Ohio Administrative Code
Title 3307:2 - Defined Contribution
Chapter 3307:2-5 - Defined Contribution Plans - Distributions
Section 3307:2-5-02 - Distributions from the defined contribution plan
Universal Citation: OH Admin Code 3307:2-5-02
Current through all regulations passed and filed through September 16, 2024
Upon termination of teaching service, a participant in the defined contribution plan may apply for a distribution, as follows:
(A) Application may be made for withdrawal of the amount determined under the plan document and this rule.
(1) The amount payable upon withdrawal shall
be paid in a lump sum, except to the extent as otherwise provided by section
3307.87 of the Revised Code and the plan
document.
(2)
Membership and participation in the retirement system shall terminate upon
withdrawal. Any credit for periods of service paid out upon withdrawal shall be
cancelled.
(3) Participation in the
defined contribution plan shall resume in the event the participant thereafter
returns to teaching service, except to the extent that upon the return to
teaching service the participant meets the requirements specified by rule 3307:2-3-01 of the Administrative Code to qualify as a new member.
(4) Payment from an account in the defined
contribution plan shall be based upon the closing net asset value as of the day
an application for distribution is processed by using the investment choices
made by the participant to determine the amount accumulated by reason of
contributions.
(B) Application may be made for a monthly benefit by a participant who has attained at least fifty years of age, as follows:
(1)
Benefits shall be effective on the first of the month following the later of
termination of covered teaching service or the first application for a
distribution received by the retirement system.
(2) Subject to the requirements of section
3307.87 of the Revised Code and Chapter 3307: 2-5 of the Administrative Code,
the participant may elect a plan of payment pursuant to rule 3307:2-5-09 of the Administrative Code. The minimum monthly benefit amount shall be one hundred dollars.
(3) Membership in the
retirement system shall terminate as of the effective benefit date. On and
after that date, the participant shall be a superannuate as defined by section
3307.01 of the Revised Code.
Effective:
5/7/2020
Five Year Review (FYR) Dates:
6/7/2024
Promulgated Under:
111.15
Statutory Authority: 3307.80
Rule Amplifies:
3307.01, 3307.35, 3307.81
Prior Effective Dates: 07/01/2001
(Emer.), 09/17/2001, 09/17/2002,
06/07/2019
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