Ohio Admin. Code 742-3-08 - Interim payments
(A) "Interim payment" is defined as the
stream of monthly cash partial payments made to a member of Ohio police &
fire pension fund (OP & F) in order to expedite the initiation of a pension
or benefit to which the member is entitled while OP & F determines the
final pension or benefit amount to be paid the member.
(B) Any OP & F member who has met all the
qualifications for service or disability retirement under section
742.37 or
742.39 of the Revised Code,
respectively, who has filed all forms or documents necessary to process an
application for a pension or benefit, and who is not receiving a pension or
benefit from OP & F is eligible to receive an interim pension or benefit
payment described in paragraph (C) of this rule.
(C) Any OP & F member who meets the
requirements set forth in paragraph (B) of this rule shall be paid an interim
payment under the following conditions:
(1)
The receipt of an interim payment is as binding on the member as the receipt of
the regular payment of a pension or benefit. The retirement is permanent, and
cannot be cancelled, the effective date cannot be changed, or the type
reclassified, except that a member may elect receiving interim payments without
waiving the right to appeal a disability award, as provided for in rule
742-3-05 of the Administrative
Code.
(2) Ultimately, all interim
and adjusting payments will equal the full pension or benefit which a member is
entitled to receive from OP & F.
(3) The calculation of the interim payment
amount is based on the computation criteria or policy approved by OP & F's
board from time to time.
(4) The
member shall be deemed to consent to the recovery of any overpayment by
deduction from the member's monthly pension or benefit. The recovery shall be
accomplished in a period not to exceed the period over which the overpayment
occurred.
(5) The member shall be
informed that once the first interim payment is negotiated
cash or
deposited , the member can no longer purchase or reinstate any service
credit. For purposes of this rule, negotiation will
include the member or the member's authorized agent cashing, negotiating, or
depositing of the warrant issued to the member.
(6) While a member is receiving interim
payments, OP & F shall not make any payments for cost of living
adjustments. Any cost of living allowances due the member shall be paid once
the member is converted to a final payment.
(D) As required by law, the board shall
require that the interim payment amount for a married member be reduced based
on the member ultimately selecting a plan of payment naming the member's spouse
as beneficiary, unless the spouse consents to a different designation, or
former spouse as beneficiary as required by a court order, but subject to the
limitations outlined in section
742.3711 of the Revised Code and
rules 742-3-07 and
742-3-24 of the Administrative
Code. A member who is receiving an interim payment can change an annuity
payment plan selection at any time prior to negotiating
the direct
deposit or cashing of the first adjusting or regular benefit payment that
represents the final benefit amount payable to the member, but subject to the
limitations outlined in section
742.3711 of the Revised Code and
rules 742-3-07 and
742-3-24 of the Administrative
Code.
(E) No interim payment can be
made to a member unless the member's former employer has certified the last day
the member earned compensation by virtue of working or using accumulated leave
to remain on active payroll status.
(F) The receipt of an interim payment has no
effect whatsoever on any election made pursuant to division (D) of section
742.3716 of the Revised
Code.
(G) In the event that a
married member dies before negotiating the
adjusting payment is deposited or cashed and was
receiving an interim payment under a payment plan that provides for less than
fifty per cent of the member's reduced allowance to be paid to the surviving
spouse, then the surviving spouse is entitled only to the allowance provided by
the most recent payment plan selected by the member.
(H) For designation of beneficiaries made
under division (A)(4) of section
742.3711 of the Revised Code,
the member will not be permitted to change the designation of beneficiaries
during the interim payment process. The member will be permitted to change the
amount payable to a beneficiary during the interim payment process if proper
paperwork is submitted to and approved by OP & F.
Notes
Promulgated Under: 111.15
Statutory Authority: 742.10
Rule Amplifies: 742.37, 742.39
Prior Effective Dates: 05/23/1987, 06/16/1991, 05/01/2000, 12/08/2000, 02/16/2006, 10/26/2006 (Emer.), 01/12/2007, 04/05/2012, 04/30/2017
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