Pursuant to section 3307.81 of the Revised Code, the state teachers retirement board hereby establishes a defined contribution program effective July 1, 2001, consisting of such plans as the board may from time to time establish.
The terms and conditions of each such plan shall be as specified by a plan document adopted by the board. The plan document may be amended from time to time without prior notice as the retirement board deems necessary or appropriate. The plans established by the board may include plans in which the performance of investment choices specified by the board and selected by the member are used to determine the cash accumulation in each account and available to the participant upon retirement or withdrawal. The investment choices specified by the board may include a guaranteed return option. Such plans may provide definitely determinable benefits, or any combination of the foregoing.
Contributions made by participants and employers pursuant to sections 3307.26 and 3307.28 of the Revised Code shall be allocated in accordance with the applicable plan documents and as the board may from time to time specify. An account in the defined contribution fund created by section 3307.14(G) of the Revised Code shall be maintained for each member who elects to participate in any such plan.