Ohio Admin. Code 742-4-05 - Purchase of service credit
(A) Except for the purchase of service credit
done through an irrevocable payroll deduction agreement, which shall be
governed by the provisions of rule 742-4-16
742-4-14 of
the Administrative Code, OP&F shall offer the member the right to purchase
the service credit prior to his/her entry into DROP. In the event the member is
given the right to purchase the service credit by OP&F and fails to
purchase the service credit prior to his/her effective date, OP&F shall
calculate the monthly benefit under section
742.442 of the Revised Code
based on the member's service credit and "salary" as of the effective
date.
(B) In the event the member
is given the right to purchase the service credit by OP&F and fails to
purchase the service credit prior to his/her DROP effective date, the member shall be deemed to
waive his/her right to purchase service credit.
(C) For purposes of section
742.21 of the Revised Code, the
requirement that a member "is not receiving a pension or benefit payment" shall
not include DROP participants, unless the DROP participant:
(1) Rescinds his/her election in accordance
with the terms of rule 742-4-02
742-4-04 of the Administrative Code;
(2) Ceases participation in DROP in
accordance with section
742.445 of the Revised Code,
or
(3) Fails to terminate active
service in the police or fire department at the end of the eight-year period
that begins on the effective date, as such period is calculated in accordance
with the terms of rule
742-4-10
of the Administrative Code.
(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
Rule Amplifies: 742.21, 742.442
Prior Effective Dates: 12/31/2002 (Emer.), 04/06/2003, 08/17/2018
Promulgated Under: 111.15
Statutory Authority: 742.43, 742.10
Rule Amplifies: 742.21, 742.442
Prior Effective Dates: 12/31/2002 (Emer.), 04/06/2003
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