OHIO LEGISLATIVE SERVICE COMMISSION
Office of Research Legislative Budget
www.lsc.ohio.gov and Drafting Office
H.B. 501 Bill Analysis
135th General Assembly
Click here for H.B. 501’s Fiscal Note
Version: As Introduced
Primary Sponsor: Rep. Carruthers
Effective date:
Chris Edwards, Attorney
SUMMARY
 Creates the Joint Legislative Study Committee on Small Business Retirement Options to
study and report on private sector retirement plans and state-facilitated retirement
savings options to improve access to retirement programs.
DETAILED ANALYSIS
Study Committee on Small Business Retirement Options
Study topics and report
The bill creates the Joint Legislative Study Committee on Small Business Retirement
Options. The Committee must study and develop recommendations for legislative action
regarding:
 Ways the state can reduce the regulatory and operational burden on small businesses
that want to offer payroll deduction retirement savings options to employees;
 Mechanisms the state could use to assist citizens to be more prepared to retire in a
financially secure manner, including operating state-administered individual retirement
accounts or multiple employer plans;
 The feasibility and benefits of partnering with other similar programs established in
other jurisdictions; and
 Optimal oversight for any proposed retirement program.
June 12, 2024
Office of Research and Drafting LSC Legislative Budget Office
Not later than one year after the Committee’s first meeting, the Committee must issue a
report of its findings and recommendations to the Senate President, the Speaker of the House,
and the public. The Committee is abolished on submitting the report.1
Membership
The Committee consists of all of the following members:
 A member of the House of Representatives, appointed by the Speaker of the House;
 A member of the Senate, appointed by the Senate President;
 The Director of Aging or the Director’s designee;
 The Executive Director of the Ohio Tuition Trust Authority or the Executive Director’s
designee;
 The Treasurer of State or the Treasurer of State’s designee;
 The following members, appointed jointly by the Speaker of the House and the Senate
President:
 A member who represents small businesses;
 A member who represents organized labor;
 A member who represents an organization that represents aging Ohioans;
 A member who represents the financial services industry;
 A member who represents the service industry;
 A member who represents the veteran community;
 A member who represents urban communities;
 A member who represents rural communities.
Committee members must be appointed not later than 90 days after the bill’s effective
date. Any vacancy in the Committee’s membership must be filled in the same manner as the
original appointment. Members serve without compensation.
The Committee members appointed from the Senate and the House of Representatives
serve during their terms as members of the General Assembly and until their successors are
appointed and qualified, regardless of the adjournment of the General Assembly of which they
are members or the expiration of their terms as members of the General Assembly.2
1 Section 1(A), (B), and (G).
2 Section 1(C), (D), and (F).
P a g e |2 H.B. 501
As Introduced
Office of Research and Drafting LSC Legislative Budget Office
Meetings
The Committee must hold its initial meeting not later than 60 days after the last
member is appointed. The members of the Senate and House of Representatives appointed to
the Committee are the co-chairpersons. All subsequent Committee meetings must be held at
the co-chairpersons’ call.3
HISTORY
Action Date
Introduced 04-22-24
ANHB0501IN-135/ks
3 Section 1(E).
P a g e |3 H.B. 501
As Introduced