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Sub. H. B. No. 449As Passed by the HouseAs Passed by the House
125th General Assembly | Regular Session | 2003-2004 |
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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.
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