(B)(1) An other system retirant or PERS retirant who has
made | 17 |
contributions under section 145.38 or 145.383 of the Revised
Code | 18 |
or, in the case of a retirant described in division (A)(2) of
this | 19 |
section, section 145.47 of the Revised Code may file an | 20 |
application with the public employees retirement
system forto | 21 |
receive either a
benefit under, as provided in division (B)(2) of | 22 |
this section, or payment of the retirant's contributions made | 23 |
under those sections, as provided in division (H) of
this section. | 24 |
The | 25 |
(a) Unless, as described in division (I) of this section, the | 32 |
application is accompanied by a statement of the spouse's consent | 33 |
to another form of payment or the board waives the requirement of | 34 |
spousal consent, a PERS retirant or other system retirant who is | 35 |
married at the time of application for a benefit under this | 36 |
section shall receive a monthly annuity under which the actuarial | 37 |
equivalent of the retirant's single life annuity is paid in a | 38 |
lesser amount for life and one-half of the lesser amount continues | 39 |
after the retirant's death to the surviving spouse. | 40 |
(b) A PERS
retirant
or other system
retirant who is not | 41 |
subject to division (B)(2)(a) of this section shall elect either | 42 |
to receive
the benefit
as a monthly
annuity
or a lump sum payment | 43 |
discounted to
the
present
value
using the current actuarial | 44 |
assumptiona rate of
interest,
except
that if the monthly annuity | 45 |
would be less
than
twenty-five
dollars
per month, the retirant | 46 |
shall receive a
lump
sum paymentdetermined by the board.
A | 47 |
retirant who elects to receive
a monthly annuity
shall select
one | 48 |
of the following as the plan of
payment: | 49 |
(C)(1) The death of a spouse or other designated
beneficiary | 63 |
following selection ofunder a plan of payment underdescribed in | 64 |
division (B)(2) of
this section cancels that plan of payment. The | 65 |
PERS retirant or
other system retirant shall receive the | 66 |
equivalent of the
retirant's single life annuity, as determined by | 67 |
the public
employees retirement board, effective the first day of | 68 |
the month
following receipt by the board of notice of the death. | 69 |
(2) On divorce, annulment, or marriage dissolution, a PERS | 70 |
retirant or other system retirant receiving a benefit under | 71 |
described in
division (B)(2) of this section under which the | 72 |
beneficiary is the
spouse may, with the written consent of the | 73 |
spouse or pursuant to
an order of the court with jurisdiction over | 74 |
the termination of
the marriage, elect to cancel the plan and | 75 |
receive the equivalent
of the member'sretirant's single life | 76 |
annuity as determined by the
retirement board. The election shall | 77 |
be made on a form provided
by the board and shall be effective the | 78 |
month following its
receipt by the board. | 79 |
(D) Following a marriage or remarriage, a PERS retirant or | 80 |
other system retirant who is receiving a benefit underdescribed | 81 |
in division
(B)(1)(2)(b)(i) of this section may elect a new plan | 82 |
of payment under division (B)(2)(b) of this
section based on the | 83 |
actuarial equivalent of the retirant's single
life annuity as | 84 |
determined by the board. The plan shall be
effective the first day | 85 |
of the month following receipt by the
board of an application on a | 86 |
form approved by the board. | 87 |
(3) If a beneficiary receiving a monthly annuity under | 113 |
division (B)(2) of this section dies and, at the time of the | 114 |
beneficiary's death, the total of the amounts paid to the retirant | 115 |
and beneficiary are less than the amount the retirant would have | 116 |
received as a lump sum payment, the difference between the total | 117 |
of the amounts received by the retirant and beneficiary and the | 118 |
amount that the retirant would have received as a lump sum payment | 119 |
shall be paid to the beneficiary's estate. | 120 |
(G) A PERS retirant or other system retirant employed
under | 121 |
section 145.38, 145.383, or 145.385 of the Revised Code
may | 122 |
designate
one or
more persons as
beneficiary to receive any | 123 |
benefits payable
under division (B)(2)(b) of
this section
due to | 124 |
death. The designation
shall be in
writing
duly
executed on a form | 125 |
provided by the public
employees
retirement
board, signed by the | 126 |
PERS retirant or other
system
retirant, and
filed with the board | 127 |
prior to death. The
last
designation of
a beneficiary revokes all | 128 |
previous
designations.
The PERS
retirant's or other system | 129 |
retirant's
marriage, divorce,
marriage
dissolution, legal | 130 |
separation,
withdrawal of account,
birth of
a child, or adoption | 131 |
of a child
revokes all previous
designations. If there is no | 132 |
designated
beneficiary, the
beneficiary is the beneficiary | 133 |
determined under
division (D) of
section 145.43 of the Revised | 134 |
Code. If any
benefit payable under
this section due to the death | 135 |
of a PERS
retirant or other system
retirant is not claimed by a | 136 |
beneficiary
within five years after
the death, the amount payable | 137 |
shall be
transferred to the income
fund and thereafter paid to the | 138 |
beneficiary or the estate of the
PERS retirant or other system | 139 |
retirant on application to the
board. | 140 |
(H)(1) A PERS retirant or other system retirant who applies | 141 |
under division (B)(1) of this section for payment of the | 142 |
retirant's contributions and is unmarried or is married and, | 143 |
unless the board has waived the requirement of spousal consent, | 144 |
includes with the application a statement of the spouse's consent | 145 |
to the payment, shall be paid the contributions made under section | 146 |
145.38 or 145.383 of the Revised Code or, in the case of a | 147 |
retirant described in division (A)(2) of this section, section | 148 |
145.47 of the Revised Code, plus interest as provided in section | 149 |
145.471 of the Revised Code, if the following conditions are met: | 150 |
(I) A statement of a spouse's consent under division (B)(2) | 165 |
of this section to the form of a benefit or under division (H) of | 166 |
this section to a payment of contributions is valid only if signed | 167 |
by the spouse and witnessed by a notary public. The board may | 168 |
waive the requirement of spousal consent if the spouse is | 169 |
incapacitated or cannot be located, or for any other reason | 170 |
specified by the board. Consent or waiver is effective only with | 171 |
regard to the spouse who is the subject of the consent or waiver. | 172 |
(D) Contributions made by the retirant and employer during | 189 |
the period of forfeiture and contributions made after the | 190 |
retirement allowance resumes shall be left on deposit with the | 191 |
system and, except in the case of a retirant who elects, under | 192 |
division (H) of section 145.384 of the Revised Code, to receive a | 193 |
payment of the retirant contributions, shall be used in the | 194 |
calculation of a benefit under section
145.384 of the Revised | 195 |
Code. | 196 |
(2) "Other system retirant" means a former member of the | 203 |
public employees retirement system, state teachers retirement | 204 |
system, school employees retirement system, state highway patrol | 205 |
retirement system, or Cincinnati retirement system who is | 206 |
receiving a disability benefit or an age and service or commuted | 207 |
age and service retirement benefit or allowance from a system of | 208 |
which the person is a former member. | 209 |
(D) An OPFPF retirant or other
system retirant who has | 230 |
received a retirement allowance or benefit for less than two | 231 |
months when employment subject to this section commences shall | 232 |
forfeit the retirement allowance or benefit for the period
that | 233 |
begins on the date the employment commences and ends on the | 234 |
earlier of
the date the employment terminates or the date
that is | 235 |
two months after the date on which the retirement
allowance or | 236 |
benefit commenced. Service and contributions for
that period shall | 237 |
not be included in the calculation of any
benefits payable under | 238 |
this section, and those contributions
shall be refunded on the | 239 |
retirant's death or termination of
the employment. | 240 |
(E) On receipt of notice from the public employees
retirement | 241 |
system, school employees retirement system, or state
teachers | 242 |
retirement system of the re-employment of
an OPFPF
retirant, the | 243 |
Ohio police and fire pension fund
shall not pay, or if paid shall | 244 |
recover, the amount to be
forfeited by the OPFPF retirant in | 245 |
accordance with section
145.38, 3307.35, or 3309.341 of the | 246 |
Revised Code. | 247 |
(2) A benefit under this section shall consist of an annuity | 256 |
the actuarial present value of which
is equal to two times the sum | 257 |
of all amounts deducted from the
salary of the OPFPF retirant or | 258 |
other
system retirant and
credited to the retirant's individual | 259 |
account in the fund, other
than contributions excluded pursuant to | 260 |
division (D) of this
section,
together with
interest credited | 261 |
thereon at the rate determined by the board,
provided the annuity | 262 |
equals or exceeds twenty-five dollars per
month. | 263 |
(ii) A(a) Unless, as described in division (I) of this | 264 |
section, the application is accompanied by a statement of the | 265 |
spouse's consent to another form of payment or the board of | 266 |
trustees waives the requirement of spousal consent, a retirant who | 267 |
is married at the time of application under this division shall | 268 |
receive a monthly annuity under which the actuarial equivalent of | 269 |
the retirant's single life annuity is paid in a lesser amount for | 270 |
life and one-half of the lesser amount continues after the | 271 |
retirant's death to the surviving spouse. | 272 |
(b) A retirant who is not subject to division (F)(2)(a) of | 273 |
this section shall elect to receive either a monthly annuity or a | 274 |
lump-sum payment equal to two times the sum of all
amounts | 275 |
deducted from the salary of the
OPFPF retirant or other
system | 276 |
retirant and credited to the retirant's individual
account in the | 277 |
fund, other than contributions excluded pursuant to division
(D) | 278 |
of this section, together with interest credited thereon at
the | 279 |
rate
determined by the board. If the retirant fails to elect a | 280 |
plan of payment, the annuity shall be paid as a monthly annuity | 281 |
under the plan of payment specified in rules adopted by the board | 282 |
of trustees of the fund. | 283 |
(2) If at the time of death
an OPFPF retirant or other
system | 318 |
retirant receiving a monthly annuity under division | 319 |
(F)(1)(a)(i)(2) of this section has received less than would have | 320 |
been received as a lump-sum payment under division | 321 |
(F)(1)(a)(ii)(2)
of
this section, the difference between the | 322 |
amount received and
the amount that would have been received as a | 323 |
lump-sum
payment shall be paid to the retirant's surviving spouse, | 324 |
or
if there is no surviving spouse, to the retirant's estate. | 325 |
(3) If a beneficiary receiving a monthly annuity under | 326 |
division (F)(2) of this section dies and, at the time of the | 327 |
beneficiary's death, the total of the amounts paid to the retirant | 328 |
and beneficiary are less than the amount the retirant would have | 329 |
received as a lump sum payment, the difference between the total | 330 |
of the amounts received by the retirant and beneficiary and the | 331 |
amount that the retirant would have received as a lump sum payment | 332 |
shall be paid to the beneficiary's estate. | 333 |
(H)(1) An OPFPF retirant or other system retirant who applies | 334 |
under division (F)(1) of this section for payment of the | 335 |
retirant's contributions and is unmarried or is married and, | 336 |
unless the board of trustees has waived the requirement of spousal | 337 |
consent, includes with the application a statement of the spouse's | 338 |
consent to the payment shall be paid the contributions made under | 339 |
division (C) of this section, plus interest, if the following | 340 |
conditions are met: | 341 |
(I) A statement of a spouse's consent under division (F) of | 355 |
this section to the form of a benefit or under division (H) of | 356 |
this section to a payment of contributions is valid only if signed | 357 |
by the spouse and witnessed by a notary public. The board of | 358 |
trustees may waive the requirement of spousal consent if the | 359 |
spouse is incapacitated or cannot be located, or for any other | 360 |
reason specified by the board. Consent or waiver is effective only | 361 |
with regard to the spouse who is the subject of the consent or | 362 |
waiver. | 363 |
(J) An other system retirant subject to this section is
not a | 364 |
member of the Ohio police and fire pension
fund, does not have any | 365 |
of the rights, privileges, or obligations
of membership, except as | 366 |
specified in this section, and is not
eligible to receive health, | 367 |
medical, hospital, or surgical
benefits under section 742.45 of | 368 |
the Revised Code for employment
subject to this section. | 369 |
(A) AExcept as provided in division (B)(3) of this section, | 390 |
a superannuate or other system retirant who has made
contributions | 391 |
under section 3307.35 or 3307.351 of the Revised
Code may file an | 392 |
application
with the state teachers retirement
system for a | 393 |
benefit under
this section. The benefit shall
consistconsisting | 394 |
of a
single life annuity
having. The annuity shall have a reserve | 395 |
equal to the
amount of the superannuate's or
retirant's | 396 |
accumulated
contributions, as defined in section 3307.50 of the | 397 |
Revised Code,
for
the period of employment, other than the | 398 |
contributions
excluded
pursuant to division (F) of
the section | 399 |
3307.35 of the
Revised Code, and an equal
amount determined by the | 400 |
state teachers retirement board from the employers' trust
created | 401 |
by section 3307.14
of the Revised Code, plus interest
credited to | 402 |
the date of retirement at
the then current actuariala
rate of | 403 |
interest determined by the board. The superannuate or
other system | 404 |
retirant shall
elect either to receive the benefit
as a monthly | 405 |
annuity for life
or a lump sum payment
discounted to the present | 406 |
value using the
current actuarial
assumptiona rate of interest | 407 |
determined by the board, except that if the
monthly annuity
would | 408 |
be less than twenty-five dollars per month
the superannuate
or | 409 |
retirant shall receive
a lump sum payment. | 410 |
(C)(1) If a superannuate or other system retirant dies
while | 449 |
employed in employment subject towho made contributions under | 450 |
section 3307.35 or 3307.351 of
the Revised Code dies before | 451 |
receiving a benefit under division (A) of this section or a return | 452 |
of contributions under division (B) of this section, a
lump sum | 453 |
payment calculated in accordance with
division (A) of this
section | 454 |
shall be paid to the beneficiary
designated under
division (D) of | 455 |
section 3307.562 of the Revised
Code. The lump sum shall be | 456 |
calculated in accordance with division (A) of this section, except | 457 |
that the interest shall be credited as follows: | 458 |
(A) AnExcept as provided in division (B)(3) of this section, | 481 |
an SERS retirant or other system retirant who has
made | 482 |
contributions under section 3309.341 or 3309.343 of the Revised | 483 |
Code may file an
application with
the school employees retirement | 484 |
system for a benefit under this section. The
benefit shall
consist | 485 |
consisting of a single
life annuity having. The annuity shall have | 486 |
a
reserve equal to the
amount of the retirant's accumulated | 487 |
contributions for
the period
of employment, other than the | 488 |
contributions excluded
pursuant to
division (C) of section | 489 |
3309.341 of the Revised Code, and an equal
amount of the | 490 |
employer's
contributions determined by the board, plus interest | 491 |
credited to
the date of retirement
at thea rate provided in | 492 |
division (I)(2) of
section 3309.01 of the Revised Codedetermined | 493 |
by the board. The
SERS retirant or other
system retirant shall | 494 |
elect either to receive the benefit as a
monthly annuity for
life | 495 |
or a lump sum payment discounted to the
present value using
the | 496 |
current actuarial assumptiona rate of
interest determined by the | 497 |
board, except that if
the monthly annuity would be less than | 498 |
twenty-five dollars
per
month, the retirant shall receive a lump | 499 |
sum payment. | 500 |
(C)(1) If an SERS retirant or other system retirant
dies | 534 |
while employed in employment subject towho made contributions | 535 |
under section 3309.341 or
3309.343
of the Revised Code dies before | 536 |
receiving a benefit under division (A) of this section or a return | 537 |
of contributions under division (B) of this section, a lump sum | 538 |
payment calculated in
accordance with division (A) of this
section | 539 |
shall be paid to the
beneficiary under division (D) of
this | 540 |
section. The lump sum shall be calculated in accordance with | 541 |
division (A) of this section. | 542 |
(D) An SERS retirant or other system retirant employed
under | 550 |
section 3309.341 or 3309.343 of the Revised Code may designate one | 551 |
or more persons as
beneficiary to receive any benefits payable | 552 |
under this section
due to death. The designation shall be in | 553 |
writing duly
executed on a form provided by the school employees | 554 |
retirement
board, signed by the SERS retirant or other system | 555 |
retirant, and
filed with the board prior to death. The last | 556 |
designation of
a beneficiary revokes all previous designations. | 557 |
The SERS
retirant's or other system retirant's marriage, divorce, | 558 |
marriage
dissolution, legal separation, withdrawal of account, | 559 |
birth of
the retirant's child, or adoption of a child revokes all | 560 |
previous
designations. If there is no designated beneficiary, the | 561 |
beneficiary is the beneficiary designated under division (D) of | 562 |
section 3309.44 of the
revised codeRevised Code. If any benefit | 563 |
payable
under
this section due to the death of an SERS retirant or | 564 |
other
system
retirant is not claimed by a beneficiary within five | 565 |
years
after
the death, the amount payable shall be transferred to | 566 |
the
guarantee fund and thereafter paid to the beneficiary or the | 567 |
estate of the SERS retirant or other system retirant on | 568 |
application to the board. | 569 |