Section 3309-1-26 - Beneficiaries(A) This rule amplifies divisions (B), (C) and (D) of section 3309.44 , section 3309.45, and section 3309.50 of the Revised Code.(B) An individual who does not survive a member or retiree by one hundred twenty hours will be deemed to have predeceased the member or retiree.(C) For purposes of division (B) of section 3309.44 of the Revised Code, when a surviving designated beneficiary dies more than one hundred twenty hours after the member, but before receiving payment, the payment shall be paid to the estate of the designated beneficiary.(D) For purposes of divisions (C) and (D) of section 3309.44 and section 3309.50 of the Revised Code, a person is considered "not located" and ceases to qualify as beneficiary if: (1) No valid mailing address can reasonably be determined for the person; or(2) The person fails to file an application for payment within one hundred eighty days from the date the school employees retirement system first notifies the person of beneficiary status.(E) Except as provided under division (C)(1) of section 3309.45 of the Revised Code, when a member designates two or more persons as joint beneficiaries, the designated beneficiaries may only be paid the accumulated account in a lump sum.Ohio Admin. Code 3309-1-26
Effective: 4/1/2024
Five Year Review (FYR) Dates: 1/12/2024 and 02/01/2029
Promulgated Under: 111.15
Statutory Authority: 3309.04
Rule Amplifies: 3309.44, 3309.45, 3309.50
Prior Effective Dates: 07/27/2015, 12/01/2022