(A) Pursuant to section 3307.04 of the Revised Code, payment of employee bonuses are subject to the guidelines established by the retirement board as reflected in the performance based incentive award program for investment exempt associates. The award program shall be reviewed and approved on an annual basis by the board, and may be interpreted, amended, rescinded, and/or terminated at any time in the board's discretion. The award program shall establish target incentive awards based on the retirement system's total fund performance and the investment associates' individual goals. Any and all material modifications to the award program, including, but not limited to the determination of award program payouts and actual payouts, require the board's prior approval.

(B) Participation in the award program is limited to certain retirement system investment professionals. Participation in the award program in any one year does not confer the right to participate in the program in the current or any other year and does not confer the right to continued employment.