Ohio Admin. Code 742-7-08 - Cost-of-living allowance
(A) The benefits and contributions of any
member shall be calculated on the basis of the member's salary as defined by
division
divisions
(G) and (L) of section
742.01 of the Revised Code and
rule
742-3-02
of the Administrative Code.
(B) All
members having fifteen years of service credit as of January 1, 1989 shall be
provided a form upon which they can elect the basis of benefit and contribution
calculations under section
742.3716 of the Revised Code.
For purposes of this determining a member's eligibility for this election,
years of service credit shall include any credit purchased prior to January 1,
1989.
(C) A beneficiary's
"anniversary date" shall be July first, for those eligible for the first
cost-of-living allowance on that date or the anniversary of the beneficiary's
effective date of retirement or benefits for those not eligible for the first
cost-of-living allowance. When a beneficiary's anniversary date does not fall
on the first of a month, a pro rata payment of the first month's cost-of-living
allowance shall be paid.
(D) A
beneficiary's "base benefit" shall be the amount of a benefit first calculated
upon retirement, and shall exclude any medicare reimbursement, any amount by
which a member reduces benefits under an optional plan of payment pursuant to
section 742.3711 of the Revised Code,
any actuarial reduction for early retirement, and any previous cost-of-living
increases.
(E) The benefit paid to
an eligible survivor under an optional plan of payment shall be based upon the
amount last received by the member, excluding medicare reimbursement and the
amount of any reduction chosen by the member, but including any cost-of-living
allowance received by the member. Such survivor shall be entitled to
cost-of-living adjustments based upon the original base of the survivor under
the optional plan of payment.
(F)
Upon the election by an eligible member to cancel an optional plan of payment
and to return to a single life annuity, previously awarded cost-of-living
allowances shall be adjusted to the amount the member would have received had
the member always been paid a single life annuity.
Notes
Promulgated Under: 111.15
Statutory Authority: 742.10
Rule Amplifies: 742.37
Prior Effective Dates: 07/24/1986 (Emer.), 10/16/1986, 10/09/1987 (Emer.), 01/10/1988, 02/07/2000 (Emer.), 05/01/2000, 02/14/2005, 04/23/2015
Promulgated Under: 111.15
Statutory Authority: 742.10
Rule Amplifies: 742.37
Prior Effective Dates: 7/24/86 (Emer.), 10/16/86, 10/09/87 (Emer.), 1/10/88, 2/7/00 (Emer.), 5/1/2000, 2/14/2005
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