Ohio Admin. Code 742-4-09 - Calculation of interest
(A) Effective the first business day of the
second quarter of 2012, interest shall be calculated quarterly at an adjusted
rate based on the "10-Year U.S. Treasury Note Business Day Series," as
published by the board of governors of the federal reserve. In no event,
however, shall the rate of interest exceed five per cent
or be lower than two and a half per
cent .
(B) Beginning January
2, 2003, OP&F shall calculate interest on the DROP participant's DROP
benefit on the last day of each month according to the following provisions:
(1) Interest on the proper amount of employee
contributions will be based on the earlier of the date cash is received or the
date that the monthly report of employee deductions is due&; and
(2) Interest on the monthly pension benefit
calculated in accordance with section
742.442 of the Revised Code will
be based on the first day of each month, regardless of when posted by
OP&F.
(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, 742.43
Rule Amplifies: 742.443
Prior Effective Dates: 04/06/2003, 03/19/2007, 05/17/2012, 01/01/2020 (Emer.), 02/10/2020
Promulgated Under: 111.15
Statutory Authority: 742.10, 742.43
Rule Amplifies: 742.443
Prior Effective Dates: 04/06/2003, 03/19/2007, 05/17/2012, 01/01/2020 (Emer)
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