The bill proposes the establishment of the Higher Education Evidence-Based Innovation Fund and Grant Program, as outlined in the newly enacted section 3333.1211 of the Revised Code. This fund will be created within the state treasury and will consist of designated amounts from the General Assembly and private contributions. The funds will be allocated through competitive grants to state institutions of higher education to support the implementation of evidence-based reforms and practices aimed at improving student retention and completion rates, particularly for low-income students. The Chancellor of Higher Education will oversee the grant program, ensuring that preference is given to applications proposing tier-three reforms or practices. The bill also mandates that grant applications include detailed plans for increasing student attainment and completion rates, as well as methods for evaluating the effectiveness of the proposed reforms.

Additionally, the bill requires the Chancellor of Higher Education to conduct a feasibility study on the retrenchment processes at state institutions, specifically examining employment and earnings criteria. This study will analyze student outcomes across various programs of study, comparing the wage outcomes of postsecondary degrees with those of high school diplomas. The Chancellor is tasked with submitting a report on the findings and recommendations for improving workforce alignment and program approval processes to the General Assembly within one year of the bill's effective date.