OH HB645

Establishes the Ohio Retirement Savings Program administered by the Public Employees Retirement Board, creating a defined benefit retirement plan for private sector employees.

Requires eligible employers without tax-exempt retirement plans to automatically enroll employees in the program with payroll deductions of 3-5% of compensation, though employees may opt out.

Creates the Ohio Retirement Savings Fund managed by the Treasurer of State, with assets segregated into program and administrative accounts invested according to board-approved policies prioritizing safety and stable returns.

Exempts employers and the state from liability for investment performance, program design, and benefit payments; employers are not considered fiduciaries.

Imposes fines of $100 per employee on employers violating enrollment requirements, with penalties deposited into the program account.