Ohio Admin. Code 742-5-09 - Purchase of lay-off service credit
(A)
Upon a member's
request to purchase service credit for any period during which the member was
laid off, OP& F shall provide the member with certification forms to be
completed by both the member and the member's employer where the period of
lay-off occurred. The member shall certify all of the following information to
OP& F:
(1)
The date that he or she was removed from active service as a result of an
involuntary lay-off;
(2)
The name of the employer that laid the member
off;
(3)
The date that the member returned to full-time
service; and
(4)
That, during the period of lay-off, the member did not
render any service that is used in the calculation of any public or private
retirement benefit, except any federal social security retirement
benefit.
(B)
The employer shall certify all of the following to
OP& F:
(1)
That the member was hired into a full-time position;
(2)
That the member
was involuntarily laid off from the full-time position;
(3)
The last day the
member worked prior to the involuntary lay-off;
(4)
The first day
the member worked after the involuntary lay-off; and
(5)
The total gross
wages subject to retirement contributions the member would have received had he
or she not been laid off.
(C)
The member
service credit purchase certification form and the employer service credit
purchase certification form, last modified June 12, 2013, can be found on
OP& F's website, www.op-f.org
.
Notwithstanding these certifications, OP& F will review the documentation
and determine the member's eligibility to purchase the service credit. If the
member is eligible to purchase the lay-off credit, OP& F shall provide the
member with a cost statement to purchase the service credit.
(D)
For purposes of
division (C) of section
742.27 of the Revised Code, the
"additional liability" to OP& F resulting from the purchase of lay-off
credit shall be the amount that the member and his or her employer would have
contributed during the lay-off period, including interest. The amount of the
contributions shall be based upon the salary that the member would have earned
had there not been an interruption in service. Interest shall be calculated at
OP& F's actuarially assumed interest rate and compounded annually based on
the effective method of calculating interest from the date the member returned
to full-time active service to the date that OP& F receives payment for the
lay-off service credit.
(E)
Service credit for lay-off time shall be purchased in
increments of one-year periods, unless the period of lay-off is less than one
year. If the lay-off period is less than one year, then the purchase shall be
for the full amount of the lay-off time. If the member submits a payment that
is less than the full amount of the cost statement, OP& F shall prorate the
amount of lay-off service credit. The prorated amount of service credit will be
determined by dividing the amount received by the total amount due, then
multiplying the result by the amount of service credit the cost was calculated
for.
Replaces: 742-5-09
Notes
Promulgated Under: 111.15
Statutory Authority: 742.10
Rule Amplifies: 742.27
Prior Effective Dates: 07/17/1993, 03/09/2001 (Emer.), 05/24/2001, 05/24/2004, 09/28/2014
Five Year Review (FYR) Dates: 09/28/2019
Promulgated Under: 111.15
Statutory Authority: 742.10
Rule Amplifies: 742.27
Prior Effective Dates: 07/17/93, 3/9/01 (Emer.), 5/24/01, 5/24/2004
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