Current through all regulations passed and filed through September 16, 2024
(A) For the purpose of section
5505.174 of the Revised Code and
this rule, "pension effective date" means:
(1)
For age and service retirement benefits, the date following the last working
date as a member, with no duplication of salary and pension.
(2) For reduced service retirement benefits
and deferred service retirement benefits, the date following the last working
date as a member and the date the member is eligible and elects to receive a
retirement benefit, with no duplication of salary and pension.
(3) For disability benefits, the date
disability benefits commence, with no duplication of salary and
pension.
(4) For members
participating in DROP, pursuant to section
5505.54 of the Revised Code, the
effective date of a member's election to participate in DROP.
(5) For a beneficiary receiving benefits in
accordance with section
5505.162 or division (A)(3)(a),
(A)(3)(b), (A)(3)(d), (A)(4), (A)(5), (A)(6), or (A)(7) of section
5505.17 of the Revised Code, the
date the benefit commences.
(B) For a member or beneficiary with a
pension effective date prior to January 7, 2013:
(1) Prior to January 7, 2013, an annual three
per cent cost of living benefit shall be added to the pension allowance of a
benefit recipient.
(2) On or after
January 7, 2013, an annual three per cent cost of living benefit shall be added
to the pension allowance of a benefit recipient until the cost of living
benefit is changed as described in paragraph (B)(3) of this rule.
(3) The annual cost of living benefit, not to
exceed three per cent, shall be determined by the board at its
August
meeting and shall be based on the actuarial valuation required by section
5505.12 of the Revised Code and
the determination shall become effective January first of the following year.
Notwithstanding this paragraph, an initial cost of living benefit may be
determined by the board at its February, 2013 meeting and shall be based on the
actuarial valuation required by section
5505.12 of the Revised Code and
the determination shall become effective as determined by the board.
(4) Notwithstanding paragraph (B)(3) of this
rule, an annual three per cent cost of living benefit shall be added to the
pension allowance of a benefit recipient sixty-five years of age or older who
is receiving a pension not greater than one hundred eighty-five per cent of the
federal poverty level for a family of two persons, as defined by section
5505.174 of the Revised
Code.
(5) A service retirant and
DROP participant shall become eligible for a cost of living benefit the later
of the first month following the retirant's or DROP participant's fifty-third
birthday or the thirteenth month after the benefit commences.
(6) A disability retirant shall become
eligible for a cost of living benefit the earlier of the first month following
the retirant's fifty-third birthday or the sixty-first month following the
effective date of retirement.
(7) A
beneficiary receiving benefits in accordance with section
5505.162 or division (A)(3),
(A)(4), (A)(5), (A)(6), or (A)(7) of section
5505.17 of the Revised Code
shall become eligible for a cost of living benefit the thirteenth month after
the benefit commences.
(C) For a member or beneficiary with a
pension effective date on or after January 7, 2013:
(1) An annual cost of living benefit
determined by the board shall be added to the pension allowance of a benefit
recipient.
(2) The annual cost of
living benefit, not to exceed three per cent, shall be determined by the board
at its August meeting and shall be based on the actuarial
valuation required by section
5505.12 of the Revised Code and
the determination shall become effective January first of the following
year.
(3) Notwithstanding paragraph
(C)(2) of this rule, an annual three per cent cost of living benefit shall be
added to the pension allowance of a benefit recipient sixty-five years or age
or older who is receiving a pension not greater than one hundred eighty-five
per cent of the federal poverty level for a family of two persons, as defined
by section 5505.174 of the Revised
Code.
(4) A service retirant and
DROP participant shall become eligible for a cost of living benefit the later
of the first month following the retirant's or DROP participant's sixtieth
birthday or the thirteenth month after the benefit commences.
(5) A disability retirant shall become
eligible for a cost of living benefit the later of the first month following
the disability retirant's sixtieth birthday or the thirteenth month after the
benefit commences.
(6) A
beneficiary receiving benefits in accordance with section
5505.162 or division (A)(3)(a),
(A)(3)(b), (A)(3)(d), (A)(4), (A)(5), (A)(6), or (A)(7) of section
5505.17 of the Revised Code
shall become eligible for a cost of living benefit the later of the first month
following the beneficiary's sixtieth birthday or the thirteenth month after the
benefit commences.
(D)
The pension allowance that a benefit recipient is receiving upon cost of living
benefit eligibility shall become the base pension upon which all future cost of
living increases are calculated, unless a new base amount is
established.
(E) The date of the
first cost of living increase shall be the anniversary date for any future cost
of living increases.