Ohio Admin. Code 742-7-03 - Issuance date of benefits and DPO payments

Except as otherwise required by law, all benefit checks benefits and division of property order payments shall be paid issued by Ohio police and fire pension fund ("OP&F") as follows:

(A) For benefit recipients and alternate payees who request the payment of benefits receive payment by direct deposits deposit, OP&F shall transfer the funds to the benefit recipient's account financial institution on record on the first business day of each month; . In the event the first business day of the month falls on a legal holiday, the funds will be transferred on the first business day following the legal holiday.

(B) For benefit recipients and alternate payees who do not request the cannot receive payment of benefits by direct deposit, OP&F shall mail checks on the last business day of the month for benefits due the following month, even though the issue date of the check will be the first day of the next month, as provided for in rule 742-7-01 of the Administrative Code. In the event a benefit recipient negotiates the check prior to its issue date and OP&F incurs a fee for such transaction, the board of trustees may adopt a policy that provides for the reimbursement of such fees by the benefit recipient.

(C) In the event the first business day of the month falls on a legal holiday, the funds will be available for benefit recipients who request direct deposit on the first business day following the legal holiday.

Notes

Ohio Admin. Code 742-7-03

Effective: 1/12/2020
Five Year Review (FYR) Dates: 10/28/2019 and 10/28/2024
Promulgated Under: 111.15
Statutory Authority: 742.10
Rule Amplifies: 742.37, 742.40
Prior Effective Dates: 05/04/2000, 09/28/2014