Ohio Administrative Code
Title 742 - Ohio Police and Fire Pension Fund
Chapter 742-4 - Deferred Retirement Option Plans
Section 742-4-05 - Purchase of service credit
Current through all regulations passed and filed through March 18, 2024
(A) Except for the purchase of service credit done through an irrevocable payroll deduction agreement, which shall be governed by the provisions of rule 742-4-14 of the Administrative Code, OP&F shall offer the member the right to purchase the service credit prior to his/her entry into DROP. In the event the member is given the right to purchase the service credit by OP&F and fails to purchase the service credit prior to his/her effective date, OP&F shall calculate the monthly benefit under section 742.442 of the Revised Code based on the member's service credit and "salary" as of the effective date.
(B) In the event the member is given the right to purchase the service credit by OP&F and fails to purchase the service credit prior to his/her effective date, the member shall be deemed to waive his/her right to purchase service credit.
(C) For purposes of section 742.21 of the Revised Code, the requirement that a member "is not receiving a pension or benefit payment" shall not include DROP participants, unless the DROP participant:
(D) Capitalized terms used in this rule shall have the meaning assigned to them in rule 742-4-01 of the Administrative Code .
Effective: 8/17/2018
Five Year Review
(FYR) Dates: 5/31/2018 and
05/31/2023
Promulgated
Under: 111.15
Statutory
Authority: 742.43,
742.10
Rule
Amplifies: 742.21,
742.442
Prior
Effective Dates: 12/31/2002 (Emer.),
04/06/2003