Ohio Admin. Code 742-4-03 - Effective date of DROP election
(A) Unless the member has properly rescinded
his/her DROP election or the terms of paragraph (B) of this rule apply, the
"Effective Date" of an eligible member's election to participate in DROP shall
be the later of:
(3)
(2)
The date on which
the member is eligible to participate in DROP, as determined by OP&F based
on its books and records.
(1) The first day of the
employer's first payroll reporting period that immediately follows OP&F's
receipt of the election, but if the payroll reporting period end date falls on
the thirtieth day of the month, the first day of the employer's first payroll
reporting period shall be the first day of the next month;
or
(2) January 2, 2003;
or
(B) For those members who file an election to
participate in DROP with OP&F and do not properly rescind his/her election
according to the terms of rule
742-4-04
of the Administrative Code, but do not meet the age or service requirements of
division (C)(1) of section
742.44
742.37
of the Revised
Code, the member shall still be considered "eligible to retire"
for the purpose of electing to participate in DROP
according to the terms of section
742.44 of the Revised Code only
if the member's eligibility to participate in DROP is not more than ninety days
after the date on which OP&F received the member's election, as determined
by OP&F's books and records. In the event the member's first eligibility
date to participate in DROP is more than ninety days after the date on which
OP&F received the member's election, as determined by OP&F's books and
records, the member shall not be considered "eligible to retire" according to
the terms of section 742.44 of the Revised Code and
his/her
the
member's election shall be null and void and of no force and effect.
For example, if the member files his election to
participate in DROP on January 3, 2003, but he is not eligible to retire under
division (C)(3) of section 742.37 of the Revised Code until March 2003, the
member shall be "deemed eligible to retire" for purposes of filing the
election, even though his eligibility date would not be until March 2003. On
the other hand, if the member's first retirement eligibility date under
division (C)(3) of section 742.37 of the Revised Code is not until May 2003,
then the member shall not be deemed "eligible to retire" and the member's
election shall be null and void and of no force and effect.
(C) In the event a member's election is
invalid, as outlined in paragraph (B) of this rule, the member shall not be
foreclosed from filing a subsequent election to participate in DROP. In all
events, however, the member has only one opportunity to participate in
DROP.
(D) Capitalized terms used in
this rule shall have the meaning assigned to them in rule
742-4-01
of the Administrative Code (definitions).
Notes
Promulgated Under: 111.15
Statutory Authority: 742.10, 742.43
Rule Amplifies: 742.43, 742.44
Prior Effective Dates: 12/31/2002 (Emer.), 04/06/2003, 11/03/2003, 01/16/2014
Promulgated Under: 111.15
Statutory Authority: 742.10, 742.43
Rule Amplifies: 742.43, 742.44
Prior Effective Dates: 12/31/2002 (Emer.), 04/06/2003, 11/03/2003, 01/16/2014
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