(A) The state highway patrol retirement board may employ a secretary and secure the services of employees for the transaction of business of the state highway patrol retirement system.

Terms Used In Ohio Code 5505.07

  • Actuary: means an individual who satisfies all of the following requirements:

    (1) Is a member of the American academy of actuaries;

    (2) Is an associate or fellow of the society of actuaries;

    (3) Has a minimum of five years' experience in providing actuarial services to public retirement plans. See Ohio Code 5505.01

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • board: means the state highway patrol retirement board provided for in the plan. See Ohio Code 5505.01
  • Employee: includes the superintendent of the state highway patrol. See Ohio Code 5505.01
  • member: means any employee included in the membership of the retirement system, whether or not rendering contributing service. See Ohio Code 5505.01
  • Pension: means an annual amount payable by the retirement system throughout the life of a person or as otherwise provided in the plan. See Ohio Code 5505.01
  • Retirement: means retirement as provided in sections 5505. See Ohio Code 5505.01
  • state: means the state of Ohio. See Ohio Code 1.59
  • system: means the state highway patrol retirement system created and established in the plan. See Ohio Code 5505.01

Effective ninety days after the effective date of this amendment, the board may not employ a state retirement system investment officer, as defined in section 1707.01 of the Revised Code, who does not hold a valid state retirement system investment officer license issued by the division of securities in the department of commerce.

The compensation of all persons engaged by the board and all other expenses of the board necessary for the proper operation of the pension fund shall be paid at such rates and in such amounts as the board approves. Every expense voucher of an employee, officer, or board member of the state highway patrol retirement system shall itemize all purchases and expenditures.

(B) The clerical procedures required in the operation of the retirement system shall be performed by the staff of the secretary appointed by the board. The cost of such clerical procedures and the services performed by the secretary of the retirement system shall be paid by the retirement system.

(C) The board shall appoint an actuary who shall be its technical advisor.

(D) The board shall from time to time adopt such mortality and other tables of experience, and such rate or rates of interest, as are required in the proper operation of the retirement system.

(E) The board shall determine by appropriate rules the service to be credited any member in any calendar year.

The board shall perform other functions and adopt rules as required for the proper execution of Chapter 5505 of the Revised Code.

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