest described in division (B) of this section, is the cost to the member of restoring the service credit. On receiving the certification from the former retirement system, the school employees retirement system shall notify the member of the cost.
(B) For each year or portion of a year of service credit restored under section 145.31 or 3307.71 of the Revised Code, a member shall pay to the school employees retirement system the amount certified by the former retirement system plus interest at a rate specified by the former retirement system under section 145.312 or 3307.712 of the Revised Code for the period during which deductions are made under section 3309.27 of the Revised Code.
(C) The school employees retirement board shall at least annually transmit to the former retirement system notice and any payments made to restore service credit under section 145.31 or 3307.71 of the Revised Code. The former retirement system shall restore the service credit for the year or portion of a year for which the payment was made.
(D) The board shall adopt rules to implement this section.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3309 | Public School Employees Retirement System › Section 3309.262 | Proceedings on Request for Restoration of Service Credit.

Effective:
July 13, 2000
Latest Legislation:
Senate Bill 190 - 123rd General Assembly
After receiving a request from the public employees retirement system under division (A) of section 145.311 or the state teachers retirement system under division (A) of section 3307.711 of the Revised Code, the school employees retirement system shall do both of the following:
(A) Calculate and certify to the requesting retirement system the cost to a former member to restore service credit under section 3309.26 of the Revised Code for each year or portion of a year for which the former member seeks to purchase service credit under that section.
(B) Inform the requesting retirement system of the rate of interest charged to a member under a payroll deduction plan authorized under section 3309.27 of the Revised Code.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3309 | Public School Employees Retirement System › Section 3309.27 | Payroll Deduction Plans.

Effective:
April 6, 2007
Latest Legislation:
House Bill 272 - 126th General Assembly
(A) The school employees retirement board may establish by rule payroll deduction plans for payment of the following:
(1) The cost of restoring service credit under section 3309.26 or 3309.261 of the Revised Code or purchasing any service credit members of the school employees retirement system are eligible to purchase under this chapter;
(2) Charges for participation in programs established under section 3309.691 of the Revised Code;
(3) Deposits under section 3309.692 of the Revised Code and any charges for participating in the program established under that section.
(B) In addition to any other matter considered relevant by the board, the rules adopted under this section shall specify all of the following:
(1) The types of service credit that may be paid for through payroll deduction, including the section of the Revised Code that authorizes the purchase of each type of service credit for which payment may be made by payroll deduction;
(2) The procedure for informing the member's employer and the system that the member wishes to use payroll deduction to purchase service credit or pay for participation in programs established under section 3309.691 of the Revised Code;
(3) The procedure to be followed by the system and employers to determine for each request the amount to be deducted, the number of deductions to be made, and the interval at which deductions will be made. The rules may provide for a minimum amount for each deduction or a maximum number of deductions for the purchase of any type of service credit.
(4) The procedure to be followed by employers in transmitting amounts deducted from the compensation of their employees to the system;
(5) The procedure to be followed by the system in crediting service credit to members who choose to purchase it through payroll deduction.
(C) If the board establishes a payroll deduction plan under this section, it shall certify to the member's employer, for each member for whom deductions are to be made, the amount of each deduction and the payrolls from which deductions are to be made. The employer shall make the deductions as certified and transmit the amounts deducted in accordance with the rules established by the board under this section.
(D) Rules adopted under this section shall not affect any right to purchase service credit conferred by any other section of the Revised Code, including the right of a member under any such section to purchase only part of the service credit the member is eligible to purchase.
(E) No payroll deduction made pursuant to this section may exceed the amount of a member's net compensation after all other deductions and withholdings required by law.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3309 | Public School Employees Retirement System › Section 3309.28 | Statement to Be Filed by Employee Member.

Effective:
March 23, 2015
Latest Legislation:
Senate Bill 42 - 130th General Assembly
Not later than thirty days after an employee begins employment, the employer shall file with the school employees retirement system a detailed statement of the employee's personal information and such other information as the school employees retirement board requires for the proper operation of the school employees retirement system.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3309 | Public School Employees Retirement System › Section 3309.29 | Verifying Termination of Active Service.

Effective:
April 24, 1986
Latest Legislation:
House Bill 502 - 116th General Assembly
To the extent to which it is used in determining the liability of any fund created by section 3309.60 of the Revised Code, the school employees retirement board shall verify the statement required by section 3309.28 of the Revised Code by the best evidence it can obtain. If official records are not available as to the length of service, compensation, or other information required, the board may use its discretion as to the evidence to be accepted.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3309 | Public School Employees Retirement System › Section 3309.30 | Service Credit.

Effective:
April 6, 2017
Latest Legislation:
House Bill 520 - 131st General Assembly
For service subsequent to June 30, 1955, the retirement board shall credit a year of service credit to any member employed on a full-time basis for nine or more months of service within a year. For contributing and prior service before July 1, 1955 only eight or more months of service on a full-time basis within a year will be necessary for a year of service credit. Effective July 1, 1977, full-time service is defined as one hundred twenty or more days of school service during the school year. If less than one hundred twenty days, such service shall be prorated on the basis of one hundred eighty days. The board shall adopt rules as necessary to carry out the intent of this section. The board shall credit not more than one year for all service rendered in any year.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3309 | Public School Employees Retirement System › Section 3309.311 | Purchasing Credit for Service as School Board Member.

Effective:
November 23, 1995
Latest Legislation:
House Bill 226 - 121st General Assembly
As used in this section, "school board member" means a member of a city, local, exempted village, or joint vocational school district board of education and a "governing board member" means a member of an educational service center governing board.
(A) A member of the school employees retirement system who does both of the following may purchase credit for service as a school board or governing board member if the member is eligible to retire under this chapter or will become eligible to retire as a result of purchasing the credit:
(1) Agrees to retire within ninety days after receiving notice of the additional liability under division (C) of this section;
(2) Provides evidence satisfactory to the retirement board of service as a school board or governing board member during the years for which the member wishes to purchase credit.
(B) Credit may be purchased under division (A) of this section for service as a school board or governing board member between September 1, 1937, and June 30, 1991. A member is eligible to purchase one-quarter of a year's credit for each year of service as a school board or governing board member.
(C) On receipt of a request from a member eligible to purchase credit under this section, the system shall obtain from its actuary a certification of the additional liability to the system for each quarter year of credit the member is eligible to purchase. Any portion of the credit a member is eligible to purchase may be purchased in quarter-year increments. For each quarter year of credit purchased, the member shall pay to the system an amount equal to the additional liability to the system resulting from the purchase. Payment shall be made in full at the time of purchase.
(D) The school employees retirement board shall adopt rules in accordance with section 111.15 of the Revised Code concerning the purchase of credit under this section. In addition to any other matters considered relevant by the retirement board, the rules shall specify the procedure to be followed by a member to inform the system of a desire to purchase credit for service as a school board or governing board member.
(E) If the member does not retire within ninety days after purchasing credit under this section, the system shall withdraw the credit and refund the amount paid by the member.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3309 | Public School Employees Retirement System › Section 3309.312 | University of Akron Law Enforcement Officers Electing Transfer to Public Employees Retirement System.

Effective:
January 7, 2013
Latest Legislation:
Senate Bill 343 - 129th General Assembly
(A) Not later than ninety days after September 16, 1998, a member who, on September 16, 1998, is employed full time pursuant to section 3345.04 of the Revised Code by the university of Akron as a state university law enforcement officer may elect to transfer to the public employees retirement system in accordance with this section. An election shall be made by giving notice to the school employees retirement system on a form provided by the school employees retirement board and shall be irrevocable.
(B) When a member makes the election described in this section, the school employees retirement system shall notify the public employees retirement system. The school employees retirement system shall transfer all of the member's service credit to the public employees retirement system and shall certify to the public employees retirement system a copy of the member's records of service and contributions. For each year or portion of a year of credit, the school employees retirement system shall transfer to the public employees retirement system all of the following:
(1) An amount equal to the accumulated contributions standing to the member's credit;
(2) An amount equal to the total employer contributions paid on behalf of the member;
(3) Any amount paid by the member or employer to the school employees retirement system for the purchase of service credit.
At the request of the public employees retirement system, the employer of a member who makes an election under this section shall certify to the public employees retirement system the member's salary.
(C) A member who elects to transfer to the public employees retirement system under this section shall make contributions and receive benefits in accordance with section 145.332 of the Revised Code.
(D) A member who fails to make an election in accordance with this section shall remain a member of the school employees retirement system.
Last updated February 17, 2022 at 2:50 PM
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3309 | Public School Employees Retirement System › Section 3309.32 | Prior Service Credit.

Effective:
April 9, 2001
Latest Legislation:
Senate Bill 270 - 123rd General Assembly
Any employee who becomes a member and establishes one year of contributing service credit shall be granted prior service credit unless the employee is otherwise required to establish additional contributing service credit under the provisions of this chapter. Provided, however, that any employee who became a contributing member prior to September 1, 1938, shall be granted prior service credit as of the date of establishing contributing membership.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3309 | Public School Employees Retirement System › Section 3309.33 | Retirement Incentive Plan.

Effective:
January 7, 2013
Latest Legislation:
Senate Bill 341 - 129th General Assembly
(A) An employer may establish a retirement incentive plan for its employees who are members of the school employees retirement system. The plan shall provide for purchase by the employer of service credit for eligible employees who choose to participate in the plan and for payment by the employer of the entire cost of such service credit. A plan established under this section shall remain in effect until terminated by the employer, except that, once established, the plan must remain in effect for at least one year.
(B) An employee who is a member of the school employees retirement system shall be eligible to participate in a retirement incentive plan established by the employer if the employee has attained fifty-seven years of age and agrees to retire and retires under section 3309.36 of the Revised Code effective within ninety days after receiving notice from the school employees retirement system that service credit has been purchased for the employee under this section.
(C) Participation in the plan shall be available to all eligible employees except that the employer may limit the number of persons for whom it purchases credit in any calendar year to a specified percentage of its employees who are members of the school employees retirement system on the first day of January of that year. The percentage shall not be less than five per cent of such employees. If participation is limited, employees with a greater length of service with the employer have the right to elect to have credit purchased before employees with a lesser length of service with the employer.
(D) The amount of service credit purchased for any participant shall be uniformly determined but shall not exceed the lesser of the following:
(1) Five years of service credit;
(2) An amount of service credit equal to one-fifth of the total service credited to the participant under Chapter 3309. of the Revised Code.
For each year of service credit purchased under this section, the employer shall pay an amount specified by the school employees retirement board equal to the additional liability resulting from the purchase of that year of service credit as determined by an actuary employed by the board. Payments shall be made in accordance with rules adopted by the board, and the board shall notify each member when the member is credited with service purchased under this section.
No payment made to the school employees retirement system under this section shall affect any payment required by section 3309.49 of the Revised Code.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3309 | Public School Employees Retirement System › Section 3309.34 | Eligibility for Service Retirement.

Effective:
June 24, 2013
Latest Legislation:
Senate Bill 341 - 129th General Assembly
(A)(1)(a) A member of the school employees retirement system is eligible for service retirement before August 1, 2017, if the member:
(i) Has at least five years of total service credit and has attained sixty years of age;
(ii) Has at least thirty years of total service credit at any age;
(iii) Has at least twenty-five years of total service credit and has attained fifty-five years of age.
(b) A member who has at least twenty-five years of total service credit on or before August 1, 2017, is eligible for retirement under division (A)(1)(a)(ii) or (iii) of this section.
(c) A member is eligible for retirement under division (A)(1)(a) of this section if as of August 1, 2017, the member will have less than twenty-five years of total service credit but, not later than that date, pays to the retirement system an amount equal to the additional liability to the system resulting from the member's retirement under this division.
(2)(a) Except as provided in division (A)(1)(c) of this section, a member who on August 1, 2017, has less than twenty-five years of total service credit is eligible for service retirement under this division if the member:
(i) Has earned at least ten years of total service credit and has attained sixty-two years of age;
(ii) Has earned at least twenty-five years of total service credit and has attained sixty years of age;
(iii) Has earned at least thirty years of total service credit and has attained fifty-seven years of age.
(b) The board, by rule adopted under division (D) of this section, may adjust the retirement eligibility requirements of division (A)(2)(a) of this section if the board's actuary, in its evaluation under division (C) of this section, determines that an adjustment is necessary to ensure that the retirement system meets the thirty-year amortization period requirement of section 3309.211 of the Revised Code.
(B) A member may retire by filing an application for retirement with the school employees retirement board on a form provided by the board. The board shall not retire the member sooner than the first day of the month next following the later of:
(1) The last day of employment for which compensation was paid;
(2) The attainment of minimum age and service credit eligibility for service or commuted service retirement.
(C) In each five-year period, the board shall direct its actuary to evaluate the retirement eligibility requirements of this section.
(D) The board, in consultation with its actuary, shall adopt rules to implement this section.