|
The online versions of legislation provided on this website are not official. Enrolled bills are the final version passed by the Ohio General Assembly and presented to the Governor for signature. The official version of acts signed by the Governor are available from the Secretary of State's Office in the Continental Plaza, 180 East Broad St., Columbus.
|
S. B. No. 119 As IntroducedAs Introduced
| 124th General Assembly | | Regular Session | | 2001-2002 |
| |
SENATORS Austria, Mumper, Brady
A BILL
| To amend sections 145.295, 742.21, 742.371, 742.375, | 1 |
|
3307.761, 3309.73, 5505.201, and 5505.40 and to | 2 |
|
enact sections 145.2913, 742.214, 3307.765, | 3 |
|
3309.731, and 5505.41 of the Revised Code to | 4 |
|
permit multiple transfers of service credit and | 5 |
|
contributions between Ohio's state retirement | 6 |
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
| Section 1. That sections 145.295, 742.21, 742.371, 742.375, | 8 | |
3307.761, 3309.73, 5505.201, and 5505.40 be amended and sections | 9 | |
145.2913, 742.214, 3307.765, 3309.731, and 5505.41 of the Revised | 10 | |
Code be enacted to read as follows: | 11 |
Sec. 145.295. (A) As used in this section,
"military
and | 12 | |
section 145.2913 of the Revised Code: | 13 |
| (1) "Uniform retirement system" or "uniform system" means | 14 | |
the Ohio police and fire pension fund or state highway patrol | 15 | |
retirement system. | 16 |
| (2) "Military
service credit"
means
credit purchased or | 17 | |
obtained under this
chapter or Chapter 742. or
5505. of the | 18 | |
Revised Code for
service
in the armed forces of the United States. | 19 |
| (B) A member of the public employees
retirement system who | 20 | |
has contributions on
deposit with, but is no longer contributing | 21 |
to,
the Ohio
police and
fire pension fund or state highway
patrol | 22 | |
a uniform
retirement system shall, in computing years of service, | 23 | |
be given
full credit for service credit earned under Chapter 742. | 24 | |
or
5505.
of the Revised Code or for military service
credit if a | 25 | |
transfer
to the public employees
retirement system is made
under | 26 |
this
division. At the request of the member, the
Ohio
police and | 27 |
fire
pension fund or
the state highway patrol
retirement
uniform | 28 | |
system shall
transfer to the public
employees retirement system, | 29 | |
for each year
of service, the sum of the
following: | 30 |
| (1) An amount equal to the member's accumulated | 31 |
contributions to the
fund or
uniform
system making the transfer, | 32 |
and any
payments by the member for military
service credit, and | 33 |
any
amounts paid under section 742.375 or 5505.201 of the Revised | 34 |
Code
to purchase
service credit; | 35 |
| (2) An amount equal to the lesser of the employer's | 36 |
contributions to the
Ohio police and fire pension
fund or state | 37 |
highway patrol retirement
uniform system or the amount
that would | 38 | |
have
been contributed by the employer for the service
had the | 39 | |
member
been employed by the member's current employer as a member | 40 | |
of
the
public employees retirement
system at the time the credit | 41 | |
was
earned; | 42 |
| (3) Interest, determined as provided in division
(H) of this | 43 | |
section, on the
amounts specified in divisions
(B)(1) and (2) of | 44 | |
this
section
for the period from
the last
day of the year for | 45 |
which the service credit in
the
transferring fund or
uniform | 46 |
system was
earned or in which
payment was made for
the
military | 47 |
service credit
or
credit under section 742.375 or 5505.201
of the | 48 |
Revised Code was
purchased or obtained
to the date the transfer is | 49 | |
made. | 50 | |
|
| (C) A member of the public employees retirement system
who | 51 | |
has at least eighteen months of contributing service credit with | 52 | |
the
public employees retirement system, who is a former member of | 53 |
the
Ohio police and
fire
pension fund or state highway patrol
a | 54 | |
uniform
retirement system, and who has
received a refund of the | 55 |
member's
accumulated contributions to that
fund
or
uniform system | 56 | |
shall, in
computing years of service, be given full
credit for | 57 | |
service
credit earned under Chapter 742. or
5505. of the Revised | 58 | |
Code or
for military service
credit if,
for each year of service, | 59 | |
the
public employees
retirement system receives the sum of the | 60 | |
following: | 61 |
| (1) An amount, which shall be paid by the member, equal
to | 62 |
the amount refunded by
the
Ohio police and fire
pension
fund or | 63 |
the state highway patrol retirement
uniform system to the member | 64 | |
for that
year
for accumulated
contributions and payments for | 65 | |
military
service credit,
with interest at a rate established by | 66 | |
the public
employees retirement
board on that amount from the date | 67 | |
of the
refund
to the date of the
payment; | 68 |
(2) Interest, which shall be transferred by
the
Ohio police | 69 |
and
fire pension fund or state highway patrol
retirement
uniform | 70 | |
system,
on the amount refunded to the member that is attributable | 71 | |
to
the
year of service from the last day of the year for which the | 72 | |
service credit
was earned or in which payment was made for | 73 | |
military service credit
to
the date the refund was made; | 74 |
(3) An amount, which shall be transferred by the
Ohio
police | 75 |
and fire pension fund or state highway
patrol retirement
uniform | 76 | |
system,
equal to the lesser of the employer's
contributions to the | 77 |
Ohio
police and fire pension
fund or state highway patrol | 78 |
retirement
uniform
system or
the amount that would have been | 79 | |
contributed by the
employer
for the service had the member been | 80 | |
employed by the
member's current employer as
a member of the | 81 | |
public
employees
retirement system at the time the credit was | 82 | |
earned, with
interest
on that amount from the last
day of the year | 83 | |
for which the service
credit was earned or in which payment
was | 84 | |
made for military
service credit to the date of the
transfer. | 85 |
| On receipt of payment from the member, the public
employees | 86 |
retirement system shall notify the
Ohio police and
fire pension | 87 |
fund or the state highway
patrol retirement
uniform system, which, | 88 | |
on
receipt of the notice, shall
make the transfer required by this | 89 | |
division. Interest shall be
determined as provided in division | 90 | |
(H) of this section. | 91 |
| (D) A member of the public employees
retirement system who | 92 | |
purchased credit under
former division (A)(1)
of this section, as | 93 |
it existed before August
25, 1995, for service as a member of
the | 94 |
Ohio police and
fire pension fund or
state highway patrol
a | 95 | |
uniform
retirement system may elect to have
the amount the member | 96 | |
paid for
this service credit refunded to the member
under this | 97 | |
division if
the member agrees to repurchase this service credit | 98 | |
pursuant to
division (C) of this section. | 99 |
| (E) Service credit purchased or otherwise obtained under | 100 | |
this section shall be considered the equivalent of Ohio service | 101 | |
credit. | 102 |
| A
member may choose to purchase only part of the credit the | 103 | |
member is eligible to purchase under division
(C) of this section | 104 | |
in any
one payment, subject to rules of the public employees | 105 | |
retirement
board. A
member is ineligible to purchase or otherwise | 106 | |
obtain
credit under this section for service to be used in | 107 | |
calculation
of any retirement benefit currently being paid or | 108 | |
payable to the
member in the future
under any other retirement | 109 | |
program or for service credit that may be transferred under | 110 | |
section 145.2913 of the Revised Code. | 111 |
| (F) If a member of the public employees retirement system | 112 | |
who is not a current contributor elects to receive credit under | 113 | |
section 742.21 or 5505.40 of
the Revised Code for service for | 114 |
which the member contributed to the
retirement system or
made | 115 |
payment for military service
credit,
the
retirement
system shall | 116 | |
transfer to the Ohio police and fire
pension fund or the state | 117 | |
highway patrol retirement system, as
applicable, the amount | 118 | |
specified in division (D) of section
742.21 or division (B)(2) of | 119 | |
section
5505.40 of the Revised Code. | 120 |
| (G) A member of the public employees retirement system who | 121 | |
earned service credit in the public employees retirement system | 122 | |
for full-time service as a township or municipal police officer | 123 | |
and received service credit in the Ohio police and
fire pension | 124 | |
fund under section 742.511
or 742.512 of
the Revised Code for such | 125 | |
service may elect to have the credit
restored as public employees | 126 | |
retirement system service credit by
paying the public employees | 127 | |
retirement system an amount equal to
the accumulated contributions | 128 | |
paid by the member to the Ohio
police
and fire pension fund
under | 129 | |
section 742.511
or 742.512 of the Revised Code. When such an | 130 | |
election is made,
the Ohio police and
fire
pension fund shall | 131 | |
transfer to the public employees retirement system the amount | 132 | |
previously transferred under section 742.511 or 742.512 of the | 133 | |
Revised Code from the public employees retirement system to the | 134 | |
Ohio police and fire
pension fund. | 135 |
| (H) Interest charged
under this section shall be
calculated | 136 | |
separately for each year of service credit.
Unless otherwise | 137 | |
specified in this section, it shall be
calculated at the
lesser of | 138 | |
the actuarial assumption rate for that year of the
public | 139 |
employees retirement system or of the
fund or
uniform retirement | 140 | |
system in
which the credit was earned. The interest shall be | 141 | |
compounded
annually. | 142 |
| (I) At the request of the public employees retirement | 143 |
system, the
Ohio police and fire pension fund or state highway | 144 |
patrol
uniform
retirement system shall certify to the public | 145 | |
employees
retirement
system a copy of the records of the service | 146 | |
and
contributions of a
public employees retirement system member | 147 | |
who
seeks service
credit under this section. | 148 |
| Sec. 145.2913. (A) As used in this section, "transferred | 149 | |
service credit" means service credit purchased or obtained under | 150 | |
section 742.21, 742.214, 742.375, 5505.201, 5505.40, or 5505.41 of | 151 | |
Revised Code prior to the date a member commenced the employment | 152 | |
covered by the public employees retirement system for which the | 153 | |
member is currently contributing to the system. | 154 |
| (B) A member of the public employees retirement system who | 155 | |
has contributions on deposit with, but is no longer contributing | 156 | |
to, a uniform retirement system shall, in computing years of | 157 | |
service, be given full credit for transferred service credit if a | 158 | |
transfer to the public employees retirement system is made under | 159 | |
this section. At the request of a member, the uniform system | 160 | |
shall transfer to the public employees retirement system the sum | 161 | |
of the following: | 162 |
| (1) An amount equal to the amounts transferred to the | 163 | |
uniform system under section 742.21, 742.214, 742.375, 5505.201, | 164 | |
5505.40, or 5505.41 of the Revised Code; | 165 |
| (2) Interest, determined as provided in division (E) of this | 166 | |
section, on the amount specified in division (B)(1) of this | 167 | |
section for the period from the last day of the year in which the | 168 | |
transfer under section 742.21, 742.214, 742.375, 5505.201, | 169 | |
5505.40, or 5505.41 of the Revised Code was made to the date a | 170 | |
transfer is made under this section. | 171 |
| (C) A member of the public employees retirement system with | 172 | |
at least eighteen months of contributing service credit with the | 173 | |
public employees retirement system who has received a refund of | 174 | |
contributions to a uniform retirement system shall, in computing | 175 | |
years of service, be given full credit for transferred service | 176 | |
credit if, for each year of service, the public employees | 177 | |
retirement system receives the sum of the following: | 178 |
| (1) An amount, which shall be paid by the member, equal to | 179 | |
the amount refunded by the uniform system to the member for that | 180 | |
year for transferred service credit, with interest on that amount | 181 | |
from the date of the refund to the date a payment is made under | 182 | |
this section; | 183 |
| (2) Interest, which shall be transferred by the uniform | 184 | |
system, on the amount refunded to the member for the period from | 185 | |
the last day of the year in which the transfer under section | 186 | |
742.21, 742.214, 742.375, 5505.201, 5505.40, or 5505.41 of the | 187 | |
Revised Code was made to the date the refund was made; | 188 |
| (3) If the uniform system retained any portion of the amount | 189 | |
transferred under section 742.21, 742.214, 742.375, 5505.201, | 190 | |
5505.40, or 5505.41 of the Revised Code, an amount, which shall be | 191 | |
transferred by the uniform system, equal to the amount retained, | 192 | |
with interest on that amount for the period from the last day of | 193 | |
the year in which the transfer under section 742.21, 742.214, | 194 | |
742.375, 5505.201, 5505.40, or 5505.41 of the Revised Code was | 195 | |
made to the date a transfer is made under this section. | 196 |
| On receipt of payment from the member, the public employees | 197 | |
retirement system shall notify the uniform system, which, on | 198 | |
receipt of the notice, shall make the transfer required by this | 199 | |
division. Interest shall be determined as provided in division | 200 | |
(E) of this section. | 201 |
| (D) Service credit purchased or obtained under this section | 202 | |
shall be considered the equivalent of Ohio service credit. A | 203 | |
member may choose to purchase only part of the credit the member | 204 | |
is eligible to purchase under division (C) of this section in any | 205 | |
one payment, subject to rules adopted by the public employees | 206 | |
retirement board. A member is ineligible to purchase or obtain | 207 | |
service credit under this section for service to be used in the | 208 | |
calculation of any retirement benefit currently being paid or | 209 | |
payable to the member in the future under any other retirement | 210 | |
program or for service credit that may be purchased or obtained | 211 | |
under section 145.295 of the Revised Code. | 212 |
| (E) Interest charged under this section shall be calculated | 213 | |
separately for each year of service credit at the lesser of the | 214 | |
actuarial assumption rate for that year of the public employees | 215 | |
retirement system or of the uniform retirement system to which the | 216 | |
credit was transferred under section 742.21, 742.214, 742.375, | 217 | |
5505.201, 5505.40, or 5505.41 of the Revised Code. The interest | 218 | |
shall be compounded annually. | 219 |
| (F) Any amounts transferred or paid under divisions (B) and | 220 | |
(C) of this section that are attributable to contributions made by | 221 | |
the member or to amounts paid to purchase service credit shall be | 222 | |
credited to the employees' savings fund created under section | 223 | |
145.23 of the Revised Code. Any remaining amounts shall be | 224 | |
credited to one or more of the funds created under that section as | 225 | |
determined by the board. | 226 |
| (G) At the request of the public employees retirement | 227 | |
system, the uniform retirement system shall certify to the public | 228 | |
employees retirement system a copy of the records of the service | 229 | |
and contributions of a public employees retirement system member | 230 | |
who seeks service credit under this section. The uniform | 231 | |
retirement system shall specify the portions of the amounts | 232 | |
transferred that are attributable to employee contributions, | 233 | |
employer contributions, and interest. | 234 |
| (H) If a member of the public employees retirement system | 235 | |
who is not a current contributor elects to receive service credit | 236 | |
under section 742.214 or 5505.41 of the Revised Code for | 237 | |
transferred service credit, as defined in those sections, the | 238 | |
system shall transfer to the uniform retirement system, as | 239 | |
applicable, the amount specified in division (B) or (C) of section | 240 | |
742.214 or division (B) or (C) of section 5505.41 of the Revised | 241 | |
Code. | 242 |
| (I) The board may adopt rules to implement this section. | 243 | |
|
| 244 |
| Sec. 742.21. (A) As used in this section and
sections | 245 |
742.211 to
742.213
742.214 of the Revised Code: | 246 |
| (1)
"Full-time service" has the meaning established by
rule | 247 | |
of the board of trustees of the Ohio police and
fire pension fund. | 248 |
| (2)
"Military service credit" means
credit for service in | 249 | |
the armed
forces of the United States purchased or obtained from | 250 |
the
fund,
or from
the Cincinnati retirement system,
public | 251 |
employees retirement system, school employees retirement
system, | 252 |
or
state teachers
a non-uniform retirement system. | 253 |
| (3) "Non-uniform retirement system" or "non-uniform system" | 254 | |
means the public employees retirement system, school employees | 255 | |
retirement system, or state teachers retirement system. | 256 |
| (B) Unless section 742.212 of the Revised Code applies and | 257 | |
except as provided
in division (I) of this section, in computing | 258 | |
the
pension and benefits payable under
section 742.37 or 742.39 of | 259 | |
the Revised Code,
the Ohio police and fire pension fund
shall give | 260 | |
a member of the fund who is in the active service of a
police or | 261 | |
fire department and is not receiving a pension or
benefit payment | 262 | |
from the fund full credit for service credit earned for
full-time | 263 | |
service as a member of the Cincinnati
retirement system or | 264 | |
purchased or
obtained as
military service credit if, for each | 265 | |
year of
service credit, the fund receives the
sum of the | 266 | |
following: | 267 |
| (1) An amount, which shall be paid by the member, equal to | 268 | |
the amount withdrawn by the member
from the retirement system that | 269 | |
is attributable to the year of
service credit, with interest at a | 270 | |
rate established by the board on
that amount
from the date of | 271 | |
withdrawal to the date of payment; | 272 |
| (2) Interest, which shall be paid either
by the member or | 273 | |
the
Cincinnati retirement system, on the amount withdrawn by the | 274 | |
member
from
the
Cincinnati retirement system that is attributable | 275 | |
to the year of service
from
the last day of the year for which the | 276 | |
service credit was
earned or in which
payment was made for | 277 | |
military service credit
to
the date the withdrawal was made; | 278 |
| (3) An amount, which shall be paid by either the member
or | 279 | |
the
Cincinnati retirement system, equal to the lesser of the | 280 | |
amount
contributed by the employer to the
Cincinnati retirement | 281 | |
system for the
year
of service or the amount that would have been | 282 | |
contributed
by the
employer for the year of service had the member | 283 | |
been employed by
the
member's current employer as a
member of a | 284 | |
police or fire
department at the time the credit was
earned,
with | 285 | |
interest on
that amount from the last day of the year for
which | 286 | |
the service
credit was earned or in which payment was made for | 287 | |
military
service credit to the date the payment is made; | 288 |
| (4) If the member became a member of the fund on or after | 289 | |
September 16,
1998, the amount, which shall be
paid by the member, | 290 | |
determined pursuant to division
(I) of this section. | 291 |
| Interest shall be determined in accordance with division (H) | 292 | |
of
this section. | 293 |
| (C)(1) Except as provided in division (I) of this
section, | 294 | |
in computing the pension and benefits payable
under
section 742.37 | 295 | |
or 742.39 of the Revised
Code, the fund shall give
a
member of the | 296 | |
fund who is in the active service of a
police or
fire department, | 297 | |
is not receiving a pension or
benefit payment
from the fund, and | 298 |
has withdrawn the member's
contributions from
the public employees | 299 |
retirement system,
school employees
retirement system, or state | 300 |
teachers
a non-uniform retirement
system full credit
for service | 301 |
credit earned
for full-time service as a member of the
public | 302 |
employees
retirement system, school employees retirement
system, | 303 |
or state
teachers retirement
non-uniform system or purchased or | 304 | |
obtained as military
service credit if, for each year of
service, | 305 | |
the fund receives
the sum of the following: | 306 |
| (a) An amount, which shall be paid by the member, equal
to | 307 |
the amount withdrawn by the member
from the
former retirement | 308 | |
non-uniform
system that is attributable to that year of
service | 309 | |
credit, with
interest at a rate established by the board on
that | 310 | |
amount from
the date of withdrawal to the date of payment; | 311 |
| (b) If the member
is seeking credit for service under the | 312 | |
public employees
retirement system
or state teachers retirement | 313 | |
system, an amount,
which shall be paid
by the member, equal to the | 314 | |
amount of any employer
contributions
and interest on
employee | 315 | |
contributions the member received under
section 145.40
or 3307.563 | 316 | |
of
the Revised Code; | 317 |
(c) Interest, which shall be
transferred by the
former | 318 |
retirement
non-uniform system, on the amount withdrawn by the | 319 |
member from the
retirement
non-uniform system that is attributable | 320 | |
to the year of service
from
the last day of the year for which the | 321 | |
service credit was earned
or in
which payment was made for | 322 | |
military service credit to the
date the
withdrawal was made; | 323 |
(d) An amount, which shall be
transferred by the
former | 324 |
retirement
non-uniform system, equal to the lesser
of the amount | 325 |
contributed
by the employer to the
retirement
non-uniform
system | 326 | |
for the year of service
or the amount that would have
been | 327 | |
contributed by the employer for
the year of service had the
member | 328 | |
been employed by the member's
current employer as a member of a | 329 | |
police
or fire department at the
time the credit was earned, with | 330 |
interest on
the
that amount
transferred from the last day
of the | 331 | |
year for which the service
credit was earned or in which
payment | 332 | |
was made for military
service credit to the date the transfer is | 333 | |
made; | 334 |
| (e) If the member became a member of the fund on or
after | 335 | |
September
16, 1998,
the amount, which shall be paid by the member, | 336 | |
determined pursuant
to division (I) of this section. | 337 |
| (2) On receipt of payment from the member, the fund shall | 338 |
notify the
former retirement
non-uniform system, and on receipt of | 339 |
the
notice,
the
retirement
non-uniform system shall make the | 340 | |
transfer. Interest
shall be
determined in accordance with | 341 | |
division
(H) of this section. | 342 |
| (3) The amount transferred under division (C)(1) of
this | 343 | |
section
by the public employees retirement system
or state | 344 | |
teachers retirement system shall not
include any amount of | 345 | |
employer contributions and interest on
employee
contributions the | 346 | |
member received under section 145.40
or 3307.563 of
the
Revised | 347 | |
Code. | 348 |
| (D) Except as provided in division (I) of this section,
in | 349 | |
computing the pension and benefits payable under
section 742.37 or | 350 | |
742.39 of the
Revised Code, the fund shall give a
member of the | 351 | |
fund who is in the active service of a police or
fire department, | 352 | |
is not receiving a pension or benefit from the
fund, and has | 353 |
contributions on deposit with
the public employees
retirement | 354 |
system, school employees retirement system, or state
teachers
a | 355 | |
non-uniform
retirement system full credit for service credit | 356 |
earned
for
full-time service as a member of
one of those | 357 |
retirement
systems,
the non-uniform system or
service credit | 358 |
purchased or obtained as military
service credit,
and any service | 359 |
credit obtained under section
145.295, 3307.761,
or 3309.73 of | 360 |
the Revised Code for
service for which
contributions were made to | 361 |
the state highway patrol
retirement
system. The credit shall be | 362 |
given if both of the following
occur: | 363 |
(1) The
retirement
non-uniform system transfers to the fund, | 364 | |
for each
year of
service, the sum of the following: | 365 |
| (a) The amount, contributed by the
member or, in the case | 366 | |
of military service credit, paid by the member, that is | 367 | |
attributable to that service; | 368 |
| (b) An amount equal to the lesser
of the amount contributed | 369 |
by the
employer to the
retirement
non-uniform
system for the year | 370 | |
of service
or the amount that would have been
contributed by the | 371 | |
employer for
the year of service had the member been
employed by | 372 | |
the
member's
current employer as a member
of a police or fire | 373 | |
department at the
time the credit was earned; | 374 |
(c)
An amount equal to any amount received by the retirement | 375 |
system under
section 145.295, 3307.761, or 3309.73 of the Revised | 376 |
Code; | 377 |
(d) Interest on the amounts specified in divisions | 378 |
(D)(1)(a),
and (b), and (c) of this
section from the last day
of | 379 |
the
year for which the service credit in the
transferring | 380 |
retirement
non-uniform
system was earned or in which
payment was | 381 |
made for
military
service credit
or credit under section 145.295, | 382 |
3307.761, or
3309.73 of the Revised Code was purchased or obtained | 383 | |
to the date
the transfer
is made. | 384 |
| (2) If the member became a member of the fund on or
after | 385 | |
September
16, 1998, the
member pays the amount determined pursuant | 386 | |
to division
(I) of this section. | 387 |
| On receipt of a request from the member, the
appropriate | 388 |
retirement
non-uniform system shall make the transfer specified
in | 389 | |
division
(D)(1)
of this section. Interest shall be determined in | 390 | |
accordance with
division (H) of this section. | 391 |
| (E) Subject to board rules, a member of the fund may
choose | 392 | |
to purchase in any one payment only part of the credit the
member | 393 | |
is eligible to purchase under division (B) or (C)(1) of this | 394 | |
section. | 395 |
(F) At the request of the fund, the
public employees | 396 |
retirement system, school employees retirement system, state | 397 |
teachers
non-uniform retirement system, or Cincinnati retirement | 398 | |
system shall
certify to the fund a copy of the records of the | 399 | |
service
and
contributions of a member of the fund who seeks | 400 | |
service credit
under this section. | 401 |
| (G) A member of the fund is ineligible to receive
credit | 402 | |
under this
section for service that is used in the calculation of | 403 | |
any
retirement benefit currently being paid or payable in the | 404 |
future
to the member
under any other retirement program,
or | 405 | |
service rendered concurrently with any
other
period for which | 406 | |
service credit has already been granted, or for service credit | 407 | |
that may be transferred under section 742.214 of the Revised Code. | 408 |
| (H) Interest charged under
this section shall be calculated | 409 | |
separately for each year of
service credit. Unless otherwise | 410 | |
specified in this section, it
shall be calculated at the lesser of | 411 | |
the actuarial assumption rate
for that year of the fund or of the | 412 |
retirement system in which
the credit was earned. The interest | 413 | |
shall be compounded
annually. | 414 |
| The board may, by rule, establish procedures for the
receipt | 415 | |
of service credit under this section. | 416 |
| (I) The amount to be paid pursuant to division
(B)(4), | 417 |
(C)(4)(1)(e), or (D)(2)
of this section or division (B)(2) or | 418 | |
(C)(2)(b)
of section 742.212 of the Revised Code is the sum of the | 419 | |
following: | 420 |
| (1) An amount equal to the difference
between the amount the | 421 | |
member paid as employee contributions for
the service and the | 422 | |
amount the member would have paid had the member been
employed by | 423 | |
the member's current employer as a
member of a police or fire | 424 | |
department; | 425 |
| (2) An amount equal to the difference
between the amount | 426 |
paid or transferred under division (B)(3),
(C)(3)(1)(d), or | 427 | |
(D)(1)(b)
of
this section or division (B)(2) or
(C)(2)(b) of | 428 | |
section 742.212 of
the Revised Code and the amount that
would have | 429 | |
been contributed
by the
employer for the service had the member | 430 | |
been employed by
the member's current
employer as a member of
a | 431 | |
police or fire
department; | 432 |
| (3) Interest, determined in accordance
with division (H) of | 433 | |
this
section, on the amounts specified in divisions
(I)(1) and (2) | 434 | |
of this section. | 435 |
| At the request of a member, in lieu of requiring
payment of | 436 | |
all or part of the amount determined under this
division the fund | 437 | |
may grant the member an amount of service
credit under division | 438 | |
(B),
(C), or (D) of this section or division (B) or (C) of
section | 439 | |
742.212 of the Revised Code that is less than the amount for which | 440 | |
the member is
eligible.
The service credit granted shall be the | 441 | |
same percentage of the
service credit for which the member is | 442 | |
eligible that the amount
the fund receives under division (B), | 443 | |
(C), or (D) of this section or division (B) or (C) of
section | 444 | |
742.212 of the Revised Code is of the total
amount it would | 445 | |
receive under those divisions if the full amount
determined under | 446 | |
this division was paid. | 447 |
| (J)(1) Except as provided in division (J)(2) of
this section | 448 | |
and notwithstanding any contrary provision of this
section, the | 449 | |
board shall, in computing a pension or benefit
under section | 450 | |
742.37 or 742.39 of the Revised
Code, give a member of the fund | 451 | |
who is not receiving a pension or disability benefit from the
fund | 452 | |
full credit for service credit purchased under this section
for | 453 | |
service that was less than full-time service if the member | 454 | |
provides
evidence satisfactory to the board that, after
receiving | 455 | |
written notice from the fund indicating that the
member would be | 456 | |
permitted to purchase service credit for service that
was less | 457 | |
than full-time, the member changed or ceased the
member's | 458 | |
employment with the understanding that the credit
identified in | 459 | |
the notice would be used in computing a pension or
benefit. If | 460 | |
the board has
canceled service credit purchased under this section | 461 | |
for service
that was less than full-time service and the member | 462 | |
meets the
requirements of division (J)(1)
of this section, the | 463 | |
board shall restore the service credit on
repayment to the fund of | 464 | |
the amount refunded to the member at
the time of cancellation. | 465 |
| (2) If a member of the fund who is not receiving a
pension | 466 | |
or disability benefit from the fund purchased credit
under this | 467 | |
section for service that was less than full-time
service and does | 468 | |
not meet the requirements of division
(J)(1) of this section, the | 469 | |
board shall refund to the member any amounts paid to purchase
the | 470 | |
credit, with interest at a rate determined by the board from
the | 471 | |
date the member purchased the credit to the date of the
refund. | 472 |
| (K) A member of the fund who has purchased service credit | 473 | |
under
this section, or the member's estate, is entitled to a | 474 | |
refund of the amount or
portion of the amount paid to purchase the | 475 | |
credit if the purchased credit or
portion of credit does not | 476 | |
increase a pension or benefit payable under section
742.37 or | 477 | |
742.39 of the Revised
Code. The refund cancels an equivalent | 478 | |
amount
of service credit. | 479 |
| (L) If a member or former member of the fund who is not a | 480 | |
current contributor and has not received a refund of
accumulated | 481 | |
contributions elects to receive
credit under section 145.295, | 482 | |
3307.761, or
3309.73 of the Revised Code for service for
which | 483 | |
the member contributed to the fund or purchased as military | 484 |
service credit, the fund shall
transfer to the
public employees | 485 |
retirement system, school employees
retirement system, or state | 486 |
teachers
non-uniform retirement system the amount
specified in | 487 | |
division (B) of
section 145.295 of the
Revised Code, division | 488 |
(B)(C) of section
3307.761 of the
Revised Code, or division (B) of | 489 | |
section
3309.73
of the Revised Code. | 490 |
| (M) The board shall adopt rules
establishing a payroll | 491 | |
deduction plan for the purchase of service credit under
this | 492 | |
section. The rules shall meet the requirements described in | 493 | |
section
742.56 of the Revised
Code. | 494 |
| Sec. 742.214. (A) As used in this section, "transferred | 495 | |
service credit" means service credit purchased or obtained under | 496 | |
section 145.295, 145.2913, 3307.761, 3307.765, 3309.73, or | 497 | |
3309.731 of Revised Code prior to the date a member commenced the | 498 | |
employment covered by the Ohio police and fire pension fund for | 499 | |
which the member is currently contributing to the fund. | 500 |
| (B) A member of the Ohio police and fire pension fund who is | 501 | |
in the active service of a police or fire department and has | 502 | |
contributions on deposit with, but is no longer contributing to, a | 503 | |
non-uniform retirement system shall, in computing years of | 504 | |
service, be given full credit for transferred service credit if a | 505 | |
transfer to the Ohio police and fire pension fund is made under | 506 | |
this section. At the request of a member, the non-uniform system | 507 | |
shall transfer to the Ohio police and fire pension fund the sum of | 508 | |
the following: | 509 |
| (1) An amount equal to the amounts transferred to the | 510 | |
non-uniform system under section 145.295, 145.2913, 3307.761, | 511 | |
3307.765, 3309.73, or 3309.731 of the Revised Code; | 512 |
| (2) Interest, determined as provided in division (E) of this | 513 | |
section, on the amount specified in division (B)(1) of this | 514 | |
section for the period from the last day of the year in which the | 515 | |
transfer under section 145.295, 145.2913, 3307.761, 3307.765, | 516 | |
3309.73, or 3309.731 of the Revised Code was made to the date a | 517 | |
transfer is made under this section. | 518 |
| (C) A member of the fund with at least eighteen months of | 519 | |
contributing service credit with the Ohio police and fire pension | 520 | |
fund who is in the active service of a police or fire department | 521 | |
and has received a refund of contributions to a non-uniform | 522 | |
retirement system shall, in computing years of service, be given | 523 | |
full credit for transferred service credit if, for each year of | 524 | |
service, the Ohio police and fire pension fund receives the sum of | 525 | |
the following: | 526 |
| (1) An amount, which shall be paid by the member, equal to | 527 | |
the amount refunded by the non-uniform system to the member for | 528 | |
that year for transferred service credit, with interest on that | 529 | |
amount from the date of the refund to the date a payment is made | 530 | |
under this section; | 531 |
| (2) Interest, which shall be transferred by the non-uniform | 532 | |
system, on the amount refunded to the member for the period from | 533 | |
the last day of the year in which the transfer under section | 534 | |
145.295, 145.2913, 3307.761, 3307.765, 3309.73, or 3309.731 of the | 535 | |
Revised Code was made to the date the refund was made; | 536 |
| (3) If the non-uniform system retained any portion of the | 537 | |
amount transferred under section 145.295, 145.2913, 3307.761, | 538 | |
3307.765, 3309.73, or 3309.731 of the Revised Code, an amount, | 539 | |
which shall be transferred by the non-uniform system, equal to the | 540 | |
amount retained, with interest on that amount for the period from | 541 | |
the last day of the year in which the transfer under section | 542 | |
145.295, 145.2913, 3307.761, 3307.765, 3309.73, or 3309.731 of the | 543 | |
Revised Code was made to the date a transfer is made under this | 544 | |
section. | 545 |
| On receipt of payment from the member, the Ohio police and | 546 | |
fire pension fund shall notify the non-uniform system, which, on | 547 | |
receipt of the notice, shall make the transfer required by this | 548 | |
division. Interest shall be determined as provided in division | 549 | |
(E) of this section. | 550 |
| (D) Service credit purchased or obtained under this section | 551 | |
shall be used in computing the pension and benefits payable under | 552 | |
section 742.37 or 742.39 of the Revised Code. A member may choose | 553 | |
to purchase only part of the credit the member is eligible to | 554 | |
purchase under division (C) of this section in any one payment, | 555 | |
subject to rules adopted by the board of trustees of the Ohio | 556 | |
police and fire pension fund. A member is ineligible to purchase | 557 | |
or obtain service credit under this section for service to be used | 558 | |
in the calculation of any retirement benefit currently being paid | 559 | |
or payable to the member in the future under any other retirement | 560 | |
program or for service credit that may be purchased or obtained | 561 | |
under section 742.21 of the Revised Code. | 562 |
| (E) Interest charged under this section shall be calculated | 563 | |
separately for each year of service credit at the lesser of the | 564 | |
actuarial assumption rate for that year of the Ohio police and | 565 | |
fire pension fund or of the non-uniform retirement system to which | 566 | |
the credit was transferred under section 145.295, 145.2913, | 567 | |
3307.761, 3307.765, 3309.73, or 3309.731 of the Revised Code. The | 568 | |
interest shall be compounded annually. | 569 |
| (F) Any amounts transferred or paid under divisions (B) and | 570 | |
(C) of this section that are attributable to contributions made by | 571 | |
the member or to amounts paid to purchase service credit shall be | 572 | |
credited to the police officers' contribution fund or | 573 | |
firefighters' contribution fund created under section 742.59 of | 574 | |
the Revised Code, as applicable. Any remaining amounts shall be | 575 | |
credited to one or more of the funds created under that section as | 576 | |
determined by the board. | 577 |
| (G) At the request of the Ohio police and fire pension fund, | 578 | |
the non-uniform retirement system shall certify to the fund a copy | 579 | |
of the records of the service and contributions of a member of the | 580 | |
fund who seeks service credit under this section. The non-uniform | 581 | |
retirement system shall specify the portions of the amounts | 582 | |
transferred that are attributable to employee contributions, | 583 | |
employer contributions, and interest. | 584 |
| (H) If a member of the fund who is not a current contributor | 585 | |
elects to receive service credit under section 145.2913, 3307.765, | 586 | |
or 3309.731 of the Revised Code for transferred service credit, as | 587 | |
defined in those sections, the fund shall transfer to the | 588 | |
non-uniform retirement system, as applicable, the amount specified | 589 | |
in division (B) or (C) of section 145.2913, division (B) or (C) of | 590 | |
section 3307.765, or division (B) or (C) of section 3309.731 of | 591 | |
the Revised Code. | 592 |
| (I) The board may adopt rules to implement this section. | 593 |
| Sec. 742.371. (A) As used in this section,
"lay off" has | 595 | |
the same meaning as in division (A) of section 742.27 of the | 596 | |
Revised Code. | 597 |
(B)
A
Except for service credit transferred under section | 598 | |
742.214 of the Revised Code, a member of the fund who has | 599 | |
voluntarily resigned or
who
voluntarily resigns or who has been or | 600 | |
is removed from active
service in a police or fire department for | 601 | |
any reason other than
a
lay off that was involuntary, as certified | 602 | |
pursuant to division
(C) of this section, and receives or has | 603 | |
received from a police
relief and pension fund under division (I) | 604 | |
of former section
741.49 of the Revised Code, or from a firemen's | 605 | |
relief and
pension
fund under division (I) of former section | 606 | |
741.18 of the
Revised
Code, or from a township firemen's
relief | 607 | |
and pension
fund under
division (I) of former section 521.11 of | 608 | |
the Revised
Code, or from
the Ohio police and fire pension
fund | 609 | |
under division (G) of
section 742.37 of the Revised Code, an | 610 | |
amount equal to the sum
deducted from the member's salary
and | 611 | |
credited to one of such
funds shall, upon reinstatement to the | 612 | |
active
service
of such
police or fire department, deposit with the | 613 | |
Ohio
police and
fire
pension fund an
amount equal to the sum
so | 614 | |
received by the member,
with interest compounded annually
thereon, | 615 | |
at
a rate to be
determined by the board of trustees of the Ohio | 616 | |
police
and fire
pension fund, from the date of
such
receipt to the | 617 | |
date of such
deposit. The member may choose to
purchase only part | 618 | |
of such
credit in any one payment, subject to
board rules. Such | 619 | |
member
shall not be entitled to receive any
pension or benefit | 620 | |
payments
under division (B) or (C) of section
742.37 or section | 621 | |
742.39 of
the Revised Code until
the member has made the
deposit | 622 | |
required by
this section. | 623 |
| (C) A member of the fund who has been or is removed from | 624 | |
active service in a police or fire department as a result of a
lay | 625 | |
off that was involuntary, as certified pursuant to this
division, | 626 | |
and receives or has received from a police relief and
pension fund | 627 | |
under division (I) of former section 741.49 of the
Revised Code, | 628 | |
or from a firemen's relief and pension fund under
division (I) of | 629 | |
former section 741.18 of the Revised Code, or
from a township | 630 | |
firemen's relief and pension fund under division
(I) of former | 631 | |
section 521.11 of the Revised Code, or from the
Ohio police and | 632 | |
fire
pension fund under division
(G) of section 742.37 of the | 633 | |
Revised Code, an amount equal to the
sum deducted from the | 634 | |
member's salary and credited to one of
such funds
may, upon | 635 | |
reinstatement to the active service of such police or
fire | 636 | |
department, deposit with the Ohio police and fire
pension fund an | 637 | |
amount equal to the sum so received by the
member, with interest | 638 | |
compounded annually thereon, at a rate to be
determined by the | 639 | |
board of trustees of the Ohio police and
fire pension fund from | 640 | |
the date of such receipt to
the
date of such deposit. The member | 641 | |
may choose to purchase only
part of such credit in any one | 642 | |
payment, subject to board rules. | 643 |
| If any police or fire department reinstates a member of the | 644 | |
fund who was removed from active service in that police or fire | 645 | |
department as a result of a lay off that was involuntary, the | 646 | |
police or fire department shall upon the request of that member | 647 | |
certify to the fund that the member was removed from active | 648 | |
service in that police or fire department as a result of a lay
off | 649 | |
that was involuntary. | 650 |
Sec. 742.375.
A
Except for service credit transferred under | 651 | |
section 742.214 of the Revised Code, a member of the fund who is | 652 | |
in the active
service of a police or fire department and is not | 653 | |
receiving a
pension or benefit payment from the Ohio police and | 654 | |
fire pension
fund shall, in computing years of
active
service in | 655 | |
such
department under division (C) of section 742.37 or
section | 656 | |
742.39
of the Revised Code, be given full credit for the time | 657 | |
served in
the state highway patrol retirement system, provided | 658 | |
such member
pays into the Ohio police and
fire pension fund
the | 659 | |
amount
received by the member under section 5505.19 of
the Revised | 660 | |
Code,
with interest compounded annually thereon at a rate to be | 661 | |
determined by the board of trustees of the Ohio police and fire | 662 | |
pension fund from the date of such receipt to the date
of such | 663 | |
deposit. The member may choose to purchase only part of
such | 664 | |
credit in any one payment, subject to board rules. | 665 |
| Upon certification by the board to the board of the state | 666 | |
highway
patrol retirement system of such payment by the member of | 667 | |
the
fund, the state highway patrol retirement board shall pay from | 668 | |
the employer's accumulation fund under division (C) of section | 669 | |
5505.03 of the Revised Code to the Ohio police and
fire pension | 670 | |
fund an amount equal to the payment of
the
member of the fund. | 671 |
| Sec. 3307.761. (A)
As used in this section and section | 672 | |
3307.765 of the Revised Code: | 673 |
| (1) "Uniform retirement system" or "uniform system" means | 674 | |
the Ohio police and fire pension fund or state highway patrol | 675 | |
retirement system. | 676 |
| (2) "Military service credit" means credit purchased or | 677 | |
obtained under this chapter or Chapter 742. or 5505. of the | 678 | |
Revised Code for service in the armed forces of the United States. | 679 |
| (B) A
member of the state teachers
retirement system | 680 | |
participating in the plan
described in sections
3307.50 to 3307.79 | 681 |
of the Revised Code who has
contributions on
deposit with
the Ohio | 682 |
police and fire
pension fund or the state
highway patrol
a uniform | 683 | |
retirement system shall, in computing years of
total service, be | 684 | |
given full credit for service credit earned
under
Chapter 742. or | 685 |
5505. of the
Revised
Code or
purchased for
military
service
in the | 686 |
armed forces of the
United
States
credit if a transfer to
the | 687 | |
state teachers retirement system is made under this division.
At | 688 |
the request of the member, the
Ohio police and fire
pension
fund | 689 |
or state highway patrol retirement
uniform
system shall transfer | 690 | |
to
the state teachers retirement system, for each year
of service, | 691 | |
the sum of the following: | 692 |
| (1) An amount equal to the member's accumulated | 693 |
contributions to the
transferring fund or
uniform system,
and any | 694 |
payments by
the member for
military service
in the armed forces of | 695 |
the United
States,
and any amounts paid under section 742.375 or | 696 |
5505.201 of the
Revised Code to purchase service credit; | 697 |
| (2) An amount equal to the lesser of the employer's | 698 |
contributions to the
Ohio police and fire pension
fund or state | 699 |
highway patrol retirement
uniform system or the amount
that would | 700 | |
have
been contributed by the employer for the service
had the | 701 | |
member
been a member of the state teachers retirement
system; | 702 |
| (3) Interest, determined as provided in division
(E) of this | 703 | |
section, on the
amounts specified in divisions
(A)(1) and (2) of | 704 | |
this section
from the last day
of the year for which the service | 705 |
credit in the
transferring fund or
uniform
system was earned or in | 706 |
which
military service credit
or service credit under section | 707 |
742.35 or
5505.201
of the Revised Code was purchased or obtained | 708 | |
to the date
the transfer
is made. | 709 |
(B)(C) A member participating in the plan described in | 710 | |
sections
3307.50 to
3307.79 of the Revised Code who has
at least | 711 | |
eighteen
months of contributing service with the state
teachers | 712 |
retirement
system, is a former member of
the Ohio
police and
fire | 713 |
pension
fund or state highway
patrol
a uniform
retirement system, | 714 |
and has received a
refund of contributions to
that
fund or
uniform | 715 | |
system shall, in computing
years of total service,
be given full | 716 | |
credit for service credit
earned under
Chapter 742. or 5505.
of | 717 |
the Revised
Code or
purchased for
military service
in the armed | 718 |
forces of the
United
States
credit if,
for each year of
service, | 719 | |
the state teachers retirement system
receives the sum
of the | 720 | |
following: | 721 |
| (1) An amount, which shall be paid by the member, equal
to | 722 |
the amount refunded by the
Ohio police and fire
pension fund or | 723 |
the state highway patrol retirement
uniform system
to the member | 724 | |
for that
year for accumulated contributions and
payments for | 725 |
purchase of
military service
credit
for service in the armed | 726 |
forces
of the United
States, with
interest on that amount from the | 727 | |
date of the refund
to the date of
the
payment; | 728 |
(2) Interest, which shall be transferred
by the
Ohio police | 729 |
and
fire pension fund or state highway
patrol
retirement
uniform | 730 | |
system,
on the amount refunded to the member that is attributable | 731 | |
to
the
year of service from the last day of the year for which the | 732 | |
service credit
was earned or in which military service credit was | 733 | |
purchased or obtained to
the
date the refund was made; | 734 |
(3) An amount, which shall be transferred by the
Ohio police | 735 |
and fire pension fund or state highway
patrol retirement
uniform | 736 | |
system,
equal to the lesser of the amount
contributed by the | 737 |
employer to
the
Ohio police and
fire pension fund or state highway | 738 |
patrol
retirement
uniform
system for that year or the amount that | 739 | |
would have been
contributed by the employer for the year had the | 740 | |
member been a
member of the state teachers retirement system, with | 741 | |
interest
on
that amount from the last
day
of the year for which | 742 | |
the service
credit was earned or in which
military service credit | 743 | |
was
purchased or obtained
to the date of the
transfer. | 744 |
| On receipt of payment from the member, the state
teachers | 745 |
retirement system shall notify the
Ohio police
and
fire pension | 746 |
fund or the state highway patrol
retirement
uniform system, which, | 747 | |
on
receipt of the notice, shall make
the transfer required by this | 748 | |
division. Interest shall be
determined as provided in division | 749 | |
(E) of this section. | 750 |
| A member may choose to purchase only part of the credit
the | 751 | |
member is eligible to purchase under this division in any
one | 752 | |
payment, subject to rules of the state teachers retirement
board. | 753 |
(C)(D) A member is
ineligible to obtain credit under this | 754 | |
section for service that
is used in the calculation of any | 755 | |
retirement benefit currently
being paid or payable in the
future | 756 | |
under any other retirement program or for service credit
that may | 757 | |
be transferred under section 3307.765 of the Revised
Code. | 758 |
(D)(E) If a member of
the state teachers retirement system | 759 | |
who
is not a current
contributor elects to obtain credit under | 760 |
section
742.379
742.21 or
5505.202
5505.40 of the Revised Code for | 761 |
service for which the
member contributed to the
state teachers | 762 |
retirement system or
purchased
credit for
military service
in the | 763 |
armed forces of the
United
States
credit, the
state teachers | 764 |
retirement system shall transfer to the
Ohio police and
fire | 765 |
pension fund or state highway patrol
uniform
retirement system, as | 766 | |
applicable, the amount specified in division
(D) of section | 767 |
742.379
742.21 or
division (B)(2) of section
5505.202
5505.40 of | 768 | |
the Revised Code. | 769 |
(E)(F) Interest charged
under this section shall be | 770 | |
calculated
separately for each year of service credit at the | 771 | |
lesser of the
actuarial assumption rate for that year of the
state | 772 |
teachers
retirement system or of the
fund or
uniform retirement | 773 | |
system in which the
credit was earned. The interest shall be | 774 | |
compounded annually. | 775 |
(F)(G) The state teachers retirement
board shall credit to a | 776 | |
member's account in the teachers'
savings fund the amounts | 777 | |
described in divisions
(A)(1) and
(B)(1) of this section, except | 778 | |
that the interest paid by the member under division (B)(1) of
this | 779 | |
section shall be credited to the employers' trust fund.
The board | 780 | |
shall credit to the employers' trust fund the amounts
described in | 781 | |
divisions (A)(2),
(3), and (B)(2) of this
section. | 782 |
| Sec. 3307.765. (A) As used in this section,
"transferred | 783 | |
service credit" means service credit purchased or
obtained under | 784 | |
section 742.21, 742.214, 742.375, 5505.201,
5505.40, or 5505.41 of | 785 | |
the Revised Code prior to the date a member
commenced the | 786 | |
employment
covered by the state teachers retirement
system for | 787 | |
which the
member is currently contributing to the
system. | 788 |
| (B) A member of the state teachers retirement system who has | 789 | |
contributions on deposit with, but is no longer contributing to, a | 790 | |
uniform retirement system shall, in computing years of total | 791 | |
service, be given full credit for transferred service credit if a | 792 | |
transfer to the state teachers retirement system is made under | 793 | |
this section. At the request of a member, the uniform system | 794 | |
shall transfer to the state teachers retirement system the sum of | 795 | |
the following: | 796 |
| (1) An amount equal to the amounts transferred to the | 797 | |
uniform system under section 742.21, 742.214, 742.375, 5505.201, | 798 | |
5505.40, or 5505.41 of the Revised Code; | 799 |
| (2) Interest, determined as provided in division (E) of this | 800 | |
section, on the amount specified in division (B)(1) of this | 801 | |
section for the period from the last day of the year in which the | 802 | |
transfer under section 742.21, 742.214, 742.375, 5505.201, | 803 | |
5505.40, or 5505.41 of the Revised Code was made to the date a | 804 | |
transfer is made under this section. | 805 |
| (C) A member of the state teachers retirement system with at | 806 | |
least eighteen months of contributing service credit with the | 807 | |
state teachers retirement system who has received a refund of | 808 | |
contributions to a uniform retirement system shall, in computing | 809 | |
years of total service, be given full credit for transferred | 810 | |
service credit if, for each year of service, the state teachers | 811 | |
retirement system receives the sum of the following: | 812 |
| (1) An amount, which shall be paid by the member, equal to | 813 | |
the amount refunded by the uniform system to the member for that | 814 | |
year for transferred service credit, with interest on that amount | 815 | |
from the date of the refund to the date a payment is made under | 816 | |
this section; | 817 |
| (2) Interest, which shall be transferred by the uniform | 818 | |
system, on the amount refunded to the member for the period from | 819 | |
the last day of the year in which the transfer under section | 820 | |
742.21, 742.214, 742.375, 5505.201, 5505.40, or 5505.41 of the | 821 | |
Revised Code was made to the date the refund was made; | 822 |
| (3) If the uniform system retained any portion of the amount | 823 | |
transferred under section 742.21, 742.214, 742.375, 5505.201, | 824 | |
5505.40, or 5505.41 of the Revised Code, an amount, which shall be | 825 | |
transferred by the uniform system, equal to the amount retained, | 826 | |
with interest on that amount for the period from the last day of | 827 | |
the year in which the transfer under section 742.21, 742.214, | 828 | |
742.375, 5505.201, 5505.40, or 5505.41 of the Revised Code was | 829 | |
made to the date a transfer is made under this section. | 830 |
| On receipt of payment from the member, the state teachers | 831 | |
retirement system shall notify the uniform system, which, on | 832 | |
receipt of the notice, shall make the transfer required by this | 833 | |
division. Interest shall be determined as provided in division | 834 | |
(E) of this section. | 835 |
| (D) A member may choose to purchase only part of the credit | 836 | |
the member is eligible to purchase under division (C) of this | 837 | |
section in any one payment, subject to rules adopted by the state | 838 | |
teachers retirement board. A member is ineligible to purchase or | 839 | |
obtain service credit under this section for service to be used in | 840 | |
the calculation of any retirement benefit currently being paid or | 841 | |
payable to the member in the future under any other retirement | 842 | |
program or for service credit that may be purchased or obtained | 843 | |
under section 3307.761 of the Revised Code. | 844 |
| (E) Interest charged under this section shall be calculated | 845 | |
separately for each year of service credit at the lesser of the | 846 | |
actuarial assumption rate for that year of the state teachers | 847 | |
retirement system or of the uniform retirement system to which the | 848 | |
credit was transferred under section 742.21, 742.214, 742.375, | 849 | |
5505.201, 5505.40, or 5505.41 of the Revised Code. The interest | 850 | |
shall be compounded annually. | 851 |
| (F) Any amounts transferred or paid under divisions (B) and | 852 | |
(C) of this section that are attributable to contributions made by | 853 | |
the member or to amounts paid to purchase service credit shall be | 854 | |
credited to the teachers' savings fund created under section | 855 | |
3307.14 of the Revised Code. Any remaining amounts shall be | 856 | |
credited to one or more of the funds created under that section as | 857 | |
determined by the board. | 858 |
| (G) At the request of the state teachers retirement system, | 859 | |
the uniform retirement system shall certify to the state teachers | 860 | |
retirement system a copy of the records of the service and | 861 | |
contributions of a state teachers retirement system member who | 862 | |
seeks service credit under this section. The uniform retirement | 863 | |
system shall specify the portions of the amounts transferred that | 864 | |
are attributable to employee contributions, employer | 865 | |
contributions, and interest. | 866 |
| (H) If a member of the state teachers retirement system who | 867 | |
is not a current contributor elects to receive service credit | 868 | |
under section 742.214 or 5505.41 of the Revised Code for | 869 | |
transferred service credit, as defined in those sections, the | 870 | |
system shall transfer to the uniform retirement system, as | 871 | |
applicable, the amount specified in division (B) or (C) of section | 872 | |
742.214 or division (B) or (C) of section 5505.41 of the Revised | 873 | |
Code. | 874 |
| (I) The board may adopt rules to implement this section. | 875 | |
|
876 |
Sec. 3309.73. (A) As used in this section,
"military
and | 877 | |
section 3309.731 of the Revised Code: | 878 |
| (1) "Uniform retirement system" or "uniform system" means | 879 | |
the Ohio police and fire pension fund or state highway patrol | 880 | |
retirement system. | 881 |
| (2) "Military
service credit" means service credit purchased | 882 | |
or obtained under
this chapter or
Chapter 742. or 5505. of the | 883 | |
Revised Code for
service in the armed forces of the
United States. | 884 |
| (B) A member of the school employees retirement
system who | 885 |
has contributions on deposit with
the Ohio police
and fire pension | 886 |
fund or the state highway patrol
a uniform
retirement system | 887 | |
shall, in
computing years of total service, be given full
credit | 888 | |
for service
credit earned under Chapter 742. or 5505. of the | 889 | |
Revised Code
or
purchased or obtained for military service credit | 890 | |
if a transfer
to the school employees retirement
system is
made | 891 |
under this
division. At the request of the member, the
Ohio | 892 |
police and
fire
pension fund or state highway
patrol retirement | 893 | |
uniform
system shall
transfer to the school employees retirement | 894 | |
system, for each year
of service, the sum of the
following: | 895 |
| (1) An amount equal to the member's accumulated | 896 |
contributions to
the
transferring fund or
uniform system,
and any | 897 |
payments by
the member for
military service
credit, and any | 898 |
amounts paid
under section 742.375 or 5505.201 of the Revised Code | 899 |
to purchase
service
credit; | 900 |
| (2) An amount equal to the lesser of the employer's | 901 |
contributions to the
Ohio
police and fire pension fund or state | 902 |
highway patrol
retirement
uniform system or the amount that would | 903 | |
have
been contributed by the
employer for the service had the | 904 | |
member
been a member of the school employees
retirement system at | 905 | |
the
time the credit was earned; | 906 |
| (3) Interest, determined as provided in division (F) of
this | 907 | |
section, on the amounts specified in divisions (B)(1) and
(2) of | 908 | |
this
section from the last
day
of the year for which the service | 909 |
credit in the
transferring fund or
uniform
system was earned or in | 910 |
which
payment was made for military service credit
or service | 911 |
credit
under
section 742.375 or 5505.201
of the Revised Code was | 912 | |
purchased or obtained to the date the transfer is
made. | 913 |
| (C) A member who has at least eighteen months of | 914 | |
contributing
service with the school employees retirement system, | 915 |
is a former member of
the
Ohio police and fire
pension fund or | 916 |
state highway patrol
a uniform
retirement system, and has received | 917 |
a refund
of contributions to that
fund or
uniform
system shall, in | 918 | |
computing years
of total service, be given full credit for
service | 919 | |
credit earned
under Chapter 742. or 5505. of the Revised Code or | 920 | |
purchased or
obtained
for military service
credit
if, for
each | 921 | |
year of service, the
school employees retirement system receives | 922 | |
the sum
of the
following: | 923 |
| (1) An amount, which shall be paid by the member, equal to | 924 |
the amount
refunded by the
Ohio police and fire pension fund or | 925 |
the
state
highway patrol retirement
uniform system to the member | 926 | |
for that
year for accumulated
contributions and payments for | 927 |
purchase of
credit for military service
credit, with interest at | 928 | |
a rate established
by the
school employees retirement board on | 929 | |
that amount from the
date of
the refund to the date of the | 930 | |
payment; | 931 |
(2) Interest, which shall be transferred
by the
Ohio police | 932 |
and
fire pension fund or state highway
patrol
retirement
uniform | 933 | |
system,
on the amount refunded to the member that is attributable | 934 | |
to
the
year of service from the last day of the year for which the | 935 | |
service credit
was earned or in which payment was made for | 936 | |
military service credit
to
the
date the refund was made; | 937 |
(3) An amount, which shall be transferred by the
Ohio police | 938 |
and fire pension fund or state highway patrol retirement
uniform | 939 | |
system,
that is
equal to the lesser of the
employer's | 940 |
contributions to
the
Ohio police
and fire pension fund or state | 941 |
highway
patrol
retirement
uniform system or the amount that would | 942 | |
have been contributed
by
the
employer for the service had the | 943 | |
member been a member of
the school employees
retirement system at | 944 | |
the time the credit was
earned, with interest on
that amount from | 945 | |
the last
day
of the year
for which the service credit was earned | 946 | |
or in which
payment was
made for military service credit
to the | 947 | |
date of the transfer. | 948 |
| On receipt of payment from the member, the school employees | 949 |
retirement
system shall notify the
Ohio police and fire pension | 950 |
fund
or
the state highway patrol retirement
uniform system, which, | 951 | |
on
receipt of the notice,
shall make the transfer required by this | 952 | |
division. Interest shall be
determined as provided in division | 953 | |
(F) of this section.
The
member may choose to purchase only part | 954 | |
of such credit in any one
payment, subject to board rules. | 955 |
| (D) A member is ineligible to obtain service
credit under | 956 | |
this section for service that is used in the calculation of any | 957 | |
retirement benefit currently being paid or payable in the future | 958 | |
to the member
under any other retirement program or for service | 959 | |
credit that may be transferred under section 3309.731 of the | 960 | |
Revised Code. | 961 |
| Service credit obtained under this section shall be | 962 | |
considered the equivalent of Ohio service credit. | 963 |
| (E) If a member of the school employees retirement system | 964 | |
who is
not a current contributor elects to obtain credit under | 965 | |
section
742.21 or
5505.40 of the Revised Code for service for | 966 | |
which the
member contributed to
the school
employees retirement | 967 | |
system or made payment for military
service credit, the school | 968 |
employees retirement
system shall transfer to the
Ohio police and | 969 |
fire pension
fund
or state highway patrol
uniform retirement | 970 | |
system, as
applicable, the amount specified
in division (D) of | 971 | |
section
742.21
or division (B)(2)
of section 5505.40 of the | 972 | |
Revised Code. | 973 |
| (F) Interest charged under this
section shall be calculated | 974 | |
separately for each year of service credit.
Unless otherwise | 975 | |
specified in this section, it shall be calculated at
the lesser of | 976 | |
the actuarial assumption rate for that year of the school | 977 |
employees retirement system or of the
fund or
uniform retirement | 978 | |
system in
which the
credit was earned. The interest shall be | 979 | |
compounded
annually. | 980 |
| (G) At the request of the school employees retirement | 981 |
system, the
Ohio police and fire pension fund or state highway | 982 |
patrol
uniform
retirement system shall certify to the school | 983 | |
employees
retirement system a
copy of the records of
the service | 984 | |
and
contributions of a school employees retirement
system member | 985 | |
who
seeks
service credit under this section. | 986 |
| Sec. 3309.731. (A) As used in this section, "transferred | 987 | |
service credit" means service credit purchased or obtained under | 988 | |
section 742.21, 742.214, 742.375, 5505.201, 5505.40, or 5505.41 of | 989 | |
the Revised Code prior to the date a member commenced the | 990 | |
employment
covered by the school employees retirement system for | 991 | |
which the
member is currently contributing to the system. | 992 |
| (B) A member of the school employees retirement system who | 993 | |
has contributions on deposit with, but is no longer contributing | 994 | |
to, a uniform retirement system shall, in computing years of | 995 | |
service, be given full credit for transferred service credit if a | 996 | |
transfer to the school employees retirement system is made under | 997 | |
this section. At the request of a member, the uniform system | 998 | |
shall transfer to the school employees retirement system the sum | 999 | |
of the following: | 1000 |
| (1) An amount equal to the amounts transferred to the | 1001 | |
uniform system under section 742.21, 742.214, 742.375, 5505.201, | 1002 | |
5505.40, or 5505.41 of the Revised Code; | 1003 |
| (2) Interest, determined as provided in division (E) of this | 1004 | |
section, on the amount specified in division (B)(1) of this | 1005 | |
section for the period from the last day of the year in which the | 1006 | |
transfer under section 742.21, 742.214, 742.375, 5505.201, | 1007 | |
5505.40, or 5505.41 of the Revised Code was made to the date a | 1008 | |
transfer is made under this section. | 1009 |
| (C) A member of the school employees retirement system with | 1010 | |
at least eighteen months of contributing service credit with the | 1011 | |
school employees retirement system who has received a refund of | 1012 | |
contributions to a uniform retirement system shall, in computing | 1013 | |
years of service, be given full credit for transferred service | 1014 | |
credit if, for each year of service, the school employees | 1015 | |
retirement system receives the sum of the following: | 1016 |
| (1) An amount, which shall be paid by the member, equal to | 1017 | |
the amount refunded by the uniform system to the member for that | 1018 | |
year for transferred service credit, with interest on that amount | 1019 | |
from the date of the refund to the date a payment is made under | 1020 | |
this section; | 1021 |
| (2) Interest, which shall be transferred by the uniform | 1022 | |
system, on the amount refunded to the member for the period from | 1023 | |
the last day of the year in which the transfer under section | 1024 | |
742.21, 742.214, 742.375, 5505.201, 5505.40, or 5505.41 of the | 1025 | |
Revised Code was made to the date the refund was made; | 1026 |
| (3) If the uniform system retained any portion of the amount | 1027 | |
transferred under section 742.21, 742.214, 742.375, 5505.201, | 1028 | |
5505.40, or 5505.41 of the Revised Code, an amount, which shall be | 1029 | |
transferred by the uniform system, equal to the amount retained, | 1030 | |
with interest on that amount for the period from the last day of | 1031 | |
the year in which the transfer under section 742.21, 742.214, | 1032 | |
742.375, 5505.201, 5505.40, or 5505.41 of the Revised Code was | 1033 | |
made to the date a transfer is made under this section. | 1034 |
| On receipt
of payment from the member, the school employees | 1035 | |
retirement system
shall notify the uniform system, which, on | 1036 | |
receipt of the notice,
shall make the transfer required by this | 1037 | |
division. Interest shall
be determined as provided in division | 1038 | |
(E) of this section. | 1039 |
| (D) Service credit purchased or obtained under this section | 1040 | |
shall be considered the equivalent of Ohio service credit. A | 1041 | |
member may choose to purchase only part of the credit the member | 1042 | |
is eligible to purchase under division (C) of this section in any | 1043 | |
one payment, subject to rules adopted by the school employees | 1044 | |
retirement board. A member is ineligible to purchase or obtain | 1045 | |
service credit under this section for service to be used in the | 1046 | |
calculation of any retirement benefit currently being paid or | 1047 | |
payable to the member in the future under any other retirement | 1048 | |
program or for service credit that may be purchased or obtained | 1049 | |
under section 3309.73 of the Revised Code. | 1050 |
| (E) Interest charged under this section shall be calculated | 1051 | |
separately for each year of service credit at the lesser of the | 1052 | |
actuarial assumption rate for that year of the school employees | 1053 | |
retirement system or of the uniform retirement system to which the | 1054 | |
credit was transferred under section 742.21, 742.214, 742.375, | 1055 | |
5505.201, 5505.40, or 5505.41 of the Revised Code. The interest | 1056 | |
shall be compounded annually. | 1057 |
| (F) Any amounts transferred or paid under divisions (B) and | 1058 | |
(C) of this section that are attributable to contributions made by | 1059 | |
the member or to amounts paid to purchase service credit shall be | 1060 | |
credited to the employees' savings fund created under section | 1061 | |
3309.47 of the Revised Code. Any remaining amounts shall be | 1062 | |
credited to one or more of the funds created under that section as | 1063 | |
determined by the board. | 1064 |
| (G) At the request of the school employees retirement | 1065 | |
system, the uniform retirement system shall certify to the school | 1066 | |
employees retirement system a copy of the records of the service | 1067 | |
and contributions of a school employees retirement system member | 1068 | |
who seeks service credit under this section. The uniform | 1069 | |
retirement system shall specify the portions of the amounts | 1070 | |
transferred that are attributable to employee contributions, | 1071 | |
employer contributions, and interest. | 1072 |
| (H) If a member of the school employees retirement system | 1073 | |
who is not a current contributor elects to receive service credit | 1074 | |
under section 742.214 or 5505.41 of the Revised Code for | 1075 | |
transferred service credit, as defined in those sections, the | 1076 | |
system shall transfer to the uniform retirement system, as | 1077 | |
applicable, the amount specified in division (B) or (C) of section | 1078 | |
742.214 or division (B) or (C) of section 5505.41 of the Revised | 1079 | |
Code. | 1080 |
| (I) The board may adopt rules to implement this section." | 1081 |
Sec. 5505.201.
A
Except for service credit transferred
under | 1082 | | section 5505.41 of the Revised Code, a member of the state
highway | 1083 | | patrol
retirement system shall, in computing years of
active | 1084 | | service in
the highway patrol under sections 5505.16,
5505.17, and | 1085 | | 5505.18
of
the Revised Code, be given full credit for
time served | 1086 | | as a
police
officer or firefighter
covered under
Chapter 742. and | 1087 | | former
Chapters 521. and 541. of the Revised
Code, provided such | 1088 | | member
pays to the state highway patrol
retirement system the | 1089 | | amount
received by the member under division
(I) of former section | 1090 | |
521.11, division (I) of former section
741.18, division (I) of | 1091 | |
former
section 741.49, or division (G) of
section 742.37 of the | 1092 | |
Revised
Code, with compound interest thereon
at a rate to be | 1093 | |
determined
by the state highway patrol retirement
board from the | 1094 | |
date of
such receipt to the date of such deposit.
A
member may | 1095 | |
choose to
purchase only part of such credit in any
one
payment, | 1096 | |
subject to
board rules. | 1097 |
| Upon certification by the state highway patrol retirement | 1098 | |
board to the board of trustees of the Ohio police and
fire pension | 1099 | |
fund of such payment by the member, the
Ohio police and fire | 1100 | |
pension fund shall pay from
the appropriate employers' | 1101 | |
contribution fund under section
742.59 of the Revised Code to the | 1102 | |
state highway patrol retirement
system an amount equal to the | 1103 | |
payment of the member. | 1104 |
| Sec. 5505.40. (A) As used in this section
and section | 1105 | |
5505.41 of the Revised Code: | 1106 |
| (1) "Full-time service" means full-time service as defined | 1107 | |
by rule which shall be adopted by the state highway patrol | 1108 | |
retirement board. | 1109 |
| (2) "Military service credit" means
credit
for service in | 1110 | |
the armed forces of the
United States
purchased or obtained under | 1111 | |
this chapter or Chapter 145., 3307.,
or 3309. of the Revised Code. | 1112 |
| (3) "Non-uniform retirement system" or "non-uniform system" | 1113 | |
means the public employees retirement system, school employees | 1114 | |
retirement system, or state teachers retirement system. | 1115 |
| (B)(1)(a) For purposes
of computing the pension payable | 1116 | |
under section
5505.17 or 5505.18 of the Revised Code, a member of | 1117 | |
the state highway patrol
retirement system who is a former member | 1118 |
of
the public employees
retirement system, school employees | 1119 |
retirement system, or state
teachers
a non-uniform retirement | 1120 |
system and
has
received a return of contributions from the
former | 1121 |
retirement
non-uniform
system
shall be given full credit for | 1122 | |
service credit earned for
full-time service as a member of the | 1123 |
former retirement
non-uniform system or
purchased or obtained as | 1124 | |
military service credit if, for each
year of
service credit, the | 1125 | |
state highway patrol retirement system
receives the sum of the | 1126 | |
following: | 1127 |
| (i) An amount, which shall be paid by the member
to the | 1128 | |
member's credit in the employees'
savings fund, equal to the | 1129 |
amount received by the
member from the
former retirement | 1130 | |
non-uniform system
for that year that is
attributable to | 1131 | |
contributions made for
full-time service and payments for
military | 1132 | |
service credit, plus
interest at a rate established by the board | 1133 | |
on that amount from
the
date payment was made to the member by the | 1134 |
former retirement
non-uniform
system to the
date the member
makes | 1135 | |
the payment to the state
highway patrol retirement system; | 1136 |
| (ii) If a member
is seeking credit for service under the | 1137 | |
public employees retirement system
or state teachers retirement | 1138 | |
system, an
amount,
which shall be paid
by the member, equal to the | 1139 | |
amount of any employer
contributions
and interest on employee | 1140 | |
contributions the member received under
section 145.40
or 3307.563 | 1141 | |
of the
Revised Code; | 1142 |
(iii) Interest, which shall be
transferred by the
former | 1143 |
retirement
non-uniform system, on the amount received by the | 1144 | |
member that is
attributable to the year of service from the last | 1145 | |
day of the
year
for which the service credit was earned or in | 1146 | |
which payment
was
made for military service
credit to the date | 1147 | |
the amount was paid
to the
member; | 1148 |
(iv) An amount, which shall be transferred by the
former | 1149 |
retirement
non-uniform system, equal to the lesser of the | 1150 |
employer's
contributions to the
former retirement
non-uniform | 1151 | |
system for the
year of
service or the amount that would have been | 1152 | |
contributed by the
employer for the full-time service
had the | 1153 | |
member been a member
of the state highway patrol retirement
system | 1154 | |
at the time the
credit was earned, with interest on that amount | 1155 | |
from the last
day
of the year for which the service credit was | 1156 | |
earned or in which
payment was made for military service credit
to | 1157 | |
the date the
transfer is made. | 1158 |
| (b) On receipt of
payment from the member, the state highway | 1159 |
patrol retirement
system shall notify the
former retirement | 1160 | |
non-uniform
system, which, on receipt
of the notice, shall make | 1161 | |
the transfer
required by this division.
Interest shall be | 1162 | |
determined in
accordance with division
(F) of this section. | 1163 |
| (c) The amount transferred under division
(B)(1)(a) of this | 1164 | |
section by the public employees retirement system
or state | 1165 | |
teachers retirement system shall not
include any amount
of | 1166 | |
employer contributions and interest on
employee contributions the | 1167 | |
member received under section 145.40
or 3307.563 of
the Revised | 1168 | |
Code. | 1169 |
| (2) For purposes of computing the pension payable under | 1170 | |
section 5505.17 or 5505.18 of the
Revised
Code, a member of the | 1171 | |
state
highway patrol retirement system who
has contributions on | 1172 |
deposit with
the public
employees retirement system, school | 1173 |
employees retirement system, or state
teachers
a non-uniform | 1174 | |
retirement system
shall be given full credit for service credit | 1175 |
earned for
full-time
service as a member of that
retirement | 1176 |
non-uniform system,
or
any service credit
purchased or obtained | 1177 |
as military service credit, and any
service credit obtained under | 1178 |
section
145.295,
3307.761, or
3309.381 of the Revised Code for | 1179 |
service for which contributions
were made to
the Ohio police and | 1180 |
fire pension fund. The credit
shall be given
if, for each year of | 1181 |
service, the
public employees
retirement system, school
employees | 1182 |
retirement system, or state
teachers retirement
non-uniform system | 1183 | |
transfers to the state highway patrol
retirement system the sum
of | 1184 | |
the following: | 1185 |
| (a) The amount, contributed by
the member or, in the case | 1186 | |
of military service, paid by the member, that is
attributable to | 1187 | |
that service; | 1188 |
| (b) An amount equal to the lesser of the employer's | 1189 |
contributions to the
public employees retirement
system, school | 1190 |
employees retirement system, or state teachers
retirement | 1191 | |
non-uniform system
for the year of service or the amount that | 1192 | |
would have
been
contributed by the employer for the full-time | 1193 | |
service had the
member been a member of the state highway patrol | 1194 | |
retirement
system
at the time the credit was earned; | 1195 |
(c)
An amount equal to any amount received by the retirement | 1196 |
system under
section 145.295, 3307.761, or 3309.351 of the Revised | 1197 |
Code; | 1198 |
(d) Interest, determined in accordance with division
(F) of | 1199 |
this section, on
the amounts specified in divisions (B)(2)(a),
and | 1200 |
(b), and (c) of this section
from the last day of the year for | 1201 |
which the service credit in the
transferring
retirement | 1202 |
non-uniform
system was
earned or in which
payment was made for | 1203 |
military service
credit
or
service credit under section 145.295, | 1204 |
3307.761,
or 3309.351 of the
Revised Code was purchased or | 1205 | |
obtained
to the date the transfer is
made. | 1206 |
| On receipt of a request from the member, the
appropriate | 1207 |
retirement
non-uniform system shall make the transfer. | 1208 |
| (3) Unless section 5505.402 of the Revised Code applies, | 1209 | |
for purposes of
computing the pension payable under
section | 1210 | |
5505.17 or 5505.18 of the
Revised
Code, a member of the state | 1211 | |
highway patrol retirement system who has contributions on
deposit | 1212 | |
with the Cincinnati
retirement system shall be given full credit | 1213 | |
for service credit
earned for full-time service as a member of | 1214 | |
that retirement
system or purchased or obtained as
military | 1215 | |
service credit if, for each year of
service credit, the state | 1216 | |
highway patrol retirement system
receives the sum of the | 1217 | |
following: | 1218 |
| (a) An amount, which
shall be paid by the member to the | 1219 | |
member's credit in the
employees' savings fund, equal to the | 1220 | |
amount withdrawn from the
Cincinnati retirement system
that is | 1221 | |
attributable to that year of service, with interest on that amount | 1222 | |
determined in accordance with division (F) of this section
from | 1223 | |
the date of withdrawal to the date of payment; | 1224 |
| (b) Interest, which shall be paid either
by the member or | 1225 | |
the Cincinnati retirement system, on the amount
withdrawn from the | 1226 | |
Cincinnati retirement system that is attributable
to the year of | 1227 | |
service from the last day of the year for which the service
credit | 1228 | |
was earned or in which payment was made for military
service | 1229 | |
credit to the date the amount was
withdrawn; | 1230 |
| (c) An amount, which
shall be paid either by the member or | 1231 | |
the
Cincinnati retirement system,
equal to the lesser of the
| 1232 | |
employer's contributions to
the Cincinnati retirement
system for | 1233 | |
the year of service or the amount that would have
been contributed | 1234 | |
by the employer for the full-time
service had the
member been a | 1235 | |
member of the state highway patrol retirement
system at the time | 1236 | |
the credit was earned, with interest on
that amount from the last | 1237 | |
day of the year for which the service credit was
earned or in | 1238 | |
which payment was made for military service to the date the | 1239 | |
payment is made. | 1240 |
| (C) If a member who is not a current contributor and has not | 1241 | |
received
a refund of accumulated
contributions elects to receive | 1242 |
credit under section 145.295,
3307.761, or
3309.351
3309.73 of the | 1243 | |
Revised
Code for service for
which the member contributed to the | 1244 | |
state
highway patrol
retirement
system and credit purchased as | 1245 | |
military
service credit, the state highway patrol retirement | 1246 | |
system shall
transfer
to the appropriate retirement system
the | 1247 |
amount specified
in division
(B)(C) of section 145.295, division | 1248 | |
(B) of
section
3307.761, or division (B) of section
3309.73 of | 1249 | |
the Revised Code. | 1250 |
| (D)(1) A member is ineligible to purchase or otherwise | 1251 | |
receive credit under this section for service that is used in the | 1252 | |
calculation of any retirement benefit currently being paid or
that | 1253 | |
is payable in the future to the member
under any other retirement | 1254 |
program,
or service rendered
concurrently with any other period | 1255 | |
for which service credit has
already been granted, or for service | 1256 | |
credit that may be transferred under section 5505.41 of the | 1257 | |
Revised Code. | 1258 |
| (2) Except as provided under division (D)(3) of this | 1259 | |
section, no service
credit purchased under this section or | 1260 | |
received as
a result of a transfer requested under this section | 1261 | |
shall be
used to determine any member's eligibility for retirement | 1262 | |
under
sections 5505.16 and 5505.17 of the Revised Code. | 1263 |
| (3) Service credit obtained under this section by a member | 1264 | |
for military service credit or for service as a
state highway | 1265 | |
patrol cadet attending training school pursuant to section
5503.05 | 1266 | |
of the Revised Code
shall be used to determine the member's | 1267 | |
eligibility
for retirement under sections 5505.16 and 5505.17 of | 1268 | |
the Revised Code. | 1269 |
| (4) Subject to rules of the state highway patrol
retirement | 1270 | |
system, a member may choose to purchase only part of
the credit | 1271 | |
the member is eligible to purchase under division
(B)(1) or
(3) of | 1272 | |
this section. | 1273 |
| (E) At the request of the state highway patrol retirement | 1274 |
system, the
public employees retirement system, school employees | 1275 |
retirement system, state teachers
non-uniform retirement system, | 1276 | |
or
Cincinnati
retirement system
shall certify to the state highway | 1277 | |
patrol
retirement system a
copy of the records of service, salary, | 1278 | |
and
contributions of a
member who seeks service credit under this | 1279 | |
section. | 1280 |
| (F) Interest charged under
this section shall be calculated | 1281 | |
separately for each year of
service credit. Unless otherwise | 1282 | |
specified in this section, it
shall be calculated at the lesser of | 1283 | |
the actuarial assumption rate
for that year of the state highway | 1284 |
patrol retirement system or
of the
retirement system in which the | 1285 | |
credit was earned. The
interest shall be compounded annually. | 1286 |
| (G) The state highway patrol retirement system board may | 1287 | |
adopt rules
establishing procedures for
the purchase of service | 1288 | |
credit or the transfer of contributions
under this section. | 1289 |
| Sec. 5505.41. (A) As used in this section, "transferred | 1290 | |
service credit" means service credit purchased or obtained under | 1291 | |
section 145.295, 145.2913, 3307.761, 3307.765, 3309.73, or | 1292 | |
3309.731 of the Revised Code prior to the date a member commenced | 1293 | |
the
employment covered by the state highway patrol retirement | 1294 | |
system
for which the member is currently contributing to the | 1295 | |
system. | 1296 |
| (B) A member of the state highway patrol retirement system | 1297 | |
who has contributions on deposit with, but is no longer | 1298 | |
contributing to, a non-uniform retirement system shall, in | 1299 | |
computing years of service, be given full credit for transferred | 1300 | |
service credit if a transfer to the state highway patrol | 1301 | |
retirement system is made under this section. At the request of a | 1302 | |
member, the non-uniform system shall transfer to the state highway | 1303 | |
patrol retirement system the sum of the following: | 1304 |
| (1) An amount equal to the amounts transferred to the | 1305 | |
non-uniform system under section 145.295, 145.2913, 3307.761, | 1306 | |
3307.765, 3309.73, or 3309.731 of the Revised Code; | 1307 |
| (2) Interest, determined as provided in division (E) of this | 1308 | |
section, on the amount specified in division (B)(1) of this | 1309 | |
section for the period from the last day of the year in which the | 1310 | |
transfer under section 145.295, 145.2913, 3307.761, 3307.765, | 1311 | |
3309.73, or 3309.731 of the Revised Code was made to the date a | 1312 | |
transfer is made under this section. | 1313 |
| (C) A member with at least eighteen months of contributing | 1314 | |
service credit with the state highway patrol retirement system who | 1315 | |
has received a refund of contributions to a non-uniform retirement | 1316 | |
system shall, in computing years of service, be given full credit | 1317 | |
for transferred service credit if, for each year of service, the | 1318 | |
state highway patrol retirement system receives the sum of the | 1319 | |
following: | 1320 |
| (1) An amount, which shall be paid by the member, equal to | 1321 | |
the amount refunded by the non-uniform system to the member for | 1322 | |
that year for transferred service credit, with interest on that | 1323 | |
amount from the date of the refund to the date a payment is made | 1324 | |
under this section; | 1325 |
| (2) Interest, which shall be transferred by the non-uniform | 1326 | |
system, on the amount refunded to the member for the period from | 1327 | |
the last day of the year in which the transfer under section | 1328 | |
145.295, 145.2913, 3307.761, 3307.765, 3309.73, or 3309.731 of the | 1329 | |
Revised Code was made to the date the refund was made; | 1330 |
| (3) If the non-uniform system retained any portion of the | 1331 | |
amount transferred under section 145.295, 145.2913, 3307.761, | 1332 | |
3307.765, 3309.73, or 3309.731 of the Revised Code, an amount, | 1333 | |
which shall be transferred by the non-uniform system, equal to the | 1334 | |
amount retained, with interest on that amount for the period from | 1335 | |
the last day of the year in which the transfer under section | 1336 | |
145.295, 145.2913, 3307.761, 3307.765, 3309.73, or 3309.731 of the | 1337 | |
Revised Code was made to the date a transfer is made under this | 1338 | |
section. | 1339 |
| On receipt of payment from the member, the state highway | 1340 | |
patrol retirement system shall notify the non-uniform system, | 1341 | |
which, on receipt of the notice, shall make the transfer required | 1342 | |
by this division. Interest shall be determined as provided in | 1343 | |
division (E) of this section. | 1344 |
| (D) Service credit purchased or obtained under this section | 1345 | |
shall be used in computing the pensions payable under section | 1346 | |
5505.17 or 5505.18 of the Revised Code. A member may choose to | 1347 | |
purchase only part of the credit the member is eligible to | 1348 | |
purchase under division (C) of this section in any one payment, | 1349 | |
subject to rules adopted by the state highway patrol retirement | 1350 | |
board. A member is ineligible to purchase or obtain service | 1351 | |
credit under this section for service to be used in the | 1352 | |
calculation of any retirement benefit currently being paid or | 1353 | |
payable to the member in the future under any other retirement | 1354 | |
program or for service credit that may be purchased or obtained | 1355 | |
under section 5505.40 of the Revised Code. | 1356 |
| (E) Interest charged under this section shall be calculated | 1357 | |
separately for each year of service credit at the lesser of the | 1358 | |
actuarial assumption rate for that year of the state highway | 1359 | |
patrol retirement system or of the non-uniform retirement system | 1360 | |
to which the credit was transferred under section 145.295, | 1361 | |
145.2913, 3307.761, 3307.765, 3309.73, or 3309.731 of the Revised | 1362 | |
Code. The interest shall be compounded annually. | 1363 |
| (F) Any amounts transferred or paid under divisions (B) and | 1364 | |
(C) of this section that are attributable to contributions made by | 1365 | |
the member or to amounts paid to purchase service credit shall be | 1366 | |
credited to the employees' savings fund created under section | 1367 | |
5505.03 of the Revised Code. Any remaining amounts shall be | 1368 | |
credited to one or more of the funds created under that section as | 1369 | |
determined by the board. | 1370 |
| (G) At the request of the state highway patrol retirement | 1371 | |
system, the non-uniform retirement system shall certify to the | 1372 | |
state highway patrol retirement system a copy of the records of | 1373 | |
the service and contributions of a member who seeks service credit | 1374 | |
under this section. The non-uniform retirement system shall | 1375 | |
specify the portions of the amounts transferred that are | 1376 | |
attributable to employee contributions, employer contributions, | 1377 | |
and interest. | 1378 |
| (H) If a member who is not a current contributor elects to | 1379 | |
receive service credit under section 145.2913, 3307.765, or | 1380 | |
3309.731 of the Revised Code for transferred service credit, as | 1381 | |
defined in those sections, the system shall transfer to the | 1382 | |
non-uniform retirement system, as applicable, the amount specified | 1383 | |
in division (B) or (C) of section 145.2913, division (B) or (C) of | 1384 | |
section 3307.765, or division (B) or (C) of section 3309.731 of | 1385 | |
the Revised Code. | 1386 |
| (I) The board may adopt rules to implement this section. | 1387 | |
|
| Section 2. That existing sections 145.295, 742.21, 742.371, | 1388 | |
742.375, 3307.761, 3309.73, 5505.201, and 5505.40 of the Revised | 1389 | |
Code are hereby repealed. | 1390 |
|
