Ohio Admin. Code 5505-7-10 - Employee contributions
(A) For the purpose of this rule, "employee
contribution rate" shall mean the percentage of the member's annual salary
required to be submitted to the state highway patrol retirement system (HRPS)
pursuant to division (A) of section
5505.15 of the Revised
Code.
(B) An annual employee
contribution rate, not to be less than ten per cent or exceed fourteen per
cent, shall be determined by the board as it considers necessary to meet the
amortization period requirement of section
5505.121 of the Revised Code at
its October
August meeting and shall be based on the actuarial
valuation required by section
5505.12 of the Revised
Code.
(C) The employee contribution
rate determined at the board's October
August meeting shall be effective the first day
of the first full two week pay period of the following year.
Notes
Promulgated Under: 111.15
Statutory Authority: 5505.07
Rule Amplifies: 5505.15
Prior Effective Dates: 09/16/2013
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