HB1376 proposes that the Higher Education Coordinating Board establish uniform minimum standards for investment companies and products to be offered in the Optional Retirement Program (ORP). In addition, the bill defines rules for fixed or variable retirement annuities, and authorizes a fee for companies seeking to establish or maintain approval of compliance.

If enacted, the bill will not have an actuarial effect because ORP is a defined contribution (DC) plan. Actuarial soundness is not a measure of soundness for DC plans, which are defined as, "a pension system providing pension benefits equal to the combined employer and employee contributions plus interest and minus administrative expenses."