(A) Pursuant to section 3309.14 of the
Revised Code, payment of employee bonuses are subject to the guidelines
established by the school employees retirement board as reflected in the
investment department incentive plan. The plan shall be reviewed and approved
on an annual basis by the board, and may be interpreted, amended, rescinded,
and/or terminated at any time in the board's discretion, provided,
however, that no such action by the board will be given effect if it is
inconsistent with the requirements of section 409A of the Internal Revenue Code
of 1986, as amended. The plan shall establish target incentive awards weighted
against performance components, focusing on the school employees retirement
system's actual relative investment performance compared with external
benchmarks. Any and all material modifications to the plan, including, but not
limited to, those related to the assignment of target incentive awards,
identification of performance measures and standards, and determination of plan
payouts and actual payouts, requires the board's prior
approval.
(B) Participation in the plan is limited
to certain school employees retirement system full-time investment
professionals. Participation in the plan in any one year does not confer the
right to participate in the plan in the current or any other year and does not
confer the right to continued employment.
Rule 3309-1-04 | Election of retirement board members.
13 pages
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