Ohio Admin. Code 742-4-06 - Calculation of DROP benefit
(A) For purposes of calculating the DROP
benefit, OP&F shall determine the monthly pension amount that would have
been payable to the DROP participant had the member elected to receive normal
service retirement benefits under division (C)(1) of section
742.37 of the Revised Code,
according to the requirements set forth in divisions (G), (K) and (L) of
section 742.01 of the Revised Code, rule
742-3-02
of the Administrative Code and this rule.
(B) For purposes of paragraphs (C)(1)(b),
(C)(1)(c), and (C)(1)(d) of rule
742-3-02
of the Administrative Code, OP&F shall determine the holidays, longevity,
stress pay and similar special payments to be used in the calculation of
average annual salary, based on the following: (1) holidays, longevity, hazard,
stress pay and similar special payments paid to the DROP participant during the
calculation period; or (2) if a portion of the holidays, longevity, hazard,
stress pay and similar special payments are disallowed due to such "salary"
being outside of the beginning calculation period, but the holidays, longevity,
stress pay, or similar special payments are earned at the end of the
calculation period, but not paid, OP&F shall include such amounts with the
calculation based on the amount paid to the DROP participant and reported by
the DROP participant's employer to OP&F for the immediate preceding period
for the same type of holidays, longevity, stress pay, or similar special
payments, as the case may be.
(C)
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: 742.442
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: 742.442
Prior Effective Dates: 12/31/2002 (Emer.), 04/06/2003
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