Ohio § 742.03

§ 742.03.

(A) As used in this section and in sections 742.04 and 742.05 of the Revised Code : (1) “ Police officer ” means a member of the fund who is or has been an employee of a police department

and is not a police retirant. (2) “ Firefighter ” means a member of the fund who is or has been an employee of a fire department and

is not a firefighter retirant. (3) “ Firefighter retirant ” means a member of the fund who is receiving an age and service or disability benefit

as a result of service in a fire department or a surviving spouse of a deceased member

who is receiving a benefit as a result of the deceased member's service in a fire

department.  “Firefighter retirant” does not include a member of the fund who is participating

in the deferred retirement option plan established under section 742.43 of the Revised Code . (4) “ Police retirant ” means a member of the fund who is receiving an age and service or disability benefit

as a result of service in a police department or a surviving spouse of a deceased

member who is receiving a benefit as a result of the deceased member's service in

a police department.  “Police retirant” does not include a member of the fund who is participating in

the deferred retirement option plan established under section 742.43 of the Revised Code . (B) The administration, control, and management of the Ohio police and fire pension fund,

created under section 742.02 of the Revised Code , is vested in a board of trustees of the Ohio police and fire pension fund, which

shall consist of the following members: (1) One member, known as the treasurer of state's investment designee, who shall be appointed

by the treasurer of state for a term of four years and have the following qualifications: (a) The member is a resident of this state. (b) Within the three years immediately preceding the appointment, the member has not

been employed by the public employees retirement system, police and fire pension fund,

state teachers retirement system, school employees retirement system, or state highway

patrol retirement system or by any person, partnership, or corporation that has provided

to one of those retirement systems services of a financial or investment nature, including

management, analysis, supervision, or investment of assets. (c) The member has direct experience in the management, analysis, supervision, or investment

of assets. (d) The member is not currently employed by the state or a political subdivision of the

state. (2) Two members, known as the investment expert members, who shall be appointed for four-year

terms.  One investment expert member shall be appointed by the governor, and one investment

expert member shall be jointly appointed by the speaker of the house of representatives

and the president of the senate.  Each investment expert member shall have the following qualifications: (a) Each member shall be a resident of this state. (b) Within the three years immediately preceding the appointment, each member shall not

have been employed by the public employees retirement system, police and fire pension

fund, state teachers retirement system, school employees retirement system, or state

highway patrol retirement system or by any person, partnership, or corporation that

has provided to one of those retirement systems services of a financial or investment

nature, including the management, analysis, supervision, or investment of assets. (c) Each member shall have direct experience in the management, analysis, supervision,

or investment of assets. (3) Four members known as employee members. Two employee members shall be police officers elected by police officers.  Two employee members shall be firefighters elected by firefighters.  Employee members of the board shall be elected for terms of four years as provided

by section 742.04 of the Revised Code . (4) One member known as the firefighter retirant member, who shall be a resident of this

state elected by the firefighter retirants.  The firefighter retirant member shall be elected for a term of four years as provided

by section 742.04 of the Revised Code . (5) One member known as the police retirant member, who shall be a resident of this state

elected by the police retirants.  The police retirant member shall be elected for a term of four years as provided

by section 742.04 of the Revised Code . (C) No employee member of the board who retires while a member of the board shall be

eligible to become a retirant member for three years after the date of the member's

retirement. (D) Any member appointed under this section, including a member appointed to fill a vacancy

occurring prior to the expiration of the term for which the member's predecessor was

appointed, holds office until the end of the term for which the member is appointed.  The member continues in office subsequent to the expiration date of the member's

term until the member's successor takes office.