OH HB719

Summary of H.B. 719 - State Teachers Retirement Board

• Increases elected member representation on the board by adding 3 contributing members (from 2 to 5) and 1 retired teacher member (from 1 to 2), while reducing appointed positions by eliminating the Chancellor of Higher Education seat and one Treasurer of State investment designee position

• Reduces investment expert members from 4 to 2, with appointments made jointly by the Governor and jointly by the Speaker/Senate President, rather than separate appointments by each legislative leader

• Changes contributing member elections from every even-numbered year to annual elections, with two members elected every fourth year beginning in 1978

• Eliminates health care benefits for board members and removes the prohibition on members with STRS contributions serving as chairperson or vice-chairperson

• Removes the provision allowing appointing authorities to remove appointed board members at will, and caps board member compensation at $2,400 per year rather than per month