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| To amend section 742.03 of the Revised Code | 1 |
| regarding election of the chairperson of the Ohio | 2 |
| Police and Fire Pension Board of Trustees. | 3 |
| Section 1. That section 742.03 of the Revised Code be | 4 |
| amended to read as follows: | 5 |
| Sec. 742.03. (A) As used in this section and in sections | 6 |
| 742.04 and 742.05 of the Revised Code: | 7 |
| (1) "Police officer" means a member of the fund who is or has | 8 |
| been an employee of a police department and is not a police | 9 |
| retirant. | 10 |
| (2) "Firefighter" means a member of the fund who is or has | 11 |
| been an employee of a fire department and is not a firefighter | 12 |
| retirant. | 13 |
| (3) "Firefighter retirant" means a member of the fund who is | 14 |
| receiving an age and service or disability benefit as a result of | 15 |
| service in a fire department or a surviving spouse of a deceased | 16 |
| member who is receiving a benefit as a result of the deceased | 17 |
| member's service in a fire department. "Firefighter retirant" does | 18 |
| not include a member of the fund who is participating in the | 19 |
| deferred retirement option plan established under section 742.43 | 20 |
| of the Revised Code. | 21 |
| (4) "Police retirant" means a member of the fund who is | 22 |
| receiving an age and service or disability benefit as a result of | 23 |
| service in a police department or a surviving spouse of a deceased | 24 |
| member who is receiving a benefit as a result of the deceased | 25 |
| member's service in a police department. "Police retirant" does | 26 |
| not include a member of the fund who is participating in the | 27 |
| deferred retirement option plan established under section 742.43 | 28 |
| of the Revised Code. | 29 |
| (B) The administration, control, and management of the Ohio | 30 |
| police and fire pension fund, created under section 742.02 of the | 31 |
| Revised Code, is vested in a board of trustees of the Ohio police | 32 |
| and fire pension fund, which shall consist of the following | 33 |
| members: | 34 |
| (1) One member, known as the treasurer of state's investment | 35 |
| designee, who shall be appointed by the treasurer of state for a | 36 |
| term of four years and have the following qualifications: | 37 |
| (a) The member is a resident of this state. | 38 |
| (b) Within the three years immediately preceding the | 39 |
| appointment, the member has not been employed by the public | 40 |
| employees retirement system, police and fire pension fund, state | 41 |
| teachers retirement system, school employees retirement system, or | 42 |
| state highway patrol retirement system or by any person, | 43 |
| partnership, or corporation that has provided to one of those | 44 |
| retirement systems services of a financial or investment nature, | 45 |
| including management, analysis, supervision, or investment of | 46 |
| assets. | 47 |
| (c) The member has direct experience in the management, | 48 |
| analysis, supervision, or investment of assets. | 49 |
| (d) The member is not currently employed by the state or a | 50 |
| political subdivision of the state. | 51 |
| (2) Two members, known as the investment expert members, who | 52 |
| shall be appointed for four-year terms. One investment expert | 53 |
| member shall be appointed by the governor, and one investment | 54 |
| expert member shall be jointly appointed by the speaker of the | 55 |
| house of representatives and the president of the senate. Each | 56 |
| investment expert member shall have the following qualifications: | 57 |
| (a) Each member shall be a resident of this state. | 58 |
| (b) Within the three years immediately preceding the | 59 |
| appointment, each member shall not have been employed by the | 60 |
| public employees retirement system, police and fire pension fund, | 61 |
| state teachers retirement system, school employees retirement | 62 |
| system, or state highway patrol retirement system or by any | 63 |
| person, partnership, or corporation that has provided to one of | 64 |
| those retirement systems services of a financial or investment | 65 |
| nature, including the management, analysis, supervision, or | 66 |
| investment of assets. | 67 |
| (c) Each member shall have direct experience in the | 68 |
| management, analysis, supervision, or investment of assets. | 69 |
| Any investment expert member appointed to fill a vacancy | 70 |
| occurring prior to the expiration of the term for which the | 71 |
| member's predecessor was appointed shall hold office until the end | 72 |
| of such term. The member shall continue in office subsequent to | 73 |
| the expiration date of the member's term until the member's | 74 |
| successor takes office, or until a period of sixty days has | 75 |
| elapsed, whichever occurs first. | 76 |
| (3) Four members known as employee members. | 77 |
| Two employee members shall be police officers elected by | 78 |
| police officers. Two employee members shall be firefighters | 79 |
| elected by firefighters. Employee members of the board shall be | 80 |
| elected for terms of four years as provided by section 742.04 of | 81 |
| the Revised Code. | 82 |
| (4) One member known as the firefighter retirant member, who | 83 |
| shall be a resident of this state elected by the firefighter | 84 |
| retirants. The firefighter retirant member shall be elected for a | 85 |
| term of four years as provided by section 742.04 of the Revised | 86 |
| Code. | 87 |
| (5) One member known as the police retirant member, who shall | 88 |
| be a resident of this state elected by the police retirants. The | 89 |
| police retirant member shall be elected for a term of four years | 90 |
| as provided by section 742.04 of the Revised Code. | 91 |
| (C) The board shall annually elect a chairperson from among | 92 |
| its employee members and retirant members who shall serve a term | 93 |
| of one year in that office. Every third year, the board shall | 94 |
| elect a retirant member to serve as chairperson. | 95 |
| (D) No employee member of the board who retires while a | 96 |
| member of the board shall be eligible to become a retirant member | 97 |
| for three years after the date of the member's retirement. | 98 |
| | 99 |
| vacancy occurring prior to the expiration of the term for which | 100 |
| the member's predecessor was appointed holds office until the end | 101 |
| of such term. The member continues in office subsequent to the | 102 |
| expiration date of the member's term until the member's successor | 103 |
| takes office, or until a period of sixty days has elapsed, | 104 |
| whichever occurs first. | 105 |
| Section 2. That existing section 742.03 of the Revised Code | 106 |
| is hereby repealed. | 107 |