OH HB530

Caps annual salary increases for Public Employees Retirement System employees earning $200,000+ at the lesser of 3% or the average consumer price index increase for the prior twelve-month period.

Prohibits salary or wage increases for all PERS employees if the General Assembly authorizes and the board suspends the annual increase described in section 145.323.

Sets investment management fee limits for state retirement systems at not less than 0.16% and not more than 0.6% of total investments or assets under management.

Establishes fiduciary duty requirements for boards of the Public Employees Retirement System, Ohio Police and Fire Pension Fund, State Teachers Retirement System, School Employees Retirement System, and State Highway Patrol Retirement System to act solely in the interest of participants and beneficiaries.

Creates the Committee on Pension Salaries and Fees to investigate and report on employee compensation and investment management fees across state retirement systems within six months, with the committee automatically abolished 60 days after submitting its report.