Ohio Administrative Code|Rule 145-1-65 | Interim benefit payment.

                                                
(A) For purposes of this rule and rules
		  145-1-71 and 145-1-73 of the Administrative Code:
(1) "Finalized
			 retirement benefit" means:
(a) Any monthly benefit amount paid to a benefit recipient
				pursuant to section 145.32, 145.33, 145.331, 145.332, 145.35, 145.36, 145.361,
				145.37 or 145.46 of the Revised Code calculated after the receipt of the final
				report of retirement contributions upon which the member appears;
(b) Any monthly benefit amount paid to a beneficiary pursuant to
				section 145.45 of the Revised Code calculated after the receipt of the final
				report of retirement contributions upon which the member appears;
(c) Any monthly benefit amount paid pursuant to section 9.03 of
				the combined plan document calculated after the receipt of the final report of
				retirement contributions upon which the member appears;
(d) Any monthly annuity paid pursuant to section 9.02 of the
				combined or member-directed plan documents after the receipt of the final
				report of retirement contributions upon which the member appears.
(2) "Interim benefit
			 payment" means:
(a) Any monthly benefit amount paid to a benefit recipient
				pursuant to section 145.32, 145.33, 145.331, 145.332, 145.35, 145.36, 145.361,
				145.37 or 145.46 of the Revised Code prior to the payment of a finalized
				retirement benefit;
(b) Any monthly benefit amount paid to a beneficiary pursuant to
				section 145.45 of the Revised Code prior to the payment of a finalized
				retirement benefit;
(c) Any monthly benefit amount paid pursuant to section 9.03 of
				the combined plan document prior to the payment of a finalized retirement
				benefit;
(d) Any monthly annuity paid pursuant to section 9.02 of the
				combined or member-directed plan documents prior to the payment of a finalized
				retirement benefit.
(3) "Beneficiary" means a person qualified to receive a
			 monthly benefit pursuant to section 145.45 of the Revised Code after the death
			 of a member or disability recipient.
(4) "Partial lump
			 sum option payment" means the lump sum payment described in division
			 (A)(2) of section 145.45, division (E)(1) of section 145.46 of the Revised
			 Code, or section 9.03(e)(4) of the combined plan document.
(5) "Initial benefit
			 payment" means the first benefit check or payment to a member or
			 beneficiary. In the case that more than one initial payment is disbursed from
			 one or more of the retirement plans defined in rule 145-1-81 of the
			 Administrative Code, the first payment issued by the retirement system shall
			 constitute the initial benefit payment for purposes of determining whether a
			 benefit recipient is eligible to withdraw an application.
(B) Interim benefit payments may be paid
		  in accordance with this rule.
(C) A beneficiary applying for a benefit
		  under division (A)(2) of section 145.45 of the Revised Code, or a member or
		  contributor applying for a monthly benefit under section 145.32, 145.33,
		  145.331, 145.332, 145.37, 145.46, or 145.64 of the Revised Code, or section
		  9.03 of the combined plan document that includes a partial lump sum option
		  payment, shall receive the partial lump sum option payment no earlier than
		  ninety days after issuance of the initial benefit payment.
(D) A member or contributor of the public employees retirement
		  system may receive an interim benefit payment if either of the following is
		  fully satisfied:
(1)  
(a) The member is eligible for retirement pursuant to section
				145.32, 145.33, 145.331, 145.332, 145.37, or 145.46 of the Revised Code or
				article IX of the combined or member-directed plan document at the time the
				retirement application is filed;
(b) The member has filed all applications, forms and documents
				necessary to process the retirement benefit at least thirty days prior to the
				effective retirement benefit date;
(c) The member's employer has certified the last day for
				which the member will receive earnable salary;
(d) The member or contributor who makes payment for an additional
				annuity, pursuant to section 145.62 of the Revised Code, has at least one
				hundred dollars in an additional annuity account.
(2)  
(a) The member or contributor is eligible for disability benefits
				pursuant to section 145.35, 145.36, 145.361, or 145.37 of the Revised
				Code;
(b) The public employees retirement board has approved the
				application for disability benefits by the member or contributor;
				and
(c)  In the case of a member, the member's employer has
				certified the last day for which the member will receive earnable
				salary.
(E) A beneficiary may receive an interim benefit payment if all
		  of the following are satisfied:
(1) The beneficiary is eligible for a
			 benefit pursuant to section 145.45 of the Revised Code at the time the
			 application is filed;
(2) The beneficiary has filed all
			 applications, forms and documents necessary to process the
			 benefit.
(F)  
(1)  For benefits payable
			 under the traditional pension plan and section 9.03 of the combined plan
			 document, an interim benefit payment shall be calculated using the earnable
			 salary and service credit available in the account of a member or contributor
			 at the time of the calculation. For a monthly annuity payment option under
			 section 9.02 of the combined or member-directed plan document, an interim
			 benefit payment shall be calculated using the portion of the member's
			 individual defined contribution account specified by the member on the
			 member's retirement application.
(2)  
(a)  Except as provided in paragraph (F)(3) of this rule, the
				retirement system shall revise the monthly benefit to which the member is
				entitled following the receipt of the final report of retirement contributions
				upon which the member appears.
(b)  The retirement system shall revise the monthly benefit to
				which a beneficiary is entitled upon receipt of a report of contributions on
				which the deceased member appears if the contributions were not used in the
				calculation of the interim benefit payment. If no additional contributions are
				received by the retirement system, the interim benefit payment shall be the
				finalized retirement benefit.
(c)  
(i) If the finalized
				  retirement benefit is greater than the interim benefit payment, the retirement
				  system shall increase the current benefit and issue a retroactive payment for
				  the difference between the prior interim benefit payment and the finalized
				  retirement benefit.
(ii) If the finalized
				  retirement benefit is less than the interim benefit payment, the retirement
				  system shall decrease the current benefit. The benefit recipient or the
				  beneficiary shall repay to the retirement system the amount of the overpayment
				  of benefits. If the benefit recipient or the beneficiary fails to repay such
				  amount, the retirement system shall withhold the amount from any benefit due
				  the benefit recipient or the beneficiary.
(3)  Monthly additional
			 annuity payments shall commence as described in rule 145-2-43 of the
			 Administrative Code.
(G) A member or a beneficiary may withdraw their application for
		  benefits prior to receipt of the initial benefit payment by providing the
		  retirement system with either a written request to withdraw the application
		  over the signature of the member or beneficiary or a verbal request to withdraw
		  the application.
(H)  
(1) A beneficiary
			 applying for a benefit under division (A)(2) of section 145.45 of the Revised
			 Code, or a member or contributor applying for a monthly benefit under section
			 145.32, 145.33, 145.331, 145.332, 145.37, 145.46, or 145.64 of the Revised
			 Code, or section 9.03 of the combined plan document that does not include a
			 partial lump sum option payment may make a one-time election to receive a
			 partial lump sum option payment, or the member or contributor may make a
			 one-time change to their plan of payment, at any time prior to issuance of the
			 finalized retirement benefit payment.
(2) A beneficiary
			 applying for a benefit under division (A)(2) of section 145.45 of the Revised
			 Code, or a member or contributor applying for a monthly benefit under section
			 145.32, 145.33, 145.331, 145.332, 145.37, 145.46, or 145.64 of the Revised
			 Code, or section 9.03 of the combined plan document that includes a partial
			 lump sum option payment may make a one-time change to their partial lump sum
			 option payment amount, or the member or contributor may make a one-time change
			 to their plan of payment, at any time prior to issuance of the partial lump sum
			 option payment or transfer of the partial lump sum option payment by the
			 retirement system to their financial institution.
(3) A member or
			 contributor is ineligible to name a different beneficiary under a plan of
			 payment selected by the member or contributor unless the member or contributor
			 reselects or elects a different plan of payment under this rule. The spouse of
			 a member or contributor who reselects or elects a different plan of payment
			 shall consent on a form provided by the retirement system to the new plan of
			 payment selected by the retirant.