Pursuant to section 3307.81 of the Revised Code, effective July 1, 2001 there is hereby established the combined plan. The terms and conditions of the combined plan shall be as specified in the plan document adopted by the retirement board. The plan document may be amended from time to time as the retirement board deems necessary or appropriate without the necessity of prior notice.
Contributions made by a participant pursuant to section 3307.26 of the Revised Code shall be credited to a participant's account in the defined contribution fund created by division (G) of section 3307.14 of the Revised Code. Such contributions shall be allocated by the participant among investment choices specified by the retirement board. The investment choices specified by the board may include a guaranteed return option and may also include choices the performance of which shall determine the cash accumulation available to the participant upon retirement or withdrawal. A portion of employer contributions pursuant to section 3307.28 of the Revised Code specified by the retirement board shall be applied as specified by the retirement board to provide retirement, disability and survivor benefits under the terms, conditions and schedules specified by the plan document. A portion of the employer contributions may be allocated to health care coverage under the terms, conditions and schedules specified by the state teachers retirement board.