Ohio Administrative Code|Rule 145-2-07 | Additional service credit under section 145.201 of the Revised Code.

                                                
(A) This rule amplifies section 145.201
		  of the Revised Code.
(B)  
(1)  For contributing
			 service that occurred prior to January 1, 2014, "full-time service"
			 does not include service computed as part-time pursuant to section 145.016 of
			 the Revised Code. For contributing service that occurred on and after January
			 1, 2014, "full-time service" means service for which the monthly
			 earnable salary, as reported for each month, equals or exceeds one thousand
			 dollars.
(2) The public employees
			 retirement system shall prepare a statement of cost for the additional service
			 credit to be purchased based on the request of an eligible member.
(3) The statement of cost shall be based
			 on thirty-five per cent of all eligible full-time service.
(4)  Each statement of cost issued under
			 section 145.201 of the Revised Code prior to July 7, 2013, shall include full
			 calendar years of eligible service; however, payment for the service credit may
			 be made in full or partial year increments, provided the system has issued a
			 full calendar year statement of cost for the service credit being purchased or
			 a partial calendar year statement of cost as provided in this rule. A statement
			 of cost may include a partial calendar year if the partial calendar year
			 is:
(a) The only eligible service;
(b) The first year of a term of eligible service; or
(c) The last year of a term of eligible service.
(5) Each statement of
			 cost issued under section 145.201 of the Revised Code on and after July 7,
			 2013, shall include the cost of full calendar years and any portion of a year
			 the member elects to purchase.
(6) A member shall have at least twelve
			 months of contributing service for purposes of the calculation described in
			 rules 145-2-02 and 145-3-23 of the Administrative Code.
(C)  A member who purchased service under
		  section 145.201 of the Revised Code may elect to receive all or a portion of
		  the amount paid under that section if, in calculating the members age
		  and service retirement allowance, either of the following apply:
(1) In the case of a
			 member of the traditional pension plan whose retirement allowance is calculated
			 under division (A) of section 145.33 of the Revised Code, the member's
			 total annual single lifetime allowance exceeds the lesser of one hundred per
			 cent of the member's final average salary or the limit established by
			 section 415 of the Internal Revenue Code of 1986, 26 U.S.C.A. 415.
(2) In the case of a
			 participant in the combined plan, the participant's total annual single
			 lifetime allowance exceeds the lesser of the limits described in section
			 9.03(a) of the combined plan document.
(D)  
(1)  Upon the
			 members election under paragraph (C) of this rule, the retirement system
			 shall refund to the member all or a portion of the amount paid to purchase
			 service. The retirement system shall refund the amounts paid to purchase
			 service credit in the reverse order of the member's purchase, with the
			 most recent service purchased being the first amount refunded.
(2) The amount refunded
			 to the member shall not exceed the actual amount paid by the member for the
			 service credit to be refunded. No interest shall be paid on the amount
			 refunded. If applicable, the retirement system shall withhold taxes on amounts
			 paid to a member that have not yet been taxed.
(3) The amount refunded
			 to the member shall not be paid prior to the issuance of the members retirement
			 benefit, as defined in rule 145-1-65 of the Administrative Code.


Last updated January 3, 2022 at 9:05 AM