Ohio State Teachers’ Retirement System, Columbus, supported a senate bill that was passed by the Ohio Legislature March 28 and now is awaiting the signature of Gov. Bob Taft.
SB 190, introduced by Sen. Louis W. Blessing, R-Hamilton County, requires the system to establish a defined contribution plan for its members, who would elect whether to join the new 401(a) defined contribution plan or remain in the $53 billion defined benefit plan.
A broader bill that would have created a defined contribution program for public employees covered by Ohio’s state retirement system died last year and has not been reintroduced.
