Ohio Admin. Code 742-3-29 - Mandatory direct deposit
(A)
As used in this
rule, "alternate payee" shall be as defined by section
3105.80 of the Revised
Code.
(B)
Except as provided in paragraph (C) of this rule,
effective August 1, 2017, an individual who receives an annuity, pension,
allowance, monthly benefit, or monthly payment from the Ohio police and fire
pension fund ("OP&F") shall be paid by direct deposit, which is an
electronic fund transfer directly to an individual's account at a financial
institution. Retirants, benefit recipients, and alternate payees shall provide
to the retirement system valid direct deposit account and routing numbers, the
name and contact information of the financial institution, and other such
information as may be required by OP&F. OP&F may withhold payment until
the individual provides the information described in this
paragraph.
(C)
If a retirant, benefit recipient, or alternate payee
resides outside the United States, in a nursing or convalescent home,
correctional facility, jail, or prison, or similar situation such that
compliance with paragraph (B) of this rule is impracticable, the individual may
submit a written request for exemption from direct deposit and OP&F staff
shall approve or deny the request.
Replaces: 742-3-29
Notes
Promulgated Under: 111.15
Statutory Authority: 742.10
Rule Amplifies: 742.37, 742.39
Prior Effective Dates: 09/22/2008, 09/25/2013, 05/22/2017
Promulgated Under: 111.15
Statutory Authority: 742.10
Rule Amplifies: 742.37, 742.39
Prior Effective Dates: 09/22/2008
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