As Introduced
136th General Assembly
Regular Session H. B. No. 833
2025-2026
Representative Lampton
To amend sections 145.81, 3307.81, and 3309.81 of the Revised Code regarding investment options for state retirement system defined contribution plans.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
Section 1. That sections 145.81, 3307.81, and 3309.81 of the Revised Code be amended to read as follows:
Sec. 145.81. The public employees retirement board shall establish the PERS defined contribution plans, which shall be one or more plans consisting of benefit options that provide for an individual account for each participating member and under which benefits are based solely on the amounts that have accumulated in the account. The plans may include options under which a member participating in a plan may receive definitely determinable benefits.
Each
plan established under this section shall meet the requirements of
sections 145.81 to 145.98 of the Revised Code and any rules adopted
in accordance with section 145.80 of the Revised Code. It may
shall
include
one
or more investment options providing lifetime income, which may
include life
insurance, annuities, or
variable
annuities,.
It may also include
regulated investment trusts, pooled investment funds, or other forms
of investment. Each plan may also permit a participant to transfer
participation to another plan created under this chapter. Transfers
must be made in accordance with section 145.814 of the Revised Code.
The board may administer the plans, enter into contracts with other entities to administer the plans, or both.
Sec. 3307.81. The state teachers retirement board shall establish one or more defined contribution plans consisting of benefit options that provide for an individual account for each participating member and under which benefits are based solely on the amounts that have accumulated in the account. The plans may include options under which a member participating in a plan may receive definitely determinable benefits.
An
STRS defined contribution plan established under this section shall
meet the requirements of sections 3307.81 to 3307.89 of the Revised
Code. It may
shall
include
one
or more investment options providing lifetime income, which may
include life
insurance, annuities, or
variable
annuities,.
It may also include
regulated investment trusts, pooled investment funds, or other forms
of investment.
The board may administer the plans, enter into contracts with other entities to administer the plans, or both. The board may contract with another entity to administer the plans if the entity agrees to meet all requirements of this chapter applicable to the plans.
Sec. 3309.81. The school employees retirement board may establish one or more plans consisting of benefit options that provide for an individual account for each participating member and under which benefits are based solely on the amounts that have accumulated in the account. The plans may include options under which a member participating in a plan may receive definitely determinable benefits.
Each
plan established under this section shall meet the requirements of
sections 3309.81 to 3309.98 of the Revised Code and any rules adopted
in accordance with section 3309.80 of the Revised Code. It may
shall
include
one
or more investment options providing lifetime income, which may
include life
insurance, annuities, or
variable
annuities,.
It may also include
regulated investment trusts, pooled investment funds, or other forms
of investment.
The board may administer the plans, enter into contracts with other entities to administer the plans, or both.
Section 2. That existing sections 145.81, 3307.81, and 3309.81 of the Revised Code are hereby repealed.