Purpose

The general purpose of the Council is to advise and inform the state legislature on all matters relating to the benefits, funding, investment, and administration of the five statewide retirement systems in Ohio: the Public Employees Retirement System, covering all state and local government workers; the State Teachers Retirement System, covering teachers at public schools, colleges, and universities; the School Employees Retirement System, covering non-teaching school employees; the Police and Fire Pension Fund, covering full-time police officers and firefighters; and the State Highway Patrol Retirement System, covering state troopers. In addition, the council provides legislative oversight with respect to the Ohio Public Safety Officers Death Benefit Fund, a state-funded program providing death benefits to the survivors of law enforcement and public safety officers killed in the line of duty, and the Volunteer Fire Fighters' Dependents Fund, a program providing benefits to disabled volunteer firefighters and their survivors. The Cincinnati Retirement System is the only municipal retirement system in Ohio, and falls outside the jurisdiction of the Council.

The five state retirement systems have combined assets of over $186 billion (as of 1/1/08), and provide retirement, disability, and survivor coverage to over 1.5 million members, retirees, and beneficiaries. Additionally, they are authorized to provide comprehensive medical coverage to retired members and their families, at the board's discretion. These systems were created in lieu of Social Security coverage for Ohio's public employees, with several local police and fire pension funds in existence before the turn of the century. The State Teachers Retirement System was created in 1920, the Public Employees Retirement System in 1935, the School Employees Retirement System in 1937, and the Highway Patrol Retirement System in 1941. Today, the Public Employees Retirement System and the State Teachers Retirement System are ranked in the top 20 of the nation's largest pension plans.