Ohio Administrative Code › Title 3307:2 - Defined Contribution › Chapter 3307:2-2 - Defined Contribution Plans - Establishment › Section 3307:2-2-01 - Establishment of defined contribution program, including a defined contribution plan and combined plan

Current through all regulations passed and filed through July 1, 2024
(A)
			 Defined contribution program. Pursuant to section
			 3307.81 of the Revised Code, the
			  retirement board hereby
			 establishes a defined contribution program effective July 1, 2001, consisting
			 of such plans as the board may from time to time establish.
The terms and conditions of each such plan shall be as
				specified by a plan document adopted by the board. The plan document may be
				amended from time to time without prior notice as the retirement board deems
				necessary or appropriate. The plans established by the board may include plans
				in which the performance of investment choices specified by the board and
				selected by the member are used to determine the cash accumulation in each
				account and available to the participant upon retirement or withdrawal. The
				investment choices specified by the board may include a guaranteed return
				option. Such plans may provide definitely determinable benefits, or any
				combination of the foregoing.
Contributions made by participants and employers pursuant to
				sections 3307.26 and
				3307.28 of the Revised Code
				shall be allocated in accordance with the applicable plan documents and as the
				board may from time to time specify. An account in the defined contribution
				fund created by division (G) of section
				3307.14 of the Revised Code
				shall be maintained for each member who elects to participate in any such
				plan.
(B) Defined
			 contribution plan. Pursuant to section
			 3307.81 of the Revised Code, the
			 retirement board hereby establishes the defined contribution plan effective
			 July 1, 2001. The terms and conditions of the defined contribution plan shall
			 be as specified in a plan document adopted by the retirement board.
Contributions made by a participant pursuant to section
				3307.26 of the Revised Code and
				a portion of employer contributions pursuant to section
				3307.28 of the Revised Code
				specified by the retirement board shall be credited to the participant's
				account in the defined contribution fund. Contributions
				 credited shall be allocated by the
				participant among investment choices specified by the retirement board.
(C) Combined plan. Pursuant to
			 section 3307.81 of the Revised Code, the
			 retirement board hereby establishes the combined plan effective July 1, 2001.
			 The terms and conditions of the combined plan shall be as specified in a plan
			 document adopted by the retirement board.
A portion of the participant contributions made pursuant to
				section 3307.26 of the Revised Code as
				specified by the retirement board shall be credited to a participant's account
				in the defined contribution fund. Such contributions shall be allocated by the
				participant among investment choices specified by the retirement board.
A portion of the participant contributions made pursuant to
				section 3307.26 of the Revised Code and
				a portion of the employer contributions made pursuant to section
				3307.28 of the Revised Code
				shall be applied as specified by the retirement board to provide retirement,
				disability and survivor benefits under the terms, conditions and schedules
				specified by the plan document. A portion of the employer contributions may be
				allocated to the health care fund under the terms, conditions and schedules
				specified by the retirement board.