Current through all regulations passed and filed through September 16, 2024
(A)
(1)
Except as provided in paragraph (A)(2), (B), or (E) of this rule, a member or
contributor of the public employees retirement system may withdraw a refund
application by one or more of the following methods:
(a) Returning all uncashed refund payments to
the retirement system not later than thirty days after issuance of the initial
payment, along with a written request over the member's or contributor's
signature to withdraw the application;
(b) Remitting to the retirement system
a personal check or money order repaying
the refund payment(s) transmitted by or on behalf of the retirement system to
the member's or contributor's financial institution not later than thirty days
after the institution's receipt of the refund payment(s), along with a written
request over the member's or contributor's signature to withdraw the
application.
(2) A
member or contributor who requested a rollover of a refund or lump sum payment
to a financial institution may withdraw the application if both of the
following occur:
(a) The member or contributor
submits to the retirement system, not later than thirty days after issuance of
the initial rollover payment, a written request over the member's or
contributor's signature to withdraw the application;
(b) The financial institution transmits to
the retirement system, not later than sixty days after issuance of the initial
rollover payment, the amounts transmitted to the financial
institution.
(B)
(1)
Except as provided in paragraph (B)(2) or (E) of this rule, a beneficiary who
elects to receive a lump sum payment of the member's contributions in lieu of a
benefit pursuant to division (A) or (B) of section
145.45
of the Revised Code or article XI of the combined plan document may withdraw an
application for that payment by one or more of the following methods:
(a) Returning all uncashed refund payments to
the retirement system not later than thirty days after issuance of the initial
payment, along with a written request over the beneficiary's signature to
withdraw the application and a completed application for a benefit under
division (A) or (B) of section
145.45
of the Revised Code or article XI of the combined plan document;
(b) Remitting to the retirement system a
personal check or money order repaying the lump sum payment(s) transmitted by
or on behalf of the retirement system to the beneficiary's financial
institution not later than thirty days after the institution's receipt of the
lump sum payment(s), along with a written request over the beneficiary's
signature to withdraw the application.
(2) A qualified spouse who elects to rollover
the member's contributions to a financial institution may withdraw a refund
application if all of the following occur:
(a) The qualified spouse submits to the
retirement system, not later than thirty days after issuance of the initial
rollover payment, a written request over the spouse's signature to withdraw the
application;
(b) The qualified
spouse submits to the retirement system, not later than thirty days after
issuance of the initial rollover payment, a completed application for benefits
pursuant to division (A) or (B) of section
145.45
of the Revised Code or article XI of the combined plan document;
(c) The financial institution transmits to
the retirement system, not later than sixty days after issuance of the initial
rollover payment, the amounts transmitted to the financial
institution.
(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, the member or the beneficiary is not
entitled to any investment gains or losses on the amount that was paid from the
member's individual defined contribution 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 payment(s) is reestablished in the account by the
retirement system as provided in this rule. The amount paid from the member's
individual defined contribution account that is returned to the retirement
system 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
refund.
(D) Any non-vested amounts
forfeited by a member participating in the member-directed plan or the member's
beneficiary who withdraws a refund 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 and 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) A
member, contributor, or beneficiary may not withdraw a refund application as
provided in this rule if any of the following have occurred:
(1) The retirement system has made a
distribution from the retiree medical account as defined in rule
145-4-01
of the Administrative Code;
(2) The
retirement system has paid a portion of the refund or lump sum payment 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 payment under section
145.63
of the Revised Code, the member, contributor, or beneficiary fails to also
withdraw the individual's application for a refund or for retirement,
disability, or annuity payments under section
145.384
of the Revised Code.
(F)
A member, contributor, or beneficiary who withdraws an application for an
additional annuity payment under section
145.63
of the Revised Code 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.
