Ohio Admin. Code 5505-5-06 - Service credit purchases by payroll deduction
(A)
A member of the
state highway patrol retirement system (HPRS) may purchase service credit
pursuant to this rule, rule
5505-5-02 of
the Administrative Code, rule
5505-5-03
of the Administrative Code, and sections
5505.16,
5505.17,
5505.20,
5505.201,
5505.25, and
5505.40 of the Revised Code
through:
(1)
Post-tax payroll deduction, lump sum payment, partial payment, or any
combination thereof.
(2)
Pre-tax payroll deductions designated by the state
highway patrol as picked-up contributions in compliance with Internal Revenue
Code section 414(h)(2). HPRS will accept new elections to purchase service
credit through pre-tax payroll deduction only if the election is received by
December 31, 2014.
(B)
Upon a member's
request to HPRS to purchase service credit by payroll deduction for service
credit, HPRS will prepare an application form which states the following:
(1)
The service to
be purchased, including the total years of service and the type of
service;
(2)
The total cost of the service credit to be purchased
through payroll deduction;
(3)
The total number
of payroll deductions in the stated amount, starting with the proposed start
date and ending on the proposed completion date; provided, however, that the
payroll deduction cannot exceed the member's net compensation after all
deductions and withholdings required by law.
(C)
The payroll
deduction plan shall not be effective until it is signed by the member and
filed with HPRS.
(D)
Upon receipt of a signed payroll deduction
application, HPRS shall report to the state highway patrol the amount of the
payroll deduction and when the deductions shall begin.
(E)
HPRS will grant
the service credit to the member only upon receipt of the applicable payroll
deduction or lump sum payment.
(F)
All payroll
deduction plans may last no longer than five years for each year of service
that is to be purchased.
(G)
No member may participate in more than one payroll
deduction plan to purchase service credit provided for in section
5505.203 of the Revised Code and
this rule.
(H)
Pre-tax payroll deduction plans (i.e. pick-up plans)
shall be irrevocable and may only be terminated upon the member's termination
of employment with the employer who is implementing the member's payroll
deduction plan.
(I)
Except for pre-tax payroll deduction plans (i.e.
pick-up plans), a member can increase or decrease the member's payroll
deduction by written notice to the state highway patrol and HPRS, except that
in no event shall a deduction be decreased to less than fifty dollars per pay
period.
(J)
Except for pre-tax payroll deduction plans (i.e. a
pick-up plan), a payroll deduction plan may be terminated or suspended upon any
of the following events:
(1)
The failure of the state highway patrol to forward to
HPRS the payroll deduction for four consecutive pay periods;
(2)
Upon the
member's termination of employment with the state highway
patrol;
(3)
In cases where a payroll deduction exceed the member's
net pay after all deductions and withholdings required by law;
or
(4)
When the payroll deductions received by HPRS equal the
total cost of the eligible service credit, as originally outlined in HPRS'
application form duly signed by the member.
Notes
Promulgated Under: 111.15
Statutory Authority: 5505.07, 5505.203, 5505.40
Rule Amplifies: 5505.16, 5505.17, 5505.20, 5505.201, 5505.203, 5505.25, 5505.40
Prior Effective Dates: 03/23/2015
Promulgated Under: 111.15
Statutory Authority: 5505.07, 5505.203, 5505.40
Rule Amplifies: 5505.16, 5505.17, 5505.20, 5505.201, 5505.203, 5505.25, 5505.40
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.