Current through all regulations passed and filed through September 16, 2024
(A) Except as provided in paragraph (F) of
this rule, a member or contributor of the public employees retirement system
may withdraw an application for retirement, disability, or annuity payments
pursuant to section 145.384 or
145.64 of the Revised Code by
either of the following methods:
(1) Returning
to the retirement system not later than thirty days after issuance of the
initial benefit payment, all uncashed payments, along with a written request
over the member's or retirant's signature to withdraw the
application;
(2) Remitting to the
retirement system a personal check or money order repaying the benefit
payment(s) transmitted by or on behalf of the retirement system to the member's
or retirant's financial institution not later than thirty days after the
institution's receipt of the initial benefit payment, along with a written
request over the member's or retirant's signature to withdraw the
application.
(B) Except
as provided in division (C)(1) of section
145.45 of the Revised Code or
paragraph (F) of this rule, a beneficiary eligible for monthly benefits
pursuant to division (A) or (B) of section
145.45 of the Revised Code may
withdraw an application for those benefits by either of the following methods:
(1) Returning to the retirement system not
later than thirty days after issuance of the initial benefit payment, all
uncashed payments, along with a written request over the beneficiary's
signature to withdraw the application and a completed application for a lump
sum payment of the member's accumulated account;
(2) Remitting to the retirement system a
personal check or money order repaying the benefit payments(s) transmitted by
the retirement system to the beneficiary's financial institution, not later
than thirty days after the institution's receipt of the initial benefit
payment, along with a written request over the beneficiary's signature to
withdraw the application and a completed application for a lump sum payment of
the member's accumulated account.
(C) If a member participating in the
member-directed or combined plan, or the member's beneficiary, withdraws an
application as provided in this rule and all or any portion of the member's
individual defined contribution account is used to pay the benefit, the member
or the beneficiary is not entitled to any investment gains or losses on the
amount that was used to pay the benefit for the period beginning on the date
the retirement system converts the units in the account for payment and ending
on the date the account is reestablished by the retirement system as provided
in this rule. The amount used to pay the benefit as provided in this rule shall
be credited to the member's individual defined contribution account and
invested in the same OPERS investment options and in the same proportion as the
account existed immediately prior to the payment.
(D) Any non-vested amounts that were
forfeited by a member participating in the member-directed plan or the member's
beneficiary who withdraws a retirement application under this rule shall be
restored to the member's individual defined contribution account or retiree
medical account, as defined in rule
145-4-01 of the Administrative
Code. Investment gains or losses shall not be applied to the amounts for the
period that the amounts were not in the member's individual defined
contribution account.
(E)
(1) If a member or contributor participating
in the traditional pension plan withdraws an application as provided in this
rule, the application of the member or contributor for an additional annuity
payment under section
145.64 of the Revised Code, if
any, shall also be withdrawn.
(2)
All payments issued pursuant to section
145.64 of the Revised Code shall
be returned to the retirement system in accordance with paragraph (A) of this
rule.
(3) A member is not entitled
to any investment gains or losses on the additional annuity account for the
period beginning on the date the retirement system converts the units in the
account for payment and ending on the date the account is reestablished by the
retirement system. The member's additional annuity account shall be credited
based on the daily value of the OPERS stable value fund on the date the account
is reestablished by the retirement system.
(F) A member, contributor, or beneficiary may
not withdraw an application as described in this rule if any of the following
have occurred:
(1) The retirement system has
made a distribution from the health reimbursement arrangement, as defined in
rule 145-4-27 of the Administrative
Code, or retiree medical account
, as
defined in rule
145-4-01 of the Administrative
Code, for an eligible benefit recipient or eligible dependent.
(2) The retirement system has paid a portion
of the benefit to satisfy a court order.
(3) The retirement system has made a
distribution in accordance with paragraph (E) of rule
145-1-21 of the Administrative
Code.
(4) In the case of an
application for an additional annuity payment under section
145.64 of the Revised Code, the
member, contributor, or beneficiary fails to also withdraw the individual's
application for retirement, disability, or annuity payments under section
145.384 of the Revised
Code.
