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Boards and Commissions
Last Update: 10/25/2018
School Employees Retirement Board
Status
Current
Type of Board
Permanent
Authority
R.C. 3309.04
3309.043
3309.044
3309.05
3309.052
3309.06
3309.061
3309.075
3309.10
3309.11
3309.14
3309.157 - 3309.159
3309.21
3309.211
3309.391
Total Membership
9
Dates of Appointment
1 on 7/1/11 and the same date each 4th year thereafter
2 on 7/1/12 and the same date each 4th year thereafter
3 in 2012 and the same date each 4th year thereafter (investment designee and investment experts)
3 on 7/1/13 and the same date each 4th year thereafter
Term Length
4 years
Ending Date of Term
June 30
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 May 1 following the year for which the valuation was made;
(2) Actuarial investigation of mortality and service report, at least quinquennially not later than May 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 December 31 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 September 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 by Board from among its members
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
Compensation
Expenses Only
Staff Assistance
Own staff
Additional Information
None
Qualifications
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 by 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.
4 employee members are elected by ballot by members of the School Employees Retirement System, and 2 retirant members who are Ohio residents and recipients of service or disability retirement benefits are elected by former members of the retirement system receiving either of these types of benefits.
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.