Ohio Admin. Code 742-4-08 - COLA effective dates for DROP participants
(A) For purposes of determining the effective
date of a cost-of-living allowance ("COLA") set forth in section
742.3716 of the Revised Code for
DROP participant, the following shall apply:
(1) A member whose election to participate in
DROP is effective on or before July 1, 2013 and who is fifty-five years of age
and already receiving a COLA will continue to receive it at three per cent per
annum.
(2) A member whose election
to participate in DROP is effective on or before July 1, 2013 and who is not
yet receiving a COLA as of July 1, 2013 will not receive a COLA until he or she
is fifty-five years of age and has participated in the plan for one year. The
payment of a COLA will commence on the member's DROP effective date after the
member has attained the age of fifty-five and a prorated COLA will be paid for
the period from the member's fifty-fifth birthday to the member's DROP
effective date. The member's DROP effective date will remain the effective date
for all future annual COLAs.
(3)
For a member whose election to participate in DROP is effective on or before
July 1, 2013 and who has been receiving an annual COLA but is not yet
fifty-five years of age by July 1, 2013, the payment of additional COLAs shall
be discontinued until the member has attained the age of fifty-five. The
payment of COLAs will resume on the member's DROP
effective date after the member has attained the age of fifty-five
fifty-fifth birthday and a prorated COLA will be paid
for the period from the member's fifty-fifth birthday to the member's DROP
effective date. The member's DROP effective date will remain the effective date
for all future annual COLAs.
(4)
For a member whose election to participate in DROP is effective after July 1,
2013, no COLAs shall be added to the member's DROP accrual while the member is
participating in DROP pursuant to section
742.3716 of the Revised
Code.
(B) 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: 742.3716
Prior Effective Dates: 12/31/2002 (Emer.), 04/06/2003, 02/04/2013, 03/22/2018
Promulgated Under: 111.15
Statutory Authority: 742.10, 742.43
Rule Amplifies: 742.3716
Prior Effective Dates: 12/31/2002 (Emer.), 04/06/2003, 02/04/2013
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