The bill amends several sections of the Revised Code concerning the State Teachers Retirement Board, specifically targeting sections 3307.044, 3307.05, 3307.06, 3307.07, 3307.10, and 3307.11. Key changes include a restructured committee for selecting an internal auditor, which will now include one retired teacher member, one contributing member, one ex officio member, and additional members appointed by the board. The composition of the board is also modified, reducing the treasurer of state's investment designee from two members to one, while increasing the number of contributing members from two to five. The bill clarifies the election process for board members, ensuring that contributing and retired teacher members are elected concurrently when applicable.

Furthermore, the bill introduces new qualifications for board members, including residency requirements and restrictions on prior employment with retirement systems or related financial services. It outlines a compensation structure for board members, allowing for reimbursement of expenses and establishing rules for travel expense reimbursement. The bill also removes eligibility restrictions for board leadership positions based on having contributions on deposit with the state teachers retirement system. Additionally, it repeals certain sections of the Revised Code and abolishes the offices of the Chancellor of Higher Education and contributing member positions on the Board, while ensuring that current board members' terms remain unaffected until September 30, 2025. The process for appointing new members, including the Treasurer of State's investment designee and two investment expert members, is also clarified, with a provision that these offices will be abolished four years after their terms begin.

Statutes affected:
As Introduced: 3307.044, 3307.05, 3307.06, 3307.07, 3307.10, 3307.11, 733.90, H.B