Ohio Code 3309.05 – Board membership
(A) The school employees retirement board shall consist of the following members:
Terms Used In Ohio Code 3309.05
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Benefit: means a payment, other than a retirement allowance or the annuity paid under section 3309. See Ohio Code 3309.01
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Disability benefit: means a benefit paid as disability retirement under section 3309. See Ohio Code 3309.01
- Employee: means all of the following:
(1) Any person employed by a public employer in a position for which the person is not required to have a registration, certificate, or license issued pursuant to section 3301. See Ohio Code 3309.01
- Member: includes a disability benefit recipient. See Ohio Code 3309.01
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Pension: means annual payments for life derived from appropriations made by an employer and paid from the employers' trust fund or the annuity and pension reserve fund. See Ohio Code 3309.01
- Person: includes an individual, corporation, business trust, estate, trust, partnership, and association. See Ohio Code 1.59
- Retirant: means any former member who retired and is receiving a retirement allowance under section 3309. See Ohio Code 3309.01
- state: means the state of Ohio. See Ohio Code 1.59
(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 who shall 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 the 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) Four members, known as employee members, who shall be members of the school employees retirement system, and who shall be elected by ballot by the members of the system;
(3) Two members, known as the retirant members, who shall be former members of the retirement system who reside in this state and currently receive an age and service retirement benefit, a disability benefit, or benefits under a plan established under section 3309.81 of the Revised Code. The retirant members shall be elected by ballot by former members of the system who are currently receiving an age and service retirement benefit, a disability benefit, or benefits under a plan established under section 3309.81 of the Revised Code.
(4) Two members, known as the investment expert members, who shall be appointed to 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) 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 state 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) The member has direct experience in the management, analysis, supervision, or investment of assets.
(B) Any member appointed under this section shall hold office until the later of the end of the term for which the member is appointed or the date the member’s successor takes office.