Ohio Admin. Code 742-4-15 - Optional plan of payment
(A) If, as part of the DROP election, a DROP
participant elected an optional plan of payment under section
742.3711 of the Revised Code to
have the member's monthly pension calculated as a retirement allowance that
continues or is paid to a surviving beneficiary, the DROP participant shall be
eligible to cancel such optional plan or continuation of all or part of the
allowance in accordance with the provisions of division (B) of section
742.3711 of the Revised
Code.
(B) Notwithstanding the
provisions of paragraph (A) of this rule, a DROP participant shall not be
eligible to exercise the rights under division (C) of section
742.3711 of the Revised Code
until the DROP participant has filed an application for retirement with
OP&F under division (C)(1) of section
742.37 of the Revised Code. In
the case of a member who is required by a court order to designate a former
spouse as a beneficiary, the provisions of rule
742-3-28
of the Administrative Code shall apply.
(C) For purposes of section 742.44
of the Revised Code, the reference to "a retirement allowance that continues to
a surviving beneficiary" shall mean option 2 that is provided for in division
(A)(2) of section 742.3711 of the Revised Code.
Notes
Promulgated Under: 111.15
Statutory Authority: 742.10, 742.43
Rule Amplifies: 742.444
Prior Effective Dates: 12/31/2002 (Emer.), 04/06/2003, 08/28/2008, 12/12/2013
Promulgated Under: 111.15
Statutory Authority: 742.10, 742.43
Rule Amplifies: 742.444
Prior Effective Dates: 12/31/2002 (Emer.), 04/06/2003, 08/28/2008, 12/12/2013
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