(A) The state teachers retirement board shall, for the purposes of this section, designate an investment manager as an Ohio-qualified investment manager if the investment manager meets all of the following requirements:

1. (1) The investment manager is subject to taxation under Chapter 5725., 5726., 5733., 5747., or 5751. of the Revised Code.

2. (2) The investment manager meets one of the following requirements:

   1. (a) Has its corporate headquarters or principal place of business in this state;
   2. (b) Employs at least five hundred individuals in this state;
   3. (c) Has a principal place of business in this state and employs at least twenty residents of this state.

(B)

1. (1) The board shall, at least annually, establish a policy with the goal to increase utilization by the board of Ohio-qualified investment managers, when an Ohio-qualified investment manager offers quality, services, and safety comparable to other investment managers otherwise available to the board. The policy shall also provide for the following:

   1. (a) A process whereby the board can develop a list of Ohio-qualified investment managers and their investment products;
   2. (b) A process whereby the board can give public notice to Ohio-qualified investment managers of the board's search for an investment manager that includes the board's search criteria.
2. (2) The board shall determine whether an investment manager is an Ohio-qualified investment manager and whether the investment manager offers quality, services, and safety comparable to other investment managers otherwise available to the board. The board's determination shall be final.