To amend sections 145.81, 3307.81, and 3309.81 of the Revised Code regarding investment options for state retirement system defined contribution plans.
Summary
HB833 would amend Ohio law governing defined contribution plans for the Public Employees Retirement System (PERS), the State Teachers Retirement System (STRS), and the School Employees Retirement System (SERS). The bill directs each retirement board to ensure that its defined contribution plans may include one or more investment options that provide lifetime income, such as life insurance, annuities, or variable annuities. It also preserves the ability of the boards to offer other investment vehicles, including regulated investment trusts, pooled investment funds, and other forms of investment.
The bill does not create a new retirement system or change eligibility for membership; instead, it adjusts the menu of investment choices available within existing defined contribution plans. It also confirms that each board may administer the plans directly, contract with outside entities to administer them, or do both. For PERS, the bill continues to allow transfers between plans under existing statutory procedures.
Impact
HB833 would amend sections 145.81, 3307.81, and 3309.81 of the Revised Code, affecting the statutory framework for defined contribution plans in Ohio’s three major public retirement systems. The practical effect is to authorize or require plan designs that include lifetime-income investment options, which could influence how retirement savings are invested and how retirees convert account balances into income streams. It would also leave intact the boards’ discretion to administer plans themselves or through third-party administrators, while preserving existing transfer rules and other plan requirements.
Sentiment
Because the bill was only introduced and there are no recorded committee transcripts or votes, there is no documented public debate or formal legislative sentiment in the available materials. Based on the text alone, the bill appears policy-oriented and technical, aimed at expanding retirement investment flexibility rather than making a controversial structural change. The inclusion of lifetime-income options suggests a consumer-protection or retirement-security rationale that may be broadly favorable to retirement system participants.
Contention
No specific points of contention are documented in the available record. Potential areas of debate, if the bill advances, could include whether retirement boards should be required versus merely permitted to offer lifetime-income products, the costs and risks associated with annuities or insurance-based options, and whether such products should be offered directly by the systems or through outside vendors. Any concern would likely come from stakeholders focused on investment fees, fiduciary responsibility, or the appropriateness of guaranteed-income products in public retirement plans.
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