130th Ohio General Assembly
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.

Sub. H. B. No. 449As Passed by the House
As Passed by the House

125th General Assembly
Regular Session
2003-2004
Sub. H. B. No. 449


REPRESENTATIVES Seitz, Calvert, Collier, Carano, Aslanides, Webster, Setzer, Buehrer, Clancy, D. Evans, McGregor, Schneider, Gibbs, Slaby, Allen, Reidelbach, Schmidt, T. Patton, G. Smith, Hughes, J. Stewart, Barrett, Beatty, Book, Brown, Chandler, Core, DeBose, Domenick, C. Evans, Flowers, Gilb, Hagan, Hollister, Key, Latta, Martin, Niehaus, Olman, Otterman, Perry, Price, Raussen, Schlichter, S. Smith, Strahorn, Widener, Willamowski, Wilson



A BILL
To amend sections 145.384, 145.385, 742.26, 3307.352, and 3309.344 of the Revised Code to allow a retirant re-employed in a position covered by a state retirement system to receive a refund of the retirant's contributions in lieu of a benefit for the period of re-employment.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
Section 1.  That sections 145.384, 145.385, 742.26, 3307.352, and 3309.344 of the Revised Code be amended to read as follows:
Sec. 145.384. (A) As used in this section, "PERS retirant" means a PERS retirant who is not subject to division (C) of section 145.38 of the Revised Code. For purposes of this section, "PERS retirant" also includes both of the following:
(1) A member who retired under section 145.383 of the Revised Code;
(2) A retirant whose retirement allowance resumed under section 145.385 of the Revised Code.
(B)(1) An other system retirant or PERS retirant who has made contributions under section 145.38 or 145.383 of the Revised Code or, in the case of a retirant described in division (A)(2) of this section, section 145.47 of the Revised Code may file an application with the public employees retirement system for to receive either a benefit under, as provided in division (B)(2) of this section, or payment of the retirant's contributions made under those sections, as provided in division (H) of this section. The
(2) A benefit under this section shall consist of an annuity having a reserve equal to the amount of the retirant's accumulated contributions for the period of employment, other than the contributions excluded pursuant to division (B)(4)(a) or (b) of section 145.38 of the Revised Code, and an equal amount of the employer's contributions. The
(a) Unless, as described in division (I) of this section, the application is accompanied by a statement of the spouse's consent to another form of payment or the board waives the requirement of spousal consent, a PERS retirant or other system retirant who is married at the time of application under this section shall receive a monthly annuity under which the actuarial equivalent of the retirant's single life annuity is paid in a lesser amount for life and one-half of the lesser amount continues after the retirant's death to the surviving spouse.
(b) A PERS retirant or other system retirant who is not subject to division (B)(2)(a) of this section shall elect either to receive the benefit as a monthly annuity or a lump sum payment discounted to the present value using the current actuarial assumption rate of interest, except that if the monthly annuity would be less than twenty-five dollars per month, the retirant shall receive a lump sum payment. A retirant who elects to receive a monthly annuity shall select one of the following as the plan of payment:
(1)(i) The retirant's single life annuity;
(2)(ii) The actuarial equivalent of the retirant's single life annuity in a an equal or lesser amount for life and continuing after death to a surviving beneficiary designated at the time the plan of payment is selected.
If a retirant who is eligible to select a plan of payment under division (B)(2)(b) of this section fails to do so, the benefit shall be paid as a monthly annuity under the plan of payment specified in rules adopted by the public employees retirement board.
(c) Notwithstanding divisions (B)(2)(a) and (b) of this section, if a monthly annuity would be less than twenty-five dollars per month, the retirant shall receive a lump sum payment.
(C)(1) The death of a spouse or other designated beneficiary following selection of under a plan of payment under described in division (B)(2) of this section cancels that plan of payment. The PERS retirant or other system retirant shall receive the equivalent of the retirant's single life annuity, as determined by the public employees retirement board, effective the first day of the month following receipt by the board of notice of the death.
(2) On divorce, annulment, or marriage dissolution, a PERS retirant or other system retirant receiving a benefit under described in division (B)(2) of this section under which the beneficiary is the spouse may, with the written consent of the spouse or pursuant to an order of the court with jurisdiction over the termination of the marriage, elect to cancel the plan and receive the equivalent of the member's retirant's single life annuity as determined by the retirement board. The election shall be made on a form provided by the board and shall be effective the month following its receipt by the board.
(D) Following a marriage or remarriage, a PERS retirant or other system retirant who is receiving a benefit under described in division (B)(1)(2)(b)(i) of this section may elect a new plan of payment under division (B)(2)(b) of this section based on the actuarial equivalent of the retirant's single life annuity as determined by the board. The plan shall be effective the first day of the month following receipt by the board of an application on a form approved by the board.
(E) A benefit payable under division (B)(2) of this section shall commence on the latest of the following:
(1) The last day for which compensation for all employment subject to section 145.38, 145.383, or 145.385 of the Revised Code was paid;
(2) Attainment by the PERS retirant or other system retirant of age sixty-five;
(3) If the PERS retirant or other system retirant was previously employed under section 145.38, 145.383, or 145.385 of the Revised Code and is receiving or previously received a benefit under this section, completion of a period of twelve months since the effective date of the last benefit under this section.
(F)(1) If a PERS retirant or other system retirant dies while employed in employment subject to section 145.38, 145.383, or 145.385 of the Revised Code, a lump sum payment calculated in accordance with division (B)(2) of this section shall be paid to the retirant's beneficiary under division (G) of this section.
(2) If at the time of death a PERS retirant or other system retirant receiving a monthly annuity has received less than the retirant would have received as a lump sum payment, the difference between the amount received and the amount that would have been received as a lump sum payment shall be paid to the retirant's beneficiary under division (G) of this section.
(3) If a beneficiary receiving a monthly annuity under division (B)(2) of this section dies and, at the time of the beneficiary's death, the total of the amounts paid to the retirant and beneficiary are less than the amount the retirant would have received as a lump sum payment, the difference between the total of the amounts received by the retirant and beneficiary and the amount that the retirant would have received as a lump sum payment shall be paid to the beneficiary's estate.
(G) A PERS retirant or other system retirant employed under section 145.38, 145.383, or 145.385 of the Revised Code may designate one or more persons as beneficiary to receive any benefits payable under division (B)(2)(b) of this section due to death. The designation shall be in writing duly executed on a form provided by the public employees retirement board, signed by the PERS retirant or other system retirant, and filed with the board prior to death. The last designation of a beneficiary revokes all previous designations. The PERS retirant's or other system retirant's marriage, divorce, marriage dissolution, legal separation, withdrawal of account, birth of a child, or adoption of a child revokes all previous designations. If there is no designated beneficiary, the beneficiary is the beneficiary determined under division (D) of section 145.43 of the Revised Code. If any benefit payable under this section due to the death of a PERS retirant or other system retirant is not claimed by a beneficiary within five years after the death, the amount payable shall be transferred to the income fund and thereafter paid to the beneficiary or the estate of the PERS retirant or other system retirant on application to the board.
(H)(1) A PERS retirant or other system retirant who applies under division (B)(1) of this section for payment of the retirant's contributions and is unmarried or is married and, unless the board has waived the requirement of spousal consent, includes with the application a statement of the spouse's consent to the payment, shall be paid the contributions made under section 145.38 or 145.383 of the Revised Code or, in the case of a retirant described in division (A)(2) of this section, section 145.47 of the Revised Code, plus interest as provided in section 145.471 of the Revised Code, if the following conditions are met:
(a) The retirant has not attained sixty-five years of age and has terminated employment subject to section 145.38, 145.383, or 145.385 of the Revised Code for any cause other than death or the receipt of a benefit under this section.
(b) Three months have elapsed since the termination of the retirant's employment subject to section 145.38, 145.383, or 145.385 of the Revised Code, other than employment exempted from contribution pursuant to section 145.03 of the Revised Code.
(c) The retirant has not returned to public service, other than service exempted from contribution pursuant to section 145.03 of the Revised Code, during the three-month period.
(2) Payment of a retirant's contributions cancels the retirant's right to a benefit under division (B)(2) of this section.
(I) A statement of a spouse's consent under division (B)(2) of this section to the form of a benefit or under division (H) of this section to a payment of contributions is valid only if signed by the spouse and witnessed by a notary public. The board may waive the requirement of spousal consent if the spouse is incapacitated or cannot be located, or for any other reason specified by the board. Consent or waiver is effective only with regard to the spouse who is the subject of the consent or waiver.
(J) No amount received under this section shall be included in determining an additional benefit under section 145.323 of the Revised Code or any other post-retirement benefit increase.
Sec. 145.385. (A) A PERS retirant who made an election under former section 145.381 of the Revised Code under which the annuity portion of the retirant's retirement allowance was suspended and the pension portion forfeited may have the entire retirement allowance resume by giving notice to the public employees retirement system. The notice must be given not later than ninety days after the effective date of this section October 1, 2002.
(B) The retirement allowance shall resume on the first day of the month following receipt of notice by the retirement system.
(C) The annuity portion of the retirement allowance that has accumulated to the retirant's credit shall be paid as a single payment on the first day of the month following receipt of notice by the retirement system.
(D) Contributions made by the retirant and employer during the period of forfeiture and contributions made after the retirement allowance resumes shall be left on deposit with the system and, except in the case of a retirant who elects, under division (H) of section 145.384 of the Revised Code, to receive a payment of the retirant contributions, shall be used in the calculation of a benefit under section 145.384 of the Revised Code.
Sec. 742.26.  (A) As used in this section:
(1) "Actuarial present value" means the calculation under which the probability of occurrence, based on a specified mortality table, and the discount for future monetary growth at a specified interest rate are considered by an actuary to determine the value of an annuity.
(2) "Other system retirant" means a former member of the public employees retirement system, state teachers retirement system, school employees retirement system, state highway patrol retirement system, or Cincinnati retirement system who is receiving a disability benefit or an age and service or commuted age and service retirement benefit or allowance from a system of which the person is a former member.
(3) "OPFPF retirant" means any person who is receiving a retirement allowance, other than a disability benefit, from the Ohio police and fire pension fund.
(B) The mortality table and interest rate used in determining actuarial present value shall be determined by the board of trustees of the fund based on the recommendations of an actuary employed by the board.
(C)(1) An OPFPF retirant or other system retirant may be employed as a member of a police or fire department. If so employed, the retirant shall make contributions to the fund in accordance with section 742.31 of the Revised Code, and the employer shall make contributions in accordance with sections 742.33 and 742.34 of the Revised Code.
(2) An employer that employs an OPFPF retirant or other system retirant shall notify the board of trustees of the fund of the employment not later than the end of the month in which the employment commences. On receipt of notice from an employer that a person who is an other system retirant has been employed, the fund shall notify the retirement system of which the other system retirant was a member of such employment.
(D) An OPFPF retirant or other system retirant who has received a retirement allowance or benefit for less than two months when employment subject to this section commences shall forfeit the retirement allowance or benefit for the period that begins on the date the employment commences and ends on the earlier of the date the employment terminates or the date that is two months after the date on which the retirement allowance or benefit commenced. Service and contributions for that period shall not be included in the calculation of any benefits payable under this section, and those contributions shall be refunded on the retirant's death or termination of the employment.
(E) On receipt of notice from the public employees retirement system, school employees retirement system, or state teachers retirement system of the re-employment of an OPFPF retirant, the Ohio police and fire pension fund shall not pay, or if paid shall recover, the amount to be forfeited by the OPFPF retirant in accordance with section 145.38, 3307.35, or 3309.341 of the Revised Code.
(F)(1)(a) On termination of employment under this section, an OPFPF retirant or other system retirant shall elect one of the following:
(i) A monthly may file an application with the board of trustees of the fund to receive either a benefit, as provided in division (F)(2) of this section, or payment of the retirant's contributions made under this section, as provided in division (H) of this section.
(2) A benefit under this section shall consist of an annuity the actuarial present value of which is equal to two times the sum of all amounts deducted from the salary of the OPFPF retirant or other system retirant and credited to the retirant's individual account in the fund, other than contributions excluded pursuant to division (D) of this section, together with interest credited thereon at the rate determined by the board, provided the annuity equals or exceeds twenty-five dollars per month.
(ii) A (a) Unless, as described in division (I) of this section, the application is accompanied by a statement of the spouse's consent to another form of payment or the board of trustees waives the requirement of spousal consent, a retirant who is married at the time of application under this division shall receive a monthly annuity under which the actuarial equivalent of the retirant's single life annuity is paid in a lesser amount for life and one-half of the lesser amount continues after the retirant's death to the surviving spouse.
(b) A retirant who is not subject to division (F)(2)(a) of this section shall elect to receive either a monthly annuity or a lump-sum payment equal to two times the sum of all amounts deducted from the salary of the OPFPF retirant or other system retirant and credited to the retirant's individual account in the fund, other than contributions excluded pursuant to division (D) of this section, together with interest credited thereon at the rate determined by the board. If the retirant fails to elect a plan of payment, the annuity shall be paid as a monthly annuity under the plan of payment specified in rules adopted by the board of trustees of the fund.
A retirant who elects to receive a monthly annuity shall select one of the following as the plan of payment:
(i) The retirant's single life annuity;
(ii) The actuarial equivalent of the retirant's single life annuity in an equal or lesser amount for life and continuing after death to a surviving beneficiary designated at the time the plan of payment is selected.
(c) Notwithstanding divisions (F)(2)(a) and (b) of this section, if a monthly annuity would be less than twenty-five dollars per month, the retirant shall receive a lump sum payment.
(b)(3) Interest shall be credited to accounts only at the time of calculation of a benefit payable under division (F)(1)(2) of this section.
(2)(4) A benefit payable under this division shall commence on the first day of the month immediately after the latest of the following:
(a) The last day for which compensation for employment subject to this section was paid;
(b) Attainment by the OPFPF retirant or other system retirant of age sixty;
(c) If the OPFPF retirant or other system retirant was previously employed under this section and is receiving or previously received a benefit under this division, completion of a period of twelve months since the last benefit paid under this section commenced.
(3)(5) No amount received under this division shall be included in determining an additional benefit under section 742.3711, 742.3716, or 742.3717 of the Revised Code or any other post-retirement benefit increase.
(G)(1) If an OPFPF retirant or other system retirant dies while employed in employment subject to this section, a lump-sum payment calculated in accordance with division (F)(1)(a)(ii)(2) of this section shall be paid to the retirant's surviving spouse, or if there is no surviving spouse, to the retirant's estate.
(2) If at the time of death an OPFPF retirant or other system retirant receiving a monthly annuity under division (F)(1)(a)(i)(2) of this section has received less than would have been received as a lump-sum payment under division (F)(1)(a)(ii)(2) of this section, the difference between the amount received and the amount that would have been received as a lump-sum payment shall be paid to the retirant's surviving spouse, or if there is no surviving spouse, to the retirant's estate.
(3) If a beneficiary receiving a monthly annuity under division (F)(2) of this section dies and, at the time of the beneficiary's death, the total of the amounts paid to the retirant and beneficiary are less than the amount the retirant would have received as a lump sum payment, the difference between the total of the amounts received by the retirant and beneficiary and the amount that the retirant would have received as a lump sum payment shall be paid to the beneficiary's estate.
(H)(1) An OPFPF retirant or other system retirant who applies under division (F)(1) of this section for payment of the retirant's contributions and is unmarried or is married and, unless the board of trustees has waived the requirement of spousal consent, includes with the application a statement of the spouse's consent to the payment shall be paid the contributions made under division (C) of this section, plus interest, if the following conditions are met:
(a) The retirant has not attained sixty years of age and has terminated employment subject to this section for any cause other than death or the receipt of a benefit under division (F) of this section.
(b) Three months have elapsed since the termination of employment subject to this section.
(c) The retirant has not returned to service subject to this chapter or Chapter 145., 3307., or 3309. of the Revised Code, other than service exempted from contribution to the public employees retirement system pursuant to section 145.03 of the Revised Code, during the three-month period.
(2) Payment of a retirant's contributions cancels the retirant's right to a benefit under division (F) of this section.
(I) A statement of a spouse's consent under division (F) of this section to the form of a benefit or under division (H) of this section to a payment of contributions is valid only if signed by the spouse and witnessed by a notary public. The board of trustees may waive the requirement of spousal consent if the spouse is incapacitated or cannot be located, or for any other reason specified by the board. Consent or waiver is effective only with regard to the spouse who is the subject of the consent or waiver.
(J) An other system retirant subject to this section is not a member of the Ohio police and fire pension fund, does not have any of the rights, privileges, or obligations of membership, except as specified in this section, and is not eligible to receive health, medical, hospital, or surgical benefits under section 742.45 of the Revised Code for employment subject to this section.
(I)(K) If any payment is made by the Ohio police and fire pension fund to an OPFPF retirant or other system retirant to which the retirant is not entitled, the retirant shall repay it to the fund. If the retirant fails to make the repayment, the fund shall withhold the amount due from any allowances or other amounts due the OPFPF retirant or other system retirant.
(J)(L) An OPFPF retirant who is employed under this section is not eligible to receive any benefits under section 742.37 of the Revised Code for the employment under this section.
(K)(M) This section does not affect the receipt of benefits by or eligibility for benefits of any person who on August 20, 1976, was receiving a disability benefit or service retirement pension or allowance from a state or municipal retirement system in Ohio and was a member of any other state or municipal retirement system of this state.
(L)(N) The board of trustees of the fund may adopt rules to carry out this section.
Sec. 3307.352.  For purposes of this section, "superannuate" includes a member who retired under section 3307.351 of the Revised Code.
(A)(1) A superannuate or other system retirant who has made contributions under section 3307.35 or 3307.351 of the Revised Code may file an application with the state teachers retirement system for to receive either a benefit under, as provided in division (A)(2) of this section, or payment of the superannuate or retirant's contributions made under this section, as provided in division (D) of this section.
(2) A benefit under this section. The benefit shall consist of a single life annuity having a reserve equal to the amount of the superannuate's or retirant's accumulated contributions, as defined in section 3307.50 of the Revised Code, for the period of employment, other than the contributions excluded pursuant to division (F) of the section 3307.35 of the Revised Code, and an equal amount from the employers' trust created by section 3307.14 of the Revised Code, plus interest credited to the date of retirement at the then current actuarial rate of interest. The
(a) Unless as described in division (E) of this section the application is accompanied by a statement of the spouse's consent to another form of payment or the board waives the requirement of spousal consent, a superannuate or other system retirant who is married at the time of application for a benefit under this division shall receive the benefit as a monthly annuity under which the actuarial equivalent of the superannuate or retirant's single life annuity is paid in a lesser amount for life and one-half of the lesser amount continues after the superannuate or retirant's death to the surviving spouse.
(b) A superannuate or other system retirant who is not subject to division (A)(2)(a) of this section shall elect either to receive the benefit as a monthly annuity for life or a lump sum payment discounted to the present value using the current actuarial assumption rate of interest, except that if the monthly annuity would be less than twenty-five dollars per month the superannuate or retirant shall receive a lump sum payment.
A superannuate or other system retirant who elects to receive a monthly annuity shall select one of the following as the plan of payment:
(i) The superannuate or retirant's single life annuity;
(ii) The actuarial equivalent of the superannuate or retirant's single life annuity in an equal or lesser amount for life and continuing after death to a surviving beneficiary designated at the time the plan of payment is selected.
If a superannuate or retirant who is eligible to select a plan of payment under division (A)(2)(b) of this section fails to do so, the benefit shall be paid as a monthly annuity under the plan of payment specified in rules adopted by the state teachers retirement board.
(c) Notwithstanding divisions (A)(2)(a) and (b) of this section, if a monthly annuity would be less than twenty-five dollars per month, the superannuate or retirant shall receive a lump sum payment.
(B) A benefit payable under this section shall commence on the latest of the following:
(1) The last day for which compensation for all employment as a teacher was paid;
(2) Attainment by the superannuate or other system retirant of age sixty-five;
(3) If the superannuate or other system retirant was previously employed under section 3307.35 or 3307.351 of the Revised Code and previously received or is receiving a benefit under this section, completion of a period of twelve months since the effective date of the last benefit under this section.
(C)(1) If a superannuate or other system retirant dies while employed in employment subject to section 3307.35 or 3307.351 of the Revised Code, a lump sum payment calculated in accordance with division (A) of this section shall be paid to the beneficiary designated under division (D) of section 3307.562 of the Revised Code.
(2) If at the time of death a superannuate or other system retirant receiving a monthly annuity has received less than the superannuate or retirant would have received as a lump sum payment, the difference between the amount received and the amount that would have been received as a lump sum payment shall be paid to the superannuate's or retirant's beneficiary designated under division (D) of section 3307.562 of the Revised Code.
(3) If a beneficiary receiving a monthly annuity under division (A)(2) of this section dies and, at the time of the beneficiary's death, the total of the amounts paid to the superannuate or retirant and to the beneficiary are less than the amount the superannuate or retirant would have received as a lump sum payment, the difference between the total of the amounts received by the superannuate or retirant and by the beneficiary and the amount that the superannuate or retirant would have received as a lump sum payment shall be paid to the beneficiary's estate.
(D)(1) A superannuate or other system retirant who applies under division (A)(1) of this section for payment of the superannuate or retirant's contributions and is unmarried or is married and, unless the board has waived the requirement of spousal consent, includes with the election a statement of the spouse's consent to the payment, shall be paid the contributions made under section 3307.35 or 3307.351 of the Revised Code, plus interest credited to the date of retirement at the then current actuarial rate of interest, if the following conditions are met:
(a) The superannuate or retirant has not attained sixty-five years of age and has terminated employment subject to this section for any cause other than death or the receipt of a benefit under division (A)(2) of this section.
(b) Three months have elapsed since the termination of the superannuate or retirant's employment subject to this section.
(c) The superannuate or retirant has not returned to service subject to this chapter or Chapter 145., 742., or 3309. of the Revised Code, other than service exempted from contribution to the public employees retirement system pursuant to section 145.03 of the Revised Code, during the three-month period.
(2) Payment of a superannuate or retirant's contributions cancels the retirant's right to a benefit under division (A)(2) of this section.
(E) A statement of a spouse's consent under division (A)(2) of this section to the form of a benefit or under division (D) of this section to a payment of contributions is valid only if signed by the spouse and witnessed by a notary public. The board may waive the requirement of spousal consent if the spouse is incapacitated or cannot be located, or for any other reason specified by the board. Consent or waiver is effective only with regard to the spouse who is the subject of the consent or waiver.
(F) No amount received under this section shall be included in determining an additional benefit under section 3307.67 of the Revised Code or any other post-retirement benefit increase.
Sec. 3309.344.  For purposes of this section, "SERS retirant" includes a member who retired under section 3309.343 of the Revised Code.
(A)(1) An SERS retirant or other system retirant who has made contributions under section 3309.341 or 3309.343 of the Revised Code may file an application with the school employees retirement system for to receive either a benefit under, as provided in division (A)(2) of this section, or payment of the retirant's contributions made under those sections, as provided in division (E) of this section. The
(2) A benefit shall consist of a single life annuity having a reserve equal to the amount of the retirant's accumulated contributions for the period of employment, other than the contributions excluded pursuant to division (C) of section 3309.341 of the Revised Code, and an equal amount of the employer's contributions, plus interest credited to the date of retirement at the rate provided in division (I)(2) of section 3309.01 of the Revised Code. The
(a) Unless the application is accompanied by a statement of the spouse's consent to another form of payment as described in division (J) of this section or the board waives the requirement for spousal consent, an SERS retirant or other system retirant who is married at the time of application for a benefit under this section shall receive the benefit as a monthly annuity under which the actuarial equivalent of the retirant's single life annuity is paid in a lesser amount for life and one-half of the lesser amount continues after the retirant's death to the surviving spouse.
(b) An SERS retirant or other system retirant who is not subject to division (A)(2)(a) of this section shall elect either to receive the benefit as a monthly annuity for life or a lump sum payment discounted to the present value using the current actuarial assumption rate of interest, except that if the monthly annuity would be less than twenty-five dollars per month, the retirant shall receive a lump sum payment. If a retirant who is eligible to select a plan of payment under division (A)(2) of this section fails to do so, the benefit shall be paid as a monthly annuity under the plan of payment specified in rules adopted by the school employees retirement board.
A retirant who elects to receive a monthly annuity shall select one of the following as the plan of payment:
(i) The retirant's single life annuity;
(ii) The actuarial equivalent of the retirant's single life annuity in an equal or lesser amount for life and continuing after death to a surviving beneficiary designated at the time the plan of payment is selected.
(c) Notwithstanding divisions (A)(2)(a) and (b) of this section, if a monthly annuity would be less than twenty-five dollars per month, the retirant shall receive a lump sum payment.
(B) A benefit payable under this section shall commence on the first day of the month after the latest of the following:
(1) The last day for which compensation for all employment subject to sections 3309.341 and 3309.343 of the Revised Code was paid;
(2) Attainment by the SERS retirant or other system retirant of age sixty-five;
(3) If the SERS retirant or other system retirant was previously employed under section 3309.341 or 3309.343 of the Revised Code and is receiving or previously received a benefit under this section, completion of a period of twelve months since the effective date of that benefit.
(C)(1) If an SERS retirant or other system retirant dies while employed in employment subject to section 3309.341 or 3309.343 of the Revised Code, a lump sum payment calculated in accordance with division (A) of this section shall be paid to the beneficiary under division (D) of this section.
(2) If at the time of death an SERS retirant or other system retirant receiving a monthly annuity has received less than the retirant would have received as a lump sum payment, the difference between the amount received and the amount that would have been received as a lump sum payment shall be paid to the retirant's beneficiary under division (D) of this section.
(3) If a beneficiary receiving a monthly annuity under division (A)(2) of this section dies and, at the time of the beneficiary's death, the total of the amounts paid to the retirant and beneficiary are less than the amount the retirant would have received as a lump sum payment, the difference between the total of the amounts received by the retirant and beneficiary and the amount that the retirant would have received as a lump sum payment shall be paid to the beneficiary's estate.
(D) An SERS retirant or other system retirant employed under section 3309.341 or 3309.343 of the Revised Code may designate one or more persons as beneficiary to receive any benefits payable under this section due to death. The designation shall be in writing duly executed on a form provided by the school employees retirement board, signed by the SERS retirant or other system retirant, and filed with the board prior to death. The last designation of a beneficiary revokes all previous designations. The SERS retirant's or other system retirant's marriage, divorce, marriage dissolution, legal separation, withdrawal of account, birth of the retirant's child, or adoption of a child revokes all previous designations. If there is no designated beneficiary, the beneficiary is the beneficiary designated under division (D) of section 3309.44 of the revised code Revised Code. If any benefit payable under this section due to the death of an SERS retirant or other system retirant is not claimed by a beneficiary within five years after the death, the amount payable shall be transferred to the guarantee fund and thereafter paid to the beneficiary or the estate of the SERS retirant or other system retirant on application to the board.
(E)(1) An SERS retirant or other system retirant who applies under division (A)(1) of this section for payment of the retirant's contributions and is unmarried or is married and, unless the board has waived the requirement of spousal consent, includes with the election a statement of the spouse's consent to the payment, shall be paid the contributions made under section 3309.341 or 3309.343 of the Revised Code if the following conditions are met:
(a) The retirant has not attained sixty-five years of age and has terminated employment subject to this section for any cause other than death or the receipt of a benefit under division (A) of this section.
(b) Three months have elapsed since the termination of the retirant's employment subject to this section.
(c) The retirant has not returned to service subject to this chapter or Chapter 145., 742., or 3309. of the Revised Code, other than service exempted from contribution to the public employees retirement system pursuant to section 145.03 of the Revised Code, during the three-month period.
(2) Payment of a retirant's contributions cancels the retirant's right to a benefit under division (A) of this section.
(F) A statement of a spouse's consent under division (A)(2) of this section to the form of a benefit or under division (E) of this section to a payment of contributions is valid only if signed by the spouse and witnessed by a notary public. The board may waive the requirement of spousal consent if the spouse is incapacitated or cannot be located, or for any other reason specified by the board. Consent or waiver is effective only with regard to the spouse who is the subject of the consent or waiver.
(G) No amount received under this section shall be included in determining an additional benefit under section 3309.374 of the Revised Code or any other post-retirement benefit increases.
Section 2.  That existing sections 145.384, 145.385, 742.26, 3307.352, and 3309.344 of the Revised Code are hereby repealed.
Please send questions and comments to the Webmaster.
© 2024 Legislative Information Systems | Disclaimer