OH HB501

Creates the Joint Legislative Study Committee on Small Business Retirement Options to study private sector retirement plans and state-facilitated retirement savings options.

Committee shall study ways to reduce regulatory burden on small businesses offering payroll deduction retirement savings, state-administered individual retirement accounts or multiple employer plans, and optimal program oversight.

Committee shall examine feasibility of partnering with similar retirement programs in other jurisdictions to improve retirement security for Ohio citizens.

Committee consists of 15 members including one House member, one Senate member, three state officials (Director of Aging, Ohio Tuition Trust Authority Executive Director, and Treasurer of State), and eight representatives from small business, labor, aging organizations, financial services, service industry, veterans, urban communities, and rural communities.

Committee must issue a report of findings and recommendations to the President of the Senate, Speaker of the House, and public not later than one year after its first meeting, and is abolished upon submitting the report.