Current through all regulations passed and filed through September 16, 2024
(A)
For purposes of
this rule:
(1)
"Final Pension Benefit" means a monthly pension benefit paid pursuant to
section 5505.16,
5505.17 or
5505.18 of the Revised Code that
the retirement system calculates after the employer certifies the final
contributions and service credit made on behalf of the member.
(2)
"Estimated
Pension Benefit" means a monthly pension benefit paid pursuant to section
5505.16,
5505.17 or
5505.18 of the Revised Code
prior to the certification of a member's final contributions and service credit
and the calculation of the final pension benefit.
(B)
A member retiring
under section 5505.16,
5505.17 or
5505.18 of the Revised Code who
meets the following requirements shall receive an estimated pension
benefit:
(1)
The retirement system has received the member's application
for age and service retirement and all required forms and documents necessary
to process the retirement application at least fourteen days prior to the
effective date of retirement.
(2)
The member has
sufficient service credit in this system to retire under section
5505.16 of the Revised Code, not
including the following:
(a)
Any additional service that may be credited following
receipt of the certification of final deposits from the employer;
and
(b)
Service credit purchases not completed at least thirty
days prior to the benefit effective date.
(3)
The member's
employer has certified the last day for which the member will receive a
salary.
(C)
An estimated pension benefit shall be calculated using
the accumulated contributions and service credit available in the account of
the member at the time the application is received. The retirement system shall
calculate the final pension benefit following the receipt of the employer's
certification of final deposits and all contributions on behalf of the
member.
(1)
If
no additional contributions are received by the retirement system, the
estimated pension benefit shall be the final pension benefit.
(2)
If the final
pension benefit is greater than the estimated pension benefit, the retirement
system shall begin paying the greater amount on the first of the month next
following receipt of the additional contributions. The retirement system shall
issue a retroactive payment for the difference between the total amount paid as
estimated pension benefit and the amount that would have been paid had the
member received payments in the amount of the final pension
benefit.
(3)
If the final pension benefit is less than the estimated
pension benefit, the retirement system shall begin issuing the final pension
benefit on the first of the month next following receipt of the certification
of the member's final contributions, and the retirant shall repay any
overpayment to the retirement system pursuant to section
5505.34 of the Revised
Code.
Effective: 9/12/2016
Five Year
Review (FYR) Dates: 09/12/2021
Promulgated Under: 111.15
Statutory Authority: 5505.04,
5505.17
Rule Amplifies: 5505.16, 5505.162, 5505.17,
5505.18
