Bill Title: 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.
Spectrum: Moderate Partisan Bill (Republican 9-1)
Status: (Introduced - Dead) 2009-05-12 - To Aging & Disability Services
[HB177 Detail]Download: Ohio-2009-HB177-Introduced.html
As Introduced
128th General Assembly | Regular Session | 2009-2010 |
| |
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 | 1 |
|
provide that investment personnel of the State | 2 |
|
Teachers Retirement System may not receive | 3 |
|
performance-based bonuses or premiums in years of | 4 |
|
negative investment returns and to
declare an | 5 |
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
Section 1. That section 3307.045 of the Revised Code be | 7 |
enacted to read as follows: | 8 |
Sec. 3307.045. (A) As used in this section, "investment | 9 |
officer" means a person employed by the state teachers retirement | 10 |
board for purposes of engaging in securities transactions or | 11 |
making any other investment of funds on behalf of the state | 12 |
teachers retirement system. | 13 |
(B) For each fiscal year in which the state teachers | 14 |
retirement system experiences an absolute overall negative return | 15 |
from the investment of the system's funds, an investment officer | 16 |
is
entitled only to consideration
for services the officer | 17 |
renders
in that capacity, and is not
entitled to a | 18 |
performance-based
bonus or premium in addition to or
as part of | 19 |
the consideration.
Any term or condition of a contract
or other | 20 |
form of employment
agreement between the state teachers | 21 |
retirement board and an
investment officer that
provides a | 22 |
performance-based bonus or
premium is void. | 23 |
Section 2. Section 3307.045 of the Revised Code, as enacted | 24 |
by this act, applies only to contracts and other forms of | 25 |
employment agreements that are entered into, amended, or renewed | 26 |
on or after the effective date of this act. | 27 |
Section 3. This act is hereby declared to be an emergency | 28 |
measure necessary for the immediate preservation of the public | 29 |
peace, health, and safety. The reason for such necessity is that | 30 |
the improper use of State Teachers Retirement System funds | 31 |
conflicts with the fiduciary duty of the State Teachers Retirement | 32 |
Board. Therefore, this act shall go into immediate effect. | 33 |