Ohio Administrative Code › Title 3307:1 - Defined Benefit › Chapter 3307:1-5 - Selection and Reselection of Plan of Payment › Section 3307:1-5-02 - Selection and reselection of plan of payment for retirees on or after October 1, 1989

Current through all regulations passed and filed through July 1, 2024
By authority of sections
				3307.04 and
				3307.60 of the Revised Code, the
				following rule shall apply to the plans of payment provided in sections
				3307.58,
				3307.59 and
				3307.60 of the Revised
				Code:
(A) The provisions for
			 reselection of a plan of payment set forth in this paragraph shall be
			 applicable to all service retirants granted retirement effective on or after
			 October 1, 1989, or a retirant who elects recalculation of benefits pursuant to
			 section three of Am. H.B. 293 of the 118th General Assembly, or a retirant
			 whose application is made on or after September 15, 1989 for retirement
			 effective July 1, 1989 or thereafter, and who meet the requirements set forth
			 in section 3307.60 of the Revised Code.
(1) Application for a change of plan of
			 payment must be submitted to the  retirement system on a form approved by the retirement board.
			 Payment under a reselected plan of payment shall be effective as follows:
(a) Death of a beneficiary - first of the
			 month following death of beneficiary regardless of when the application is
			 received, provided such beneficiary was designated at
			 the time of retirement. The reselection of a plan of payment shall be limited
			 to the single lifetime benefit equivalent option, as stipulated in paragraph
			 (A)(2) of this rule or as specified in division (A)(4) of section
			 3307.60 of the Revised Code if a
			 joint and survivor plan of payment with multiple primary beneficiaries was
			 elected.
(b) Divorce, annulment or
			 marriage dissolution - the later of the first of the month following date
			 application is received by the  retirement system or the first of the month after the
			 divorce, annulment or marriage dissolution, provided:
(i) The spouse was designated as beneficiary
			 under the plan of payment selected at retirement; and
(ii) A spousal consent form
			 approved by the retirement system or court order
			 specifically authorizing the reselection of plan of payment on the basis of the
			 marriage termination is received by the retirement system; and
(iii) The reselection of a plan of payment
			 shall be limited to the single lifetime benefit equivalent option, as
			 stipulated in paragraph (A) (2) of this rule or as specified in division (A)(4)
			 of section 3307.60 of the Revised Code if a
			 joint and survivor plan of payment with multiple primary beneficiaries was
			 elected.
(c) Marriage or
			 remarriage - the later of either the first of the month following the date a
			 completed application on a form approved by
			 the retirement system is received by the  retirement system or the first of the month after the
			 marriage or remarriage, except if the marriage or remarriage occurs on or after
			 June 6, 2005, the election must be made not later than one year after the date
			 of the marriage or remarriage. The spouse must be selected as beneficiary under
			 division (A)(1), (A)(2), (A)(3), (A)(4) or (A)(6) of section
			 3307.60 of the Revised Code and
			 the benefit must be calculated as stipulated in paragraph (A) (3) of this
			 rule.
(d) For those retirants whose
			 benefit is commenced under a single lifetime benefit in accordance with section
			 401(a)(9) of the Internal Revenue Code and the regulations thereunder, not
			 later than one year after the date that the benefit described in this paragraph
			 commences, a retirant who was married on the effective date of the benefit may
			 elect a plan of payment under division (A)(1), (A)(2), (A)(3), or (A)(6) of
			 section 3307.60 of the Revised Code and
			 calculated as stipulated in paragraph (A)(3) of this rule provided the spouse
			 is named as the beneficiary. The election shall be made on a form approved by
			 the retirement system and shall be effective on the effective date of the
			 benefit paid under a single life annuity. Any benefit overpayment may be
			 recovered as provided in section
			 3307.47 of the Revised
			 Code.