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H. B. No. 177 As IntroducedAs Introduced
128th General Assembly | Regular Session | 2009-2010 |
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Representatives Huffman, Bubp
Cosponsors:
Representatives Morgan, Sears, Maag, Chandler, Burke, Blair, Grossman, Boose
A BILL
To enact section 3307.045 of the Revised Code to
provide that investment personnel of the State
Teachers Retirement System may not receive
performance-based bonuses or premiums in years of
negative investment returns and to
declare an
emergency.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
Section 1. That section 3307.045 of the Revised Code be
enacted to read as follows:
Sec. 3307.045. (A) As used in this section, "investment
officer" means a person employed by the state teachers retirement
board for purposes of engaging in securities transactions or
making any other investment of funds on behalf of the state
teachers retirement system.
(B) For each fiscal year in which the state teachers
retirement system experiences an absolute overall negative return
from the investment of the system's funds, an investment officer
is
entitled only to consideration
for services the officer
renders
in that capacity, and is not
entitled to a
performance-based
bonus or premium in addition to or
as part of
the consideration.
Any term or condition of a contract
or other
form of employment
agreement between the state teachers
retirement board and an
investment officer that
provides a
performance-based bonus or
premium is void.
Section 2. Section 3307.045 of the Revised Code, as enacted
by this act, applies only to contracts and other forms of
employment agreements that are entered into, amended, or renewed
on or after the effective date of this act.
Section 3. This act is hereby declared to be an emergency
measure necessary for the immediate preservation of the public
peace, health, and safety. The reason for such necessity is that
the improper use of State Teachers Retirement System funds
conflicts with the fiduciary duty of the State Teachers Retirement
Board. Therefore, this act shall go into immediate effect.
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