(A) Defined contribution program. 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 division (G) of section 3307.14 of the Revised Code shall be maintained for each member who elects to participate in any such plan.
(B) Defined contribution plan. Pursuant to section 3307.81 of the Revised Code, the retirement board hereby establishes the defined contribution plan effective July 1, 2001. The terms and conditions of the defined contribution plan shall be as specified in a plan document adopted by the retirement board.
Contributions made by a participant pursuant to section 3307.26 of the Revised Code and a portion of employer contributions pursuant to section 3307.28 of the Revised Code specified by the retirement board shall be credited to the participant's account in the defined contribution fund. Contributions so credited shall be allocated by the participant among investment choices specified by the retirement board.
(C) Combined plan. Pursuant to section 3307.81 of the Revised Code, the retirement board hereby establishes the combined plan effective July 1, 2001. The terms and conditions of the combined plan shall be as specified in a plan document adopted by the retirement board.
A portion of the participant contributions made pursuant to section 3307.26 of the Revised Code as specified by the retirement board shall be credited to a participant's account in the defined contribution fund. Such contributions shall be allocated by the participant among investment choices specified by the retirement board.
A portion of the participant contributions made pursuant to section 3307.26 of the Revised Code and a portion of the employer contributions made pursuant to section 3307.28 of the Revised Code 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 the health care fund under the terms, conditions and schedules specified by the retirement board.
Last updated March 25, 2024 at 10:12 AM