The Ohio Revised Code mandates that the Council shall perform the
following statutory duties:
- Make an impartial review from time to
time of all laws governing the public retirement systems and makes
recommendations to the legislature on any changes the ORSC finds
desirable with respect to benefits, sound financing of benefit costs,
and prudent investment of funds [R.C. §171.04(A)];
- Report to the
governor and legislature on its evaluation and recommendations with
respect to the operations of the public retirement systems and their
funds [R.C. §171.04(B)];
- Study all proposed changes to the public
retirement laws and reports to the legislature on their probable costs,
actuarial implications and desirability as a matter of sound public
policy [R.C. §171.04(C)];
- Review semiannually the policies,
objectives, and criteria of the systems' investment programs [R.C.
- Have prepared, at least once every ten years, an
independent actuarial review of the annual actuarial valuations and
quinquennial actuarial investigations prepared by each system [R.C.
- Have conducted a fiduciary performance audit of each
system at least once every ten years [R.C. §171.04(F)];
- Provide each
Council member with copies of all proposed rules submitted by the
retirement systems and submit any recommendations to the Joint Committee
on Agency Rule Review [R.C. §171.04(G)];
- Review the police and fire
contribution rates and makes recommendations to the legislature that it
finds necessary for the proper financing of OP&F benefits [R.C.
- Prepare an independent actuarial study every three
years on the required employer supplemental contribution to be made on
behalf of academic and administrative employees of higher education
electing an alternative retirement plan [R.C. §171.07].
Outside of its statutorily mandated duties, the Council may establish a
uniform format for any report that the boards of the state retirement
systems are required to submit to it. The Council also may request that
the auditor of state perform or contract for the performance of a
financial or special audit of a state retirement system.