Ohio Admin. Code 742-4-14 - Impact of irrevocable payroll deduction on DROP
(A) For the
purchase of service credit done through an irrevocable pre-tax payroll
deduction agreement that provides for the purchase of service credit beyond the
member's effective date and which was entered into before the DROP
participant's effective date, the Member shall not be permitted to terminate
such payroll deduction, but the terms of this rule shall apply.
(B) For those DROP participants who meet the
criteria of paragraph (A) of this rule, OP& F shall calculate the monthly
DROP benefit under section
742.442 of the Revised Code
based on the service credit actually purchased under such payroll deduction
plan as of the member's effective date, subject to the limited recalculation
done pursuant to paragraph (C) of this rule.
(C) For those DROP participants who meet the
criteria of paragraph (A) of this rule and who complete the irrevocable pre-tax
payroll deduction agreement, OP& F shall recalculate the monthly DROP
benefit under section
742.442 of the Revised Code
based on the service credit actually purchased under such payroll deduction
plan and OP& F shall credit that increased benefit for the DROP
participant's benefit, beginning the month following the month in which such
purchase of service credit was completed; provided, however, that this shall
not result in the recalculation of DROP benefits already calculated under
section 742.442 of the Revised 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
Promulgated Under: 111.15
Statutory Authority: 742.10
Rule Amplifies: 742.21, 742.442
Prior Effective Dates: 12/31/2002 (Emer.), 04/06/2003
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
(A) For the purchase of service credit done through an irrevocable pre-tax payroll deduction agreement that provides for the purchase of service credit beyond the member 's effective date and which was entered into before the DROP participant 's effective date, the Member shall not be permitted to terminate such payroll deduction, but the terms of this rule shall apply.
(B) For those DROP participants who meet the criteria of paragraph (A) of this rule, OP& F shall calculate the monthly DROP benefit under section 742.442 of the Revised Code based on the service credit actually purchased under such payroll deduction plan as of the member 's effective date , subject to the limited recalculation done pursuant to paragraph (C) of this rule.
(C) For those DROP participants who meet the criteria of paragraph (A) of this rule and who complete the irrevocable pre-tax payroll deduction agreement, OP& F shall recalculate the monthly DROP benefit under section 742.442 of the Revised Code based on the service credit actually purchased under such payroll deduction plan and OP& F shall credit that increased benefit for the DROP participant 's benefit, beginning the month following the month in which such purchase of service credit was completed; provided, however, that this shall not result in the recalculation of DROP benefits already calculated under section 742.442 of the Revised 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
Promulgated Under: 111.15
Statutory Authority: 742.10
Rule Amplifies: 742.21, 742.442
Prior Effective Dates: 12/31/2002 (Emer.), 04/06/2003