reglab/statecodes huggingface dataset:
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3307 | State Teachers Retirement System › Section 3307.04 | General Administration and Management Vested in Board.

Effective:
August 18, 2019
Latest Legislation:
Senate Bill 221 - 132nd General Assembly
The general administration and the management of the state teachers retirement system is hereby vested in the state teachers retirement board, which shall adopt rules necessary for the fulfillment of its duties and responsibilities under Chapter 3307. of the Revised Code. The board shall adopt policies for the operation of the system, and the investment of funds as provided by section 3307.15 of the Revised Code, and may authorize its administrative officers, or committees composed of board members, to act for the board in accord with such policies.
The board may take all appropriate action to avoid payment by the system or its members of federal or state income taxes on contributions to the system or amounts earned on such contributions and to comply with any plan qualification requirements, including those on distributions, established under Title 26 of the United States Code.
The attorney general shall prescribe procedures for the adoption of rules authorized under this chapter, consistent with the provision of section 111.15 of the Revised Code under which all rules shall be filed in order to be effective. Such procedures shall establish methods by which notice of proposed rules is given to interested parties and rules adopted by the board published and otherwise made available. When it files a rule with the joint committee on agency rule review pursuant to section 111.15 of the Revised Code, the board shall submit to the Ohio retirement study council a copy of the full text of the rule, and if applicable, a copy of the rule summary and fiscal analysis required by division (B) of section 106.024 of the Revised Code.
All rules adopted pursuant to this chapter, prior to August 20, 1976, shall be published and made available to interested parties by January 1, 1977.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3307 | State Teachers Retirement System › Section 3307.041 | Travel Expense Policies - Bonus Policy - Budget.

Effective:
September 15, 2004
Latest Legislation:
Senate Bill 133 - 125th General Assembly
The state teachers retirement board shall do all of the following:
(A) In consultation with the Ohio ethics commission, review any existing policy regarding the travel and payment of travel expenses of members and employees of the state teachers retirement board and adopt rules in accordance with section 3307.04 of the Revised Code establishing a new or revised policy regarding travel and payment of travel expenses. Not less than sixty days before adopting a new or revised policy, the board shall submit the policy to the Ohio retirement study council for review.
(B) If the board intends to award a bonus to any employee of the board, adopt rules in accordance with section 3307.04 of the Revised Code establishing a policy regarding employee bonuses;
(C) Provide copies of the rules adopted under divisions (A) and (B) of this section to each member of the Ohio retirement study council;
(D) Submit to the Ohio retirement study council a proposed operating budget, including an administrative budget for the board, for the next immediate fiscal year and adopt that budget not earlier than sixty days after it is submitted to the council;
(E) Submit to the council a plan describing how the board will improve the dissemination of public information pertaining to the board.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3307 | State Teachers Retirement System › Section 3307.042 | Ethics Policy - Commission Approval - Ethics Training.

Effective:
September 15, 2004
Latest Legislation:
Senate Bill 133 - 125th General Assembly
The state teachers retirement board shall, in consultation with the Ohio ethics commission, develop an ethics policy to govern board members and employees in the performance of their official duties. The board shall submit this policy to the commission for approval.
The commission shall review the policy and, if the commission determines that the policy is adequate, approve the policy. If the commission determines that the policy is inadequate, it shall specify the revisions to be made and the board shall submit a revised policy. If the commission approves the revised policy, the board shall adopt it. If not, the board shall make any further revisions required by the commission and adopt the policy. Not less than sixty days before adopting the policy, the board shall submit it to the Ohio retirement study council for review.
The board periodically shall provide ethics training to members and employees of the board. The training shall include training regarding the requirements and prohibitions of Chapter 102. of the Revised Code and sections 2921.42 and 2921.43 of the Revised Code and any other training the board considers appropriate.
The board shall establish a procedure to ensure that each employee of the board is informed of the procedure for filing a complaint alleging violation of Chapter 102. of the Revised Code or section 2921.42 or 2921.43 of the Revised Code with the Ohio ethics commission or the appropriate prosecuting attorney.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3307 | State Teachers Retirement System › Section 3307.044 | Selection of Internal Auditor.

Effective:
January 7, 2013
Latest Legislation:
Senate Bill 342 - 129th General Assembly
The state teachers retirement board shall appoint a committee to oversee the selection of an internal auditor. The committee shall select one or more persons for employment as an internal auditor. The board shall employ the person or persons selected by the committee.
The committee shall consist of the following board members: one retirant member, one contributing member, one ex officio member, and any additional board members appointed to the committee by the board. The committee shall annually prepare and submit to the Ohio retirement study council a report of its actions during the preceding year.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3307 | State Teachers Retirement System › Section 3307.051 | Orientation Program Required for New Members - Continuing Education.

Effective:
September 15, 2004
Latest Legislation:
Senate Bill 133 - 125th General Assembly
Each newly elected member of the state teachers retirement board and each individual appointed to fill a vacancy on the board, shall, not later than ninety days after commencing service as a board member, complete the orientation program component of the retirement board member education program established under section 171.50 of the Revised Code.
Each member of the board who has served a year or longer as a board member shall, not less than twice each year, attend one or more programs that are part of the continuing education component of the retirement board member education program established under section 171.50 of the Revised Code.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3307 | State Teachers Retirement System › Section 3307.052 | Members With Excessive Travel Expenses Ineligible for Another Term.

Effective:
September 15, 2004
Latest Legislation:
Senate Bill 133 - 125th General Assembly
A person who served as an elected or appointed member of the state teachers retirement board for one or more entire fiscal years in fiscal years 2000, 2001, or 2002 is ineligible for re-election or reappointment to the board if the board paid travel-related expenses of the person or reimbursed the person for travel-related expenses that averaged more than ten thousand dollars annually for those fiscal years.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3307 | State Teachers Retirement System › Section 3307.06 | Board Elections.

Effective:
April 6, 2007
Latest Legislation:
House Bill 272 - 126th General Assembly
(A) Annually on the first Monday of May, one contributing member, as defined in division (D) of section 3307.05 of the Revised Code, shall be elected by ballot to the state teachers retirement board, except that, beginning with the annual election for contributing members in May, 1978, and in the annual election of each fourth year thereafter, two contributing members shall be elected to the board. Elected contributing members shall begin their respective terms of office on the first day of September following their election and shall serve for a term of four years.
(B) The retired teacher members of the board, as defined in division (E) of section 3307.05 of the Revised Code, shall be elected for a term of four years. The retired teacher members shall be elected to the board at the annual election for contributing members of the board, as provided in division (A) of this section, in the year in which the term of the current retired teacher members would expire. The retired teacher members shall begin their respective terms of office on the first day of September following their election.
No contributing member of the board who retires while a member of the board shall be eligible to become a retired teacher member of the board for three years after the date of the member's retirement.
(C) Except as provided in division (E) of this section, if a vacancy occurs during the term of office of any elected member of the board, the remaining members of the board shall elect a successor member. On certification of the election results in accordance with rules adopted under section 3307.075 of the Revised Code the successor member shall hold office until the first day of the new term that follows the next board election that occurs not less than ninety days after the successor member's election, or until the end of the term for which the successor member was elected, whichever is sooner. The successor member shall qualify for board membership under the same division of section 3307.05 of the Revised Code as the member's predecessor in office. Elections under this division shall be conducted in accordance with rules adopted under section 3307.075 of the Revised Code.
(D) If as a result of changed circumstances an elected member of the board would no longer qualify for board membership under that division of section 3307.05 of the Revised Code on the basis of which the member was elected, or if such a member fails to attend the meetings of the board for four months or longer without being excused, the member's position on the board shall be considered vacant, and a successor member shall be elected under this division for the remainder of the unexpired term.
(E) A successor member need not be elected under division (C) of this section to fill a vacancy if on the day the vacancy occurs less than ninety days remain in the vacated term.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3307 | State Teachers Retirement System › Section 3307.07 | Procedure for Electing Board Members.

Effective:
September 15, 2004
Latest Legislation:
Senate Bill 133 - 125th General Assembly
All elections of members of the state teachers retirement board shall be held under the direction of the board in accordance with rules adopted under section 3307.075 of the Revised Code. Any member of the state teachers retirement system, who has been nominated by a petition that is signed by five hundred or more members of the system and certified in accordance with rules adopted under section 3307.075 of the Revised Code, shall be eligible for election as a contributing member of the board. The petition shall contain the signatures of twenty or more members of the system from each of at least ten counties wherein members of the system are employed.
Any retired teacher who is a superannuate and a resident of Ohio is eligible for election as a retired teacher member of the board, if such retired teacher has been nominated by a petition that is signed by five hundred or more retired teachers, who are also superannuates, and certified in accordance with rules adopted under section 3307.075 of the Revised Code. The petition shall contain the signatures of twenty or more retired teachers from each of at least ten counties wherein superannuates under the system reside.
The board shall place the name of any eligible candidate upon the appropriate ballot as a regular candidate. At any election, qualified voters, as defined in this section, may vote for the regular candidates or for other eligible candidates, in which case the names of such persons shall be written upon the appropriate ballots, except that members of the system and former members of the system who are superannuates shall vote respectively for contributing members and retired teacher members of the board. The candidate who receives the highest number of votes for any term of office shall be elected to the board on certification of the election results in accordance with rules adopted under section 3307.075 of the Revised Code. If, at any election, contributing members or retired teacher members are to be elected for concurrent terms, eligible candidates shall be placed on the ballot, and the candidates who receive the highest numbers of votes shall be elected to the board on certification of the election results in accordance with rules adopted under section 3307.075 of the Revised Code.
Elected members of the board shall be elected on the basis of the total number of ballots cast by qualified voters, who shall consist of members of the system and former members of the system who are superannuates.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3307 | State Teachers Retirement System › Section 3307.071 | No Election if Only One Candidate Nominated.

Effective:
September 15, 2004
Latest Legislation:
Senate Bill 133 - 125th General Assembly
Notwithstanding sections 3307.06 and 3307.07 of the Revised Code, the state teachers retirement board is not required to hold an election for a position on the board as a contributing member or retired teacher member if only one candidate has been nominated for the position by petition in accordance with section 3307.07 of the Revised Code. The candidate shall take office as if elected. The term of office shall be four years beginning on the first day of September following the date the candidate was nominated.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3307 | State Teachers Retirement System › Section 3307.073 | Filing of Statements - Prohibited Campaign Activities.

Effective:
September 15, 2004
Latest Legislation:
Senate Bill 133 - 125th General Assembly
(A) No person shall knowingly fail to file a complete and accurate campaign finance statement or independent expenditure statement in accordance with section 3307.072 of the Revised Code.
(B) No person, during the course of a person seeking nomination for, and during any campaign for, election to the state teachers retirement board, shall knowingly and with intent to affect the nomination or the outcome of the campaign do any of the following by means of campaign materials, an advertisement on radio or television or in a newspaper or periodical, a public speech, press release, or otherwise:
(1) With regard to a candidate, identify the candidate in a manner that implies that the candidate is a member of the board or use the term "re-elect" when the candidate is not currently a member of the board;
(2) Make a false statement concerning the formal schooling or training completed or attempted by a candidate; a degree, diploma, certificate, scholarship, grant, award, prize, or honor received, earned, or held by a candidate; or the period of time during which a candidate attended any school, college, community technical school, or institution;
(3) Make a false statement concerning the professional, occupational, or vocational licenses held by a candidate, or concerning any position the candidate held for which the candidate received a salary or wages;
(4) Make a false statement that a candidate or board member has been indicted or convicted of a theft offense, extortion, or other crime involving financial corruption or moral turpitude;
(5) Make a statement that a candidate has been indicted for any crime or has been the subject of a finding by the Ohio elections commission without disclosing the outcome of any legal proceedings resulting from the indictment or finding;
(6) Make a false statement that a candidate or board member has a record of treatment or confinement for mental disorder;
(7) Make a false statement that a candidate or board member has been subjected to military discipline for criminal misconduct or dishonorably discharged from the armed services;
(8) Falsely identify the source of a statement, issue statements under the name of another person without authorization, or falsely state the endorsement of or opposition to a candidate by a person or publication;
(9) Make a false statement concerning the voting record of a candidate or board member;
(10) Post, publish, circulate, distribute, or otherwise disseminate a false statement concerning a candidate, either knowing the same to be false or with reckless disregard of whether it was false or not, if the statement is designed to promote the election, nomination, or defeat of the candidate.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3307 | State Teachers Retirement System › Section 3307.074 | Complaint Alleging Violation of Rc 3307.073 - Procedure - Fine.

Effective:
September 15, 2004
Latest Legislation:
Senate Bill 133 - 125th General Assembly
The secretary of state, or any person acting on personal knowledge and subject to the penalties of perjury, may file a complaint with the Ohio elections commission alleging a violation of section 3307.073 of the Revised Code. The complaint shall be made on a form prescribed and provided by the commission.
On receipt of a complaint under this section, the commission shall hold a hearing open to the public to determine whether the violation alleged in the complaint has occurred. The commission may administer oaths and issue subpoenas to any person in the state compelling the attendance of witnesses and the production of relevant papers, books, accounts, and reports. On the refusal of any person to obey a subpoena or to be sworn or to answer as a witness, the commission may apply to the court of common pleas of Franklin county under section 2705.03 of the Revised Code. The court shall hold contempt proceedings in accordance with Chapter 2705. of the Revised Code.
The commission shall provide the person accused of the violation at least seven days prior notice of the time, date, and place of the hearing. The accused may be represented by an attorney and shall have an opportunity to present evidence, call witnesses, and cross-examine witnesses.
At the hearing, the commission shall determine whether the violation alleged in the complaint has occurred. If the commission determines that a violation of division (A) of section 3307.073 of the Revised Code has occurred, the commission shall either impose a fine under section 3307.99 of the Revised Code or enter a finding that good cause has been shown not to impose the fine. If the commission determines that a violation of division (B) of section 3307.073 of the Revised Code has occurred, the commission shall impose the fine described in section 3307.99 of the Revised Code, refer the matter to the appropriate prosecutor, or enter a finding that good cause has been shown not to impose a fine or refer the matter to a prosecutor.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3307 | State Teachers Retirement System › Section 3307.075 | Adoption of Election Rules - Certification of Nominating Petitions and Election Results.

Effective:
September 15, 2004
Latest Legislation:
Senate Bill 133 - 125th General Assembly
(A) The state teachers retirement board, after consultation with the secretary of state, shall adopt rules in accordance with Chapter 119. of the Revised Code, governing all of the following:
(1) The administration of elections of members of the board under section 3307.07 of the Revised Code and elections held under section 3307.06 of the Revised Code to fill vacancies on the board;
(2) Nominating petitions for the elections;
(3) Certification of the validity of nominating petitions for the elections;
(4) Certification of the results of the elections.
(B) The board may contract with the secretary of state or an independent firm to administer the elections, certify the validity of nominating petitions, and certify the results of the elections. The secretary of state and the independent firm shall perform these services in accordance with the rules adopted under division (A) of this section. Notwithstanding section 3307.20 of the Revised Code, the board shall provide information necessary for the secretary of state or the independent firm to certify the election. If the board contracts with an independent firm to administer an election, the secretary of state may audit the election.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3307 | State Teachers Retirement System › Section 3307.08 | Oath of Office.

Effective:
July 13, 2000
Latest Legislation:
Senate Bill 190 - 123rd General Assembly
Each member of the state teachers retirement board upon appointment or election shall take an oath of office that the member will support the constitution of the United States, the constitution of the state, and that the member will diligently and honestly administer the affairs of the board, and that the member will not knowingly violate or willfully permit to be violated any law applicable to this chapter. Such oath shall be subscribed to by the member making it, and certified by the officer before whom it is taken, and shall be immediately filed in the office of the secretary of state.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3307 | State Teachers Retirement System › Section 3307.09 | Quorum.

Effective:
July 13, 2000
Latest Legislation:
Senate Bill 190 - 123rd General Assembly
A majority of the members of the state teachers retirement board constitutes a quorum for the transaction of any business. All meetings of the board shall be open to the public except executive sessions as set forth in division (G) of section 121.22 of the Revised Code, and any portions of any sessions discussing medical records or the degree of disability of a member excluded from public inspection by section 3307.20 of the Revised Code.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3307 | State Teachers Retirement System › Section 3307.091 | Digital Board Meeting Attendance.

Effective:
September 30, 2021
Latest Legislation:
House Bill 110 - 134th General Assembly
(A) Notwithstanding division (C) of section 121.22 of the Revised Code, the state teachers retirement board may adopt a policy that allows a board member to attend a meeting of the board by means of teleconference or video conference. The board shall include in the policy, if adopted, both of the following:
(1) The number of regular meetings at which each board member shall be present in person, provided that number is not less than one-half of the regular meetings of the board annually;
(2) All of the following requirements with respect to a meeting in which a member attends by means of teleconference or video conference:
(a) That at least one-third of the board members attending the meeting shall be present in person at the physical location where the meeting is conducted;
(b) That all votes taken at the meeting shall be taken by roll call vote;
(c) That a board member who intends to attend a meeting by means of teleconference or video conference shall notify the chairperson of that intent not less than forty-eight hours before the meeting, except in the case of an emergency as defined in the policy.
(B) Notwithstanding division (C) of section 121.22 of the Revised Code, a board member who attends a meeting by means of teleconference or video conference is considered present in person at the meeting, may vote at the meeting, and is counted for purposes of determining whether a quorum is present at the meeting.
(C) At any meeting in which a board member attends by means of teleconference or video conference, the board shall ensure that the public can hear and, if the means of attendance technologically permits it, to observe, the discussions and deliberations of all the members of the board, whether the member is participating in person or electronically.
(D) Except as provided in this section, no person shall do any of the following:
(1) Limit the number of board members who may attend a meeting by means of teleconference or video conference;
(2) Limit the total number of meetings that the board may allow members to attend by means of teleconference or video conference;
(3) Limit the number of meetings at which any one board member may attend by means of teleconference or video conference;
(4) Impose other limits or obligations on a board member because the board member attends a meeting by means of teleconference or video conference.
Last updated September 9, 2021 at 9:38 AM
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3307 | State Teachers Retirement System › Section 3307.10 | Expenses - Liability Insurance.

Effective:
September 15, 2004
Latest Legislation:
Senate Bill 133 - 125th General Assembly
(A) The members of the state teachers retirement board shall serve without compensation, except that members shall be reimbursed from the expense fund for all actual necessary expenses incurred while serving on the board.
(B) The board may secure insurance coverage designed to indemnify board members and employees for their actions or conduct in the performance of official duties, and may pay required premiums for such coverage from the expense fund.
(C) If the officers of the board determine that a meeting of the entire membership, or any part thereof, is necessary, such determination shall be final, and contributing members shall be given time off from their employment to attend any such meeting. The employer of a contributing member shall not reduce the member's earned compensation as a teacher or any contribution required under section 3307.26 of the Revised Code, because of the contributing member's absence from employment to attend any such meeting.
The portion of the employer contribution required under section 3307.28 of the Revised Code that represents earned compensation of a contributing member paid for the period of an absence from employment to attend a board meeting, shall be annually transferred from the expense fund and forwarded to the employer of the contributing member.
(D) The board shall adopt rules in accordance with section 111.15 of the Revised Code establishing a policy for reimbursement of travel expenses incurred by board members in the performance of their official duties. As part of any audit performed under Chapter 117. of the Revised Code, an inquiry shall be made into whether board members have complied with these rules.
(E) No board member shall accept payment or reimbursement for travel expenses, other than for meals and other food and beverages provided to the member, from any source other than the expense fund. Except in the case of an emergency, no out-of-state travel expenses shall be reimbursed unless approved in advance by a majority of the board at a regular board meeting.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3307 | State Teachers Retirement System › Section 3307.11 | Officers - Executive Director.

Effective:
September 15, 2004
Latest Legislation:
Senate Bill 133 - 125th General Assembly
The state teachers retirement board shall elect from its membership, a chairperson and a vice-chairperson. The board shall employ an executive director who shall serve as secretary, and shall employ other persons necessary to operate the system and to fulfill the board's duties and responsibilities under Chapter 3307. of the Revised Code.
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 employees and all other expenses of the board necessary for the proper operation of the system shall be paid in such amounts as the board approves.
Every expense voucher of an employee, officer, or board member of the state teachers retirement system shall itemize all purchases and expenditures.
The board shall receive all applications for retirement under the plans described in section 3307.031 of the Revised Code, shall provide for the payment of all retirement allowances and other benefits payable under this chapter, and shall make other expenditures authorized by this chapter.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3307 | State Teachers Retirement System › Section 3307.12 | Treasurer of State Is Custodian of Funds.

Effective:
July 1, 1985
Latest Legislation:
House Bill 201 - 116th General Assembly
The treasurer of state shall be the custodian of the funds of the state teachers retirement system, and all disbursements therefrom shall be paid by him only upon instruments duly authorized by the state teachers retirement board and bearing the signatures of the chairman and secretary of the board. Such signatures may be affixed through the use of a mechanical check signing device.
The treasurer of state shall give a separate and additional bond in such amount as is fixed by the governor and with sureties selected by the board and approved by the governor, conditioned for the faithful performance of the duties of the treasurer of state as custodian of the funds of the system. Such bond shall be deposited with the secretary of state and kept in his office. The governor may require the treasurer of state to give additional bonds, as the funds of the system increase, in such amounts and at such times as are fixed by the governor, which additional bonds shall be conditioned, filed, and obtained as is provided for the original bond of the treasurer of state covering the funds of the system. The premium on all bonds shall be paid by the board.
The treasurer of state shall deposit any portion of the funds of the system not needed for immediate use in the same manner as state funds are deposited, and subject to all law with respect to the deposit of state funds, by the treasurer of state, and all interest earned by such portion of the retirement funds as is deposited by the treasurer of state shall be collected by him and placed to the credit of the board.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3307 | State Teachers Retirement System › Section 3307.121 | Annual Statement of Amount of Funds Furnished by Treasurer.

Effective:
July 13, 2000
Latest Legislation:
Senate Bill 190 - 123rd General Assembly
The treasurer of state shall furnish annually to the state teachers retirement board a sworn statement of the amount of the funds in the treasurer of state's custody belonging to the state teachers retirement system.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3307 | State Teachers Retirement System › Section 3307.131 | Actions; Venue.

Effective:
April 6, 2017
Latest Legislation:
House Bill 520 - 131st General Assembly
Any action brought against the state teachers retirement system or the state teachers retirement board or its officers, employees, or board members in their official capacities shall be brought in the appropriate court in Frankl in county, Ohio.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3307 | State Teachers Retirement System › Section 3307.141 | Each Fund Is Separate Legal Entity.

Effective:
July 13, 2000
Latest Legislation:
Senate Bill 190 - 123rd General Assembly
Wherever in this chapter, reference is made to the teachers' savings fund, the employers' trust fund, the annuity and pension reserve fund, the guarantee fund, the survivors' benefit fund, the expense fund, or the defined contribution fund, such reference shall be construed to have been made to each as a separate legal entity. This section does not prevent the deposit or investment of all such moneys intermingled for such purpose but such funds shall be separate and distinct legal entities for all other purposes.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3307 | State Teachers Retirement System › Section 3307.142 | Interest Compounded Annually Credited to Accounts of Members and Funds.

Effective:
January 7, 2013
Latest Legislation:
Senate Bill 342 - 129th General Assembly
(A) Interest compounded annually shall be credited to the accounts of members participating in the STRS defined benefit plan and to the various funds listed in divisions (A) to (F) of section 3307.14 of the Revised Code, and shall be assumed in determining actuarial factors, at rates recommended by the actuary and approved by the state teachers retirement board, but not less than three and twenty-five hundredths per cent effective September 1, 1965, except as follows:
(1) For the years stated the rates shall be as follows:
Years
Rates
9-1-1920/8-31-1955
4.00%
9-1-1955/8-31-1963
3.00
9-1-1963/8-31-1965
2.25
(2) Subsequent to August 31, 1959, interest shall be credited to accounts only at retirement.
(3) If the amount of the account at retirement is not a factor in determining the allowance, interest shall not be credited to such account after September 1, 1964.
(4) The actuary shall estimate the amount of interest reserve required in the teachers savings fund for credit to accounts when interest is to be a factor in determining the allowance, and the balance of the interest reserve in such fund shall be transferred to the employers trust fund as of September 1, 1965.
(B) Interest shall be credited to the accounts of members participating in an STRS defined contribution plan and to the defined contribution fund in accordance with that plan.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3307 | State Teachers Retirement System › Section 3307.143 | Discontinuation of Health Care Coverage; Transfer of Surplus.

Effective:
January 7, 2013
Latest Legislation:
Senate Bill 342 - 129th General Assembly
If the state teachers retirement board discontinues health care coverage authorized under section 3307.39 of the Revised Code, on satisfaction of all liabilities for health care coverage at the time of the discontinuance of coverage, the board shall transfer any surplus in the health care fund established under division (H) of section 3307.14 of the Revised Code in a fair and appropriate manner to the employers that have contributed to the fund.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3307 | State Teachers Retirement System › Section 3307.151 | Prohibited Business Transactions.

Effective:
July 13, 2000
Latest Legislation:
Senate Bill 190 - 123rd General Assembly
The state teachers 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, an officer, or a board member 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 the person's employer, in decisions or recommendations affecting the investment policy of the system, and in which such person would benefit by any monetary gain.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3307 | State Teachers Retirement System › Section 3307.152 | Designation of Ohio-Qualified Agents - Selection Policy - Increased Utilization - Annual Report.

Effective:
March 31, 2021
Latest Legislation:
House Bill 312 - 133rd General Assembly
(A) As used in this section and in section 3307.154 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 state teachers retirement board.
(4) "Ohio-qualified investment manager" means an investment manager designated as such by the state teachers 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 state teachers 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 state teachers 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 3307 | State Teachers Retirement System › Section 3307.153 | Annual Disclosures to Ohio Ethics Commission.

Effective:
September 15, 2004
Latest Legislation:
Senate Bill 133 - 125th General Assembly
(A) The state teachers 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 3307 | State Teachers Retirement System › Section 3307.154 | Designation of Ohio-Qualified Investment Managers - Utilization - Annual Report.

Effective:
September 29, 2015
Latest Legislation:
House Bill 64 - 131st General Assembly
(A) The state teachers 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 3307 | State Teachers Retirement System › Section 3307.18 | 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 state teachers 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 3307 | State Teachers Retirement System › Section 3307.181 | Restrictions on Fiduciaries.

Effective:
July 13, 2000
Latest Legislation:
Senate Bill 190 - 123rd General Assembly
(A) Except as provided in division (B) of this section, a fiduciary shall not cause the state teachers retirement system to engage in a transaction, if the fiduciary 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 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 3307. of the Revised Code.
(C) A fiduciary shall not:
(1) Deal with the assets of the system in the fiduciary's own interest or for the fiduciary's own account;
(2) In the fiduciary's 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 the fiduciary's 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 the fiduciary 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 the fiduciary 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 the fiduciary's failure to comply with Chapter 3307. of the Revised Code, the fiduciary has enabled such other fiduciary to commit a breach; or
(3) If the fiduciary has knowledge of a breach by such other fiduciary, unless the fiduciary 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 3307 | State Teachers Retirement System › Section 3307.19 | Maintenance of Individual Account.

Effective:
April 1, 2001
Latest Legislation:
House Bill 535 - 123rd General Assembly
The state teachers retirement board shall provide for the maintenance of an individual account for each contributor showing the amount of the contributor's contributions and any accumulations thereon.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3307 | State Teachers Retirement System › Section 3307.21 | Notifying Teacher of Duties and Obligations Under Chapter.

Effective:
July 13, 2000
Latest Legislation:
Senate Bill 190 - 123rd General Assembly
Each employer, before employing any teacher to whom this chapter applies, shall notify such person of the person's duties and obligations under this chapter as a condition of the person's employment.
Any such appointment or reappointment of any teacher in the public day schools of the state, or service upon indefinite tenure, shall be conditioned upon the teacher's acceptance of this chapter, as a part of the contract.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3307 | State Teachers Retirement System › Section 3307.211 | Certifying Names of Covered Employees.

Effective:
July 13, 2000
Latest Legislation:
Senate Bill 190 - 123rd General Assembly
During September of each year, or at such other time as the state teachers retirement board approves, each employer shall certify to the board the names of all teachers to whom this chapter applies.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3307 | State Teachers Retirement System › Section 3307.212 | Notifying Board of Personnel Changes.

Effective:
July 13, 2000
Latest Legislation:
Senate Bill 190 - 123rd General Assembly
Each employer shall on the first day of each calendar month, or at such less frequent intervals as the state teachers retirement board approves, notify the board of removals, withdrawals, and changes in compensation of teachers that have occurred during the month preceding or the period since the period covered by the last notification.
Not later than ten days after the date of hire, each employer shall notify the board of the employment of a new teacher. Notice shall be on a form provided by the board.
2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3307 | State Teachers Retirement System › Section 3307.213 | Maintaining Records and Furnishing Assistance.

Effective:
July 13, 2000
Latest Legislation:
Senate Bill 190 - 123rd General Assembly
Each employer shall keep such records and shall furnish such information and assistance to the state teachers retirement board as it requires in the discharge of its duties.