(A) A DROP participant who is eligible for
distributions under division (B)(3) of section
742.444 of the Revised Code may
select periodic payments under division (B)(3)(b) of section
742.444 of the Revised Code
according to the following methods:
(1)
Partial distributions, which are one-time payments and not recurring, in a
gross amount equal to or greater than one thousand dollars per request, with a
maximum of four distributions being made by OP&F during a calendar year;
and
(2) Monthly distributions in a
gross amount equal to or greater than one hundred dollars per payment, which
will be paid on a monthly basis until OP&F receives proper written
direction from the DROP participant to change such selection; and
(3) Notwithstanding the
foregoing provisions
of paragraphs (A) and (B) of this rule, the final
distribution shall be a one-time payment in the gross amount due the DROP
participant, according to OP&F's books and records.
(B) If an eligible DROP participant
elects a one-time distribution, OP&F will make the initial distribution
based on the DROP accrual shown for the member for those payroll reports that
have been received and processed as of the date of the member's selection.
OP&F will then make a final distribution to the DROP participant in the
same manner as the original request for a lump sum distribution once the final
payroll reports have been received and processed so that the final DROP benefit
that is due the member can be determined.
(C)
(B)
If an eligible DROP participant elects a partial
distribution, this distribution may consist of multiple methods of payment and
such request will constitute one partial distribution for purposes of the
limits set forth in paragraph (A)(1) of this rule. For example, a member may
request a partial DROP distribution and choose to rollover a portion of the
partial distribution to an eligible account and have the balance of the partial
distribution paid directly to him or her and this would constitute one partial
distribution of DROP benefits.
(D)
(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
Ohio Admin. Code 742-4-16
Five Year Review (FYR) Dates:
10/25/2023 and
10/25/2028
Promulgated
Under: 111.15
Statutory Authority: 742.10
Rule
Amplifies: 742.444
Prior Effective Dates: 12/31/2002 (Emer.),
04/06/2003, 12/27/2005 (Emer.), 03/20/2006, 08/28/2008,
12/12/2013
Five Year Review (FYR) Dates:
11/19/2018 and
11/19/2023
Promulgated
Under: 111.15
Statutory
Authority: 742.10
Rule
Amplifies: 742.444
Prior
Effective Dates: 12/31/2002 (Emer.), 04/06/2003, 12/27/2005 (Emer.),
03/20/2006, 08/28/2008, 12/12/2013
