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Boards and Commissions
Last Update: 10/25/2018
Public Employees Retirement Board
Status
Current
Type of Board
Permanent
Authority
R.C. 145.04 - 145.042
145.05
145.057
145.058
145.08
145.09
145.094
145.095
145.114 - 145.116
145.22
145.221
145.351
Total Membership
11
Dates of Appointment
3 on 1/1/10 (county, retired, miscellaneous) and the same date each 4th year thereafter
4 on 1/1/11 (state, municipal, retired, university) and the same date each 4th year thereafter
3 on 2012 (investment designee and investment experts) and the same date each 4th year thereafter
Term Length
4 years;ex officio
Ending Date of Term
December 31;term of office
Report Requirements
--To the Ohio Retirement Study Council (ORSC) and the House and Senate standing committees (the committees) responsible for retirement legislation:
(1) Annual actuarial valuation report, not later than September 1 following the year for which the valuation was made;
(2) Actuarial investigation of mortality and service report, at least quinquennially not later than November 1 following the last fiscal year of the period the report covers;
(3) Report regarding unfunded actuarial accrued pension liability, not later than 90 days after receipt of a valuation indicating that more than a 30-year amortization period is needed;
(4) Annual health benefits cost report, not later than June 30 following the year for which the report was made.
--Actuarial analysis of retirement legislation having measurable financial impact, to the Legislative Service Commission, ORSC, and the committees, not later than 60 days from the date the legislation was introduced.
--Annual report to the Governor, ORSC, and the committees of the disability retirement experience of each employer, by March 1.
--Annual gift disclosure report to the Ohio Ethics Commission (by date set by the Commission).
--Annual reports (date not specified) to the ORSC regarding:
(1) The committee to oversee selection of internal auditors;
(2) The agents executing securities transactions;
(3) Investment managers.
Chairperson
Elected from the Board's membership
Subject To Sunset Review
No
Full-time
No
Restriction on Partisan Affiliation
No
Senate Confirmation Required
No
Expiration Date
Appointment Authority
Governor, Other, Senate President, Speaker
Membership Composition
Members with other stated qualifications, Statewide elected officials/department heads
Compensation
Expenses Only
Staff Assistance
Own staff
Additional Information
None
Qualifications
7 members elected from own memberships: 1 state employee, 1 county employee, 1 municipal employee, 1 representing miscellaneous employees (libraries, park districts, townships, conservancy districts, etc.), 2 representing retired members of the system and disability benefit recipients, and 1 representing state universities and colleges. The retirant members must reside in Ohio.
The Treasurer of State appoints the Treasurer's investment designee, the Governor appoints 1 investment expert member, and the House Speaker and Senate President jointly appoint 1 investment expert member. These 3 Board members must be Ohio residents, have direct experience in the management, analysis, supervision, or investment of assets, and, within 3 years preceding their appointment, must not have been employed any of the 5 state retirement systems or by any person, partnership, or corporation that has provided to any of the state retirement systems services of a financial or investment nature. In addition, the investment designee must not currently be employed by the state or any of its political subdivisions. Ex officio member: the Director of Administrative Services.
A Board member who served 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 to, or reimbursed the member for, travel-related expenses that averaged more than $10,000 annually for those fiscal years. An employee or retirant member who is convicted of or pleads guilty to a felony, a theft offense, or specified ethics or other Criminal Code violations is deemed to have vacated the member's office, and a person who has been convicted of or pleaded guilty to such an offense is ineligible for election as an employee or retirant member.