Ohio Administrative Code
Title 3307:1 - Defined Benefit
Chapter 3307:1-6 - Temporary Supplementary Benefit Fund
Section 3307:1-6-01 - Determination of temporary supplementary benefit fund
Current through all regulations passed and filed through March 18, 2024
By authority provided in section 3307.671 of the Revised Code, the state teachers retirement board shall establish the following rule for determining the amount of the temporary supplementary benefit fund, if allocated:
(A) A temporary supplementary benefit will be paid to a person granted and paid a benefit by this system upon meeting the eligibility requirements of section 3307.57, 3307.58, 3307.59, 3307.60, 3307.63, 3307.631, or 3307.66 of the Revised Code, if during the year in which a payment is awarded the person received twelve monthly benefit payments including that paid for December.
(B) If more than one person is receiving a benefit under section 3307.66 of the Revised Code from the account of a deceased member the temporary supplementary benefit payable to the account shall be divided into proportionate payments based on the ratio the benefit paid to each benefit recipient who is sharing in the account at the time of payment bears to the total benefit paid on the account. If such division of the temporary supplementary benefit results in a payment of less than twenty-five dollars, the amount shall be increased to twenty-five dollars to each affected recipient.
(C) If more than one person is receiving a joint and survivor annuitant benefit under division (A)(4) of section 3307.60 of the Revised Code, the temporary supplementary benefit payable to the account shall be divided into proportionate payments based on the ratio the benefit paid to each beneficiary bears to the total benefit paid on the account. If such division of the temporary supplementary benefit results in a payment of less than twenty-five dollars, the amount shall be increased to twenty-five dollars to each affected recipient.
(D) If the system has retained a division of property order as provided under sections 3105.88 and 3307.371 of the Revised Code and rule 3307-9-01 of the Administrative Code, the temporary supplementary benefit shall be divided as provided in the division of property order.
(E) A retirant who has been re-employed in violation of the restrictions of section 3307.35 of the Revised Code during a calendar year is ineligible to receive a temporary supplementary benefit for that year. If a determination of violation of section 3307.35 of the Revised Code is made after the payment of a temporary supplementary benefit is paid for the year in which the violation occurred, such benefit shall be repaid or collected along with any other benefits overpaid.
(F) The amount of the temporary supplementary benefit will be determined according to the number of units accumulated by each account, as follows:
(G) For each year in which a temporary supplementary benefit is paid, the state teachers retirement board shall assign a monetary value to each unit, based upon the total amount allocated within the limits established in section 3307.671 of the Revised Code.
(H) The total value of all units actually paid will establish the amount of the temporary supplementary benefit fund for that year.
(I) Any temporary supplemental benefit calculated under this rule shall be reduced by any amounts due to be repaid to the retirement system on an account, without regard to the individual primarily responsible for such repayment.