The bill amends sections 145.81, 3307.81, and 3309.81 of the Revised Code to enhance the investment options available for defined contribution plans within Ohio's state retirement systems. It mandates that each retirement board, including the public employees retirement board, the state teachers retirement board, and the school employees retirement board, shall include one or more investment options that provide lifetime income. These options may consist of life insurance, annuities, variable annuities, regulated investment trusts, pooled investment funds, or other forms of investment.

Additionally, the bill replaces the term "may" with "shall" in relation to the inclusion of these investment options, thereby making it a requirement rather than a possibility. The existing sections of the Revised Code that are being amended will be repealed, ensuring that the new provisions are fully integrated into the law. This legislative change aims to provide greater financial security for participants in the state retirement systems by ensuring access to a broader range of investment options that can generate lifetime income.

Statutes affected:
As Introduced: 145.81, 3307.81, 3309.81