Ohio Admin. Code 5505-7-01 - Calculation of retirement benefits
(A) For the purpose of this rule and
divisions (M
L) and (R)
) of section
5505.01 of the Revised Code; , "year" shall mean any
calendar year.
(1)
"Year" shall mean any calendar year.
(2)
In addition to
division (R) of section
5505.01 of the Revised Code,
"salary" shall not include doubleback, reportback, or standby
pay.
(B) Final
average salary shall be the average of the highest annual salary paid to a
member during any five years of service, which may be nonconsecutive. Final
average salary shall be calculated as follows:
(1) Each year's salary shall be calculated as
twenty-six consecutive payroll periods, beginning with the first full pay
period of the year, multiplied by 1.00275 in order to adjust for three hundred
sixty-five days.
(2) Whenever a
final average salary computation requires the inclusion of a partial pay
period, the average of the pro-rated pay period shall be used.
(3) If the member has a partial year of
contributing service in the year the member's employment terminates and the
compensation for the partial year is at a rate higher than the rate of
compensation for any one of the member's highest five years of compensation,
the board shall substitute the compensation for the partial year for the
compensation for the same period of time of the lowest of the member's five
highest years of compensation.
(4) Final average salary shall
include longevity, hazard duty, shift differential, and professional
achievement pay.
(5) Final average salary shall not
include paid overtime, doubleback, reportback, and standby pay.
(C) A retirant on
deferred status may elect to receive reduced retirement benefits at any time
between the ages of forty-eight and fifty-two.
(D) Final average salary is calculated from
employee contributions in accordance with records and data provided by the Ohio
department of administrative services and the state highway patrol.
Notes
Promulgated Under: 111.15
Statutory Authority: 5505.07, 5505.16, 5505.17, 5505.18
Rule Amplifies: 5505.16, 5505.17, 5505.18
Prior Effective Dates: 01/01/1986, 11/01/1990, 10/21/2005, 04/27/2006, 02/01/2013, 03/24/2016, 05/18/2017
Promulgated Under: 111.15
Statutory Authority: 5505.07, 5505.16, 5505.17, 5505.18
Rule Amplifies: 5505.16, 5505.17, 5505.18
Prior Effective Dates: 1/1/1986, 11/1/1990, 10/21/2005, 4/27/2006, 2/1/2013, 3/24/2016
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