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hb833_00_IN
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.