Ohio Admin. Code 5505-3-07 - Deferred retirement option plan
(A) As provided for in section
5505.50
of the Revised Code, the date of the initial implementation of the deferred
retirement option plan (DROP) shall be June 15, 2006.
(B) A member's election to participate in
DROP is effective the later of:
(1) The first
day of the employer's payroll immediately following the board's receipt of the
notice of election;
(2) The first
day of the employer's payroll designated by the member in the notice of
election as long as the designated payroll is within thirty days of the board's
receipt of the notice of election; or
(3) The first day of the employer's payroll
immediately following the member's eligibility to participate in
DROP.
(C)
A DROP participant may rescind his or her election to
participate in DROP, only if HPRS receives a written notice from the DROP
participant that directs HPRS to rescind such election and this written notice
is received by HPRS within thirty days after HPRS received the DROP
participant's election, as determined by HPRS.
(1) HPRS shall
void an application for disability retirement upon an event that terminates the
member's DROP participation as defined by section
5505.55
of the Revised Code.
(2) A DROP
participant who qualifies for disability retirement and elects to receive
benefits pursuant to division (A)(1) or (B) of section
5505.58
of the Revised Code shall be age and service retired and not subject to the
requirements of section
5505.18 of
the Revised Code or rule
5505-3-03
of the Administrative Code.
(3) A
DROP participant who qualifies for disability retirement and elects to receive
benefits pursuant to division (A)(2) of section
5505.58
of the Revised Code shall be disability retired and subject to the requirements
of section
5505.18 of
the Revised Code and rule
5505-3-03
of the Administrative Code.
(4) A
member that is receiving disability retirement benefits pursuant to division
(A) (2) of section
5505.58
of the Revised Code that returns to active service will be considered an active
member and must submit a new application for DROP. Amounts previously forfeited
pursuant to section
5505.58
of the Revised Code shall not be accrued to the members benefit.
(5) A member whose participation in DROP
terminates as a result of qualifying for disability pursuant to section
5505.58
of the Revised Code shall not forfeit the interest credited under division (C)
of section
5505.54
of the Revised Code except as provided in division (A)(2) of section
5505.58
of the Revised Code.
(1) As described in division (B)(1) of
section
5505.56
of the Revised Code, "on or after the first day of the fourth year" and
"earlier than four years" shall mean after three years have elapsed since the
DROP effective date as described in paragraph (B) of this rule.
(2) As described in division (B)(2) of
section
5505.56
of the Revised Code, "on or after the first day of the third year" and "earlier
than three years" shall mean after two years have elapsed since the DROP
effective date as described in paragraph (B) of this rule.
(1) Provided that the other candidacy
eligibility criteria are met, a member participating in DROP shall be eligible
to be elected as an employee member of the retirement board, but shall not be
eligible to be elected as a retirant member of the retirement board.
(2) A retirement board trustee who ceases
participation in DROP shall no longer be eligible to be an employee member of
the board of trustees. The trustee's position on the board of trustees shall be
vacant upon the effective date of the DROP termination.
(1)
Pursuant to section
5505.59
of the Revised Code, a member may not name a spouse as a beneficiary.
(2) A surviving spouse or beneficiary shall
select a method of distribution of any amount due to such person pursuant to
section
5505.59
of the Revised Code within sixty days of notification from HPRS. If a method of
distribution is not made within sixty days, the amounts due will be distributed
as a lump sum payment.
(1) Active service in the state highway
patrol is terminated upon separation pursuant to section
124.32
of the Revised Code.
(2) Subject to
paragraph (H)(1) of this rule, a member shall be considered in the active
service of the state highway patrol while receiving benefits pursuant to
section
124.385
of the Revised Code.
Notes
Promulgated Under: 111.15
Statutory Authority: 5505.50
Rule Amplifies: 5505.041, 5505.50, 5505.51, 5505.52, 5505.54, 5505.56
Prior Effective Dates: 09/28/2010, 08/08/2011, 07/18/2013, 05/18/2017, 10/18/2021
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