(A) Pursuant to section 145.09 of the Revised Code, payment of employee bonuses are subject to the guidelines established by the public employees retirement board as reflected in the investment department annual incentive plan. The plan shall be reviewed and approved on an annual basis by the board, and may be interpreted, amended, rescinded, and/or terminated at any time in the board's discretion. The plan shall establish incentive awards weighted against quantitative performance components, focusing on the public employees retirement system's actual relative investment performance compared with external benchmarks. The plan may also incorporate a qualitative component based on annual goals. Any and all material modifications to the plan, including, but not limited to those related to the assignment of incentive awards, identification of performance measures and standards, and determination of plan payouts and actual payouts, require the board's prior approval.
(B) Participation in the plan is limited to certain public employees retirement system full-time investment professionals. Participation in the plan in any one year does not confer the right to participate in the plan in the current or any other year and does not confer the right to continued employment.
Prior History: (Effective: 01/01/2015
Five Year Review (FYR) Dates: 08/20/2014 and 09/24/2019
Promulgated Under: 111.15
Statutory Authority: 145.09
Rule Amplifies: 145.09, 145.092
Prior Effective Dates: 4/10/05)