The following information is being provided pursuant to the requirements of Executive Order 2011-01K and Senate Bill 2 of the 129th General Assembly, which require state agencies, including the Ohio Board of Regents, to draft rules in collaboration with stakeholders, assess and justify an adverse impact on the business community (as defined by S.B. 2), and provide an opportunity for the affected public to provide input on the rules.
Ohio Revised Code (R.C.) Chapter 3305 establishes an alternative retirement program for the purpose of providing to eligible employees at a public institution of higher education an option other than participating in a state retirement system.
Ohio Revised Code (R.C.) 3305.03 authorizes the Ohio Board of Regents to designate entities eligible to provide investment options and to conduct periodic reviews of the entities designated as vendors. Pursuant to R.C. 3305.032, the purpose of this proposed rule is to establish procedures and set objective standards for the designation and periodic review of entities seeking to provide or providing investment options under alternative retirement plans maintained by public institutions of higher education and to ensure that the entities remain in compliance with the requirements and purposes of Chapter 3305. of the Revised Code, and this proposed rule.
You can view the proposed rule, along with the Business Impact Analysis (BIA) instrument, in the PDF attachments included below.
Comments on the proposed rule and BIA are now closed.