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Boards and Commissions
Last Update: 10/25/2018
Teachers Retirement Board, State
Status
Current
Type of Board
Permanent
Authority
R.C. 3307.03
3307.04
3307.043
3307.044
3307.05
3307.052
3307.06
3307.061
3307.07
3307.075
3307.10
3307.11
3307.152 - 3307.154
3307.20
3307.421
3307.51
3307.512
3307.513
Total Membership
11
Dates of Appointment
Teachers:
2 on 9/1/10 and the same date each 4th year thereafter
1 on 9/1/11 and the same date each 4th year thereafter
1 on 9/1/12 and the same date each 4th year thereafter
1 on 9/1/13 and the same date each 4th year thereafter
Retired teacher:
2 on 9/1/13 and the same date each 4th year th
Term Length
4 years for teacher, retired teacher, investment designee, and investment expert members;term of office for ex officio member
Ending Date of Term
August 31 for teacher and retired teacher members
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 January 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 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, State agency employees
Compensation
Expenses Only
Staff Assistance
Own staff
Additional Information
None
Qualifications
5 teacher members elected by ballot by members of the State Teachers Retirement System. 2 retired teacher members who are service retirement benefit recipients and Ohio residents and who cannot be employed in positions requiring them to make contributions to the retirement system, elected by retired teacher members who are service retirement benefit recipients and who are not employed in a position requiring contributions to the retirement system.
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 residents of Ohio, 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.
The Superintendent of Public Instruction, or the Superintendent's designee, also is a member; a designee of the Superintendent must have the same qualifications as the Treasurer of State's designee, except that the Superintendent's designee may be a state or political subdivision employee.
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 to, or reimbursed the member for travel-related expenses that averaged more than $10,000 annually for those fiscal years. A teacher or retired teacher 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 a teacher or retired teacher member.