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H. B. No. 479 As IntroducedAs Introduced
127th General Assembly | Regular Session | 2007-2008 |
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Representatives Evans, Foley
Cosponsor:
Representative Williams, B.
A BILL
To amend section 742.03 of the Revised
Code
regarding election of the chairperson of the Ohio
Police
and Fire Pension Board of Trustees.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
Section 1. That section 742.03 of the Revised
Code be
amended to read as follows:
Sec. 742.03. (A) As used in this section and in sections
742.04 and 742.05 of the Revised Code:
(1) "Police officer" means a member of the fund who is or
has
been an
employee of a police department and is not a police
retirant.
(2) "Firefighter" means a member of the fund who is or has
been an
employee of a fire department and is not a firefighter
retirant.
(3) "Firefighter retirant" means a member of the fund who
is
receiving an age and service or disability benefit as a result
of
service in a fire department or a surviving spouse of a
deceased
member who is receiving a benefit as a result of the
deceased
member's service in a fire department.
"Firefighter retirant" does
not include a member of the fund who is participating in the
deferred retirement option plan established under section 742.43
of the Revised Code.
(4) "Police retirant" means a member of the fund who is
receiving an age and service or disability benefit as a result of
service in a police department or a surviving spouse of a
deceased
member who is receiving a benefit as a result of the
deceased
member's service in a police department.
"Police retirant" does
not include a member of the fund who is participating in the
deferred retirement option plan established under section 742.43
of the Revised Code.
(B) The administration, control, and management of the
Ohio
police and fire
pension fund, created under
section 742.02 of the
Revised Code, is vested in a board of
trustees of the Ohio police
and fire pension fund,
which shall consist of the following
members:
(1) One member, known as the treasurer of state's investment
designee, who shall be appointed by the treasurer of state for a
term of four years and have the following qualifications:
(a) The member is a resident of this state.
(b) Within the three years immediately preceding the
appointment, the member has not been employed by the public
employees retirement system, police and fire pension fund, state
teachers retirement system, school employees retirement system, or
state highway patrol retirement system or by any person,
partnership, or corporation that has provided to one of those
retirement systems services of a financial or investment nature,
including management, analysis, supervision, or investment of
assets.
(c) The member has direct experience in the management,
analysis, supervision, or investment of assets.
(d) The member is not currently employed by the state or a
political subdivision of the state.
(2) Two members, known as the investment expert members, who
shall be appointed for four-year terms. One investment expert
member shall be appointed by the governor, and one investment
expert member shall be jointly appointed by the speaker of the
house of representatives and the president of the senate. Each
investment expert member shall have the following qualifications:
(a) Each member shall be a resident of this state.
(b) Within the three years immediately preceding the
appointment, each member shall not have been employed by the
public employees retirement system, police and fire pension fund,
state teachers retirement system, school employees retirement
system, or state highway patrol retirement system or by any
person, partnership, or corporation that has provided to one of
those retirement systems services of a financial or investment
nature, including the management, analysis, supervision, or
investment of assets.
(c) Each member shall have direct experience in the
management, analysis, supervision, or investment of assets.
Any investment expert member appointed to fill a vacancy
occurring prior to the expiration of the term for which the
member's predecessor was appointed shall hold office until the end
of such term. The member shall continue in office subsequent to
the expiration date of the member's term until the member's
successor takes office, or until a period of sixty days has
elapsed, whichever occurs first.
(3) Four members known as employee members.
Two employee members shall be police officers elected by
police officers. Two employee members shall be firefighters
elected by firefighters. Employee members of the board shall be
elected for
terms of four years as provided by section 742.04 of
the Revised Code.
(4) One member known as the
firefighter retirant member, who
shall be a
resident of this state elected
by the firefighter
retirants. The firefighter
retirant member
shall be elected for a
term of four years as provided by
section
742.04 of the Revised
Code.
(5) One member known as the
police retirant member, who
shall
be a resident
of this state elected by the police retirants.
The
police retirant member
shall be elected for a term of four
years
as provided by section 742.04 of the
Revised
Code.
(C) The board shall annually elect a chairperson from among
its employee members and retirant members who shall serve a term
of one year in that office. Every third year, the board shall
elect a retirant member to
serve as chairperson.
(D) No employee member of the board who retires while a
member of the board shall be eligible to become a retirant member
for three years after the date of the member's retirement.
(D)(E) Any investment expert member appointed to fill a
vacancy occurring prior to the expiration of the term for which
the member's predecessor was appointed holds office until the end
of such term. The member continues in office subsequent to the
expiration date of the member's term until the member's successor
takes office, or until a period of sixty days has elapsed,
whichever occurs first.
Section 2. That existing section 742.03 of the
Revised Code
is hereby repealed.
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