Effective: September 10, 2012
Latest Legislation: House Bill 487 - 129th General Assembly
(A) The board of trustees of each public institution of higher education shall adopt an alternative retirement plan in accordance with this chapter.
In accordance with this chapter, each board may perform such functions and provide as necessary for the administration of its alternative retirement plan.
(B)(1) In implementing the alternative retirement plan established by the board, the public institution of higher education shall develop agreements to be entered into with entities designated under section 3305.03 of the Revised Code as vendors. Each agreement shall include such terms and conditions as are determined by the public institution of higher education in its sole discretion.
(2) Except as provided in division (B)(3) of this section, the public institution of higher education shall enter into agreements with a minimum of four vendors or, if fewer than four vendors are available, with the number of vendors available.
(3) Division (B)(2) of this section does not require a public institution of higher education to enter into an agreement with a vendor if either of the following is the case:
(a) The vendor is not willing to provide investment options under the alternative retirement plan at that public institution.
(b) The vendor is not willing to agree to the terms and conditions of the agreement.
(4) After an agreement has been entered into, both of the following apply with respect to termination of the agreement with the provider:
(a) The agreement shall be terminated if the provider ceases to be an entity designated as a vendor.
(b) The agreement may be terminated if the provider fails to comply with the terms and conditions of such agreement.
Structure Ohio Revised Code
Title 33 | Education-Libraries
Chapter 3305 | Alternative Retirement Plans
Section 3305.01 | Alternative Retirement Program Definitions.
Section 3305.02 | Alternative Retirement Program.
Section 3305.03 | Designation of Entities Eligible to Provide Investment Options.
Section 3305.031 | Additional Procedures When Designating or Reviewing a Vendor.
Section 3305.032 | Adoption of Rules.
Section 3305.04 | Adoption of Alternative Retirement Plan; Implementation.
Section 3305.05 | Employees Who May Elect to Participate in Alternative Plan.
Section 3305.051 | Elections Made Prior to Effective Date.
Section 3305.053 | Selection and Change of Providers Under Alternative Plan.
Section 3305.06 | Employee and Employer Contributions.
Section 3305.07 | Payment of Benefits to Electing Employee.
Section 3305.08 | Tax Exemption.
Section 3305.09 | Withholding Order to Pay Restitution for Sex Offense or Theft in Office.
Section 3305.10 | Consent of Spouse of Electing Employee Required Prior to Payment.
Section 3305.11 | Forfeiture of Retirement Benefits Under Rc 2929.192.
Section 3305.12 | Benefits Subject to Termination.
Section 3305.20 | Alternate Payee Entitled to Certain Information.
Section 3305.21 | Orders for Division of Marital or Separate Property.
Section 3305.22 | Repayment or Recovery of Amounts Paid to Alternate Payee.