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OH HB177
Bill
Status
5/12/2009
Primary Sponsor
Danny Bubp
Click for details
AI Summary
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Defines "investment officer" as any person employed by the State Teachers Retirement Board to conduct securities transactions or make investments on behalf of the State Teachers Retirement System
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Prohibits investment officers from receiving performance-based bonuses or premiums during fiscal years when the retirement system experiences an absolute overall negative investment return
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Voids any contract or employment agreement terms that provide performance-based bonuses or premiums to investment officers during years of negative investment returns
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Applies only to contracts and employment agreements entered into, amended, or renewed on or after the bill's effective date
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Declares the act an emergency measure citing conflicts between improper use of retirement system funds and the fiduciary duty of the State Teachers Retirement Board
Legislative Description
To provide that investment personnel of the State Teachers Retirement System may not receive performance-based bonuses or premiums in years of negative investment returns and to declare an emergency.
STRS-investment personnel-no bonuses if negative investment returns
Last Action
To Aging & Disability Services
5/12/2009