(A) The selection of an optional plan of
payment and nomination of a beneficiary must be on a form approved by the board
of trustees of OP& F. Prior to the "Effective Date" (as defined in
paragraph (J) of this rule), the selection of an optional plan of payment and
nomination of beneficiary may be revoked or changed. A member's selection of an
optional plan of payment and nomination of a beneficiary will be processed by
OP& F, subject to the limitations set forth in section
742.3711 of the Revised Code.
Upon the "Effective Date", the choice of a plan of payment and
a beneficiary are irrevocable, subject to the limitations provided for in
section 742.3711 of the Revised Code and
may be changed only for the conditions stated in law.
(B) The selection of an optional plan of
payment and the nomination of a beneficiary become effective:
(1) In the case of a person filing an
application for retirement on the effective date of retirement provided that
the first adjusting or final regular benefit payment has been accepted, as
outlined in paragraph (D) of rule
742-3-08 of the
Administrative Code, and the retirant has not exercised his right with the
consent of the beneficiary to cancel the plan within one year of the effective
date of retirement as authorized under division (E) of section
742.3711 of the Revised Code;
(2) In the case of a plan
reselection following marriage or remarriage, on the
first of the month following the month in which the
application for reselection is received by OP& F.
date of receipt by OP& F of an application on a form
approved by the board.
(C) For purposes of "notice" of the death of
a beneficiary nominated under division (A)(1), (A)(2), or (A)(4) of section
742.3711 of the Revised Code,
OP& F shall cancel such nomination upon receipt of a phone call provided
appropriate documentation is provided to OP& F within ninety days of such
phone call. In the event appropriate documentation is not provided within such
ninety day time period, OP& F shall reinstate the nomination of the
beneficiary until such time as OP& F receives the appropriate supporting
documentation on the death of the beneficiary.
(D) Upon the marriage or remarriage of a
retirant who had selected any plan of payment other than that set forth under
division (A)(3) of section
742.3711 of the Revised Code,
the retirant may elect to cancel the plan of payment selected at retirement and
to elect an optional plan of payment under division (A)(1) or (A)(2) of section
742.3711 of the Revised Code,
provided that the beneficiary nominated be the retirant's spouse. In cases
where the member has elected multiple beneficiaries under division (A)(4) of
section
742.3711 of the Revised Code,
rule
742-3-27
of the Administrative Code (reselection of beneficiaries upon remarriage) shall
apply.
(E) The allowance payable
under the optional plan of payment selected or reselected under this rule shall
be based on the annuity factors tables in effect and the ages of the retirant
and beneficiary at the time of plan selection.
(F) Except as provided in paragraph (D) of
rule
742-7-08
of the Administrative Code, upon the death of a person who selected a joint and
survivor annuity plan of payment or a life annuity certain and continuous, the
nominated beneficiary is entitled only to the monthly allowance calculated at
the time of plan selection. Any increases in the retirant's pension after the
effective date of the selection does not serve to increase the annuity payment
payable to the beneficiary unless the cost-of-living increase was paid to the
retirant under section
742.3711 or section
742.3716 of the Revised Code.
(G) If a member of the fund who
has an application for retirement pending with OP& F dies after severing
police or fire employment, but before negotiating his/her first pension or
benefit payment, then OP& F shall act on his/her application for
retirement, unless section
742.3711 of the Revised Code or
any successor provision prohibits otherwise. If OP& F acts favorably on the
application for benefits then the surviving beneficiary nominated by the
decedent under section
742.3711 of the Revised Code
shall be paid a monthly annuity under the optional payment plan selected by the
decedent. If the decedent had selected no payment plan, single life annuity
plan, or a plan of payment that provided less than fifty per cent to the spouse
and no written spousal consent was provided in the form required by section
742.3711 of the Revised Code for
the selection of a single life annuity plan or a plan of payment that provided
less than fifty per cent to the spouse, then either the spouse, or contingent
dependent beneficiary if there be no surviving spouse, shall be paid an annuity
if otherwise eligible under section
742.3714 of the Revised Code or
the spouse shall be paid an allowance under division (A)(2) of section
742.3711 of the Revised Code
continuing one-half of the retirant's lesser retirement allowance.
(H) If a married member selects a retirement
allowance under a single life annuity plan or under division (A)(2) of section
742.3711 of the Revised Code
continuing less than one-half of the lesser retirement allowance to the
surviving spouse or under division (A)(3) of section
742.3711 of the Revised Code,
OP& F shall process the application based on a fifty per cent plan of
payment payable to the member's spouse until the member's spouse submits a
written statement in the form required in section
742.3711 of the Revised Code
consenting to the member's selection of a payment plan which continues, if
anything, less than one-half of the lesser retirement allowance to the
surviving spouse for life. If the member fails to file the written consent by
the "Effective Date", OP& F shall pay the retirement allowance in
accordance with division (A)(2) of section
742.3711 of the Revised Code.
As provided by division (D)(3) of section
742.3711 of the Revised Code,
the board may waive the spousal acknowledgment required under division (D)(2)
of section 742.3711 of the Revised Code
upon receipt of any of the following:
(1) The written statement of the spouse's
physician certifying that the spouse is medically incapable of consenting to
the plan of payment elected by the applicant; or
(2) The affidavits of the applicant and at
least two other persons, one of whom must be unrelated to the applicant,
attesting that the whereabouts of the spouse is unknown, provided that OP&
F receives from the member a signed indemnification agreement in favor of
OP& F for any losses or damages suffered by OP& F resulting from its
reliance on inaccurate or incorrect statements provided for in such affidavit
or written statement that served as a basis for the waiver under division
(D)(3) of section 742.3711 of the Revised Code and
this paragraph (I) and such indemnification agreement is in a form satisfactory
to OP& F.
(I) For
purposes of determining the priority of court orders issued prior to the
effective date of the member's retirement under section
3105.171 or
3105.65 of the Revised Code or
the laws of another state regarding the division of marital property that
require the member to elect a plan of payment set forth in division (A)(4) of
section 742.3711 of the Revised Code and
designate a former spouse as beneficiary, OP& F shall process such court
orders in the order in which they are received by OP& F. In no event shall
the member's lesser allowance or portion of the lesser retirement allowance be
paid to more than four surviving beneficiaries.
(J) For purposes of this rule, "Effective
Date" or "effective date of retirement" shall mean the later of the date on
which the member can no longer withdraw his/her retirement application, as
outlined in rule
742-3-17
of the Administrative Code, or the date on which the member is no longer
receiving an "interim benefit", as defined in rule
742-3-08 of the
Administrative Code.
Notes
Ohio Admin. Code 742-3-07
Five Year Review (FYR) Dates:
6/13/2022 and
06/13/2027
Promulgated
Under:
111.15
Statutory Authority:
742.10
Rule Amplifies:
742.3711
Prior Effective Dates: 02/05/1980, 11/10/1984, 06/07/1985,
05/21/1987, 12/30/1990, 04/10/2002 (Emer.), 07/11/2002, 10/20/2006, 10/26/2006
(Emer.), 01/12/2007, 04/05/2012,
07/19/2012
Five Year Review (FYR) Dates:
10/5/2017 and
07/19/2022
Promulgated
Under: 111.15
Statutory
Authority: 742.10
Rule
Amplifies: 742.3711
Prior
Effective Dates: 02/05/1980, 11/10/1984, 06/07/1985, 05/21/1987, 12/30/1990,
04/10/2002 (Emer.), 07/11/2002, 10/20/2006, 10/26/2006 (Emer.),
07/19/2012