Ohio Admin. Code 145-3-22

Current through all regulations passed and filed through October 28, 2024

Section 145-3-22 - Restored service

(A) This rule amplifies section 145.97 of the Revised Code and section 3.06 of the combined plan document.

(B) A member participating in the combined plan on December 31, 2021, may redeposit the amounts withdrawn under article VIII of the combined plan, subject to all of the following:

(1) The member has at least eighteen months of contributing service in the combined plan or in the Ohio police and fire pension fund or state highway patrol retirement system;

(2) The member shall redeposit the amount withdrawn with interest on that amount compounded annually at a rate to be determined by the public employees retirement board from the first day of the month of withdrawal to and including the month of redeposit.

(C) The amount withdrawn shall be redeposited and credited as follows:

(1) To the employers' accumulation fund, the amount that equals the amount, if any, distributed under section 8.02 of the combined plan document.

(2) To the member's accounts, as defined in section 1.01 of the combined plan document, the amount distributed under section 8.01 of the combined plan document.

(3) To the member's account in the employees' savings fund, any remaining amount including the interest required in paragraph (B)(2) of this rule.

(D) The member may choose to purchase only part of such credit in any one payment, subject to rules adopted by the board. Except for the amount described in paragraph (C)(1) of this rule, the amounts paid to restore service credit under this rule shall vest as described in section 7.01 of the combined plan document.

Ohio Admin. Code 145-3-22

Five Year Review (FYR) Dates: 9/30/2024 and 09/27/2029
Promulgated Under: 111.15
Statutory Authority: 145.80
Rule Amplifies: 145.81, 145.82, 145.97
Prior Effective Dates: 01/01/2003, 12/24/2004, 01/07/2013 (Emer.), 03/24/2013, 01/01/2022

Effective: 1/1/2022
Five Year Review (FYR) Dates: 9/29/2024
Promulgated Under: 111.15
Statutory Authority: 145.80
Rule Amplifies: 145.81, 145.82, 145.97
Prior Effective Dates: 01/01/2003, 12/24/2004, 01/07/2013 (Emer.), 03/24/2013