Ohio Administrative Code › Title 3307:1 - Defined Benefit › Chapter 3307:1-3 - Restoration and Purchased Credit › Section 3307:1-3-02 - Purchase of service credit

Current through all regulations passed and filed through July 1, 2024
(A) Members may purchase service credit under
			 sections 3307.71,
			 3307.72,
			 3307.752,
			 3307.761,
			 3307.763 and
			 3307.77 of the Revised Code in
			 increments and the cost for purchasing partial service credit shall be
			 calculated as a proportionate part of the total cost at time of
			 purchase.
(B) Members may not
			 purchase service credit that results in more than one year of total service
			 credit as defined by section
			 3307.50 of the Revised Code for
			 any year.
(C) Members applying for
			 service retirement must establish all service credit before the effective date
			 of service retirement if credit for such service is to be included in the
			 benefit calculation, except that:
(1) Service
			 credit shall be deemed to have been established prior to the effective date of
			 retirement in the event that after the effective date of retirement but prior
			 to the final benefit determination service credit is granted by the public
			 employees retirement system pursuant to section
			 145.483 of the Revised Code or
			 by this retirement system pursuant to section
			 3307.75 of the Revised
			 Code.
(2) Payment for other
			 purchases or restoration of service credit will be accepted for three months
			 after the effective date of retirement and service credit will be deemed to
			 have been established prior to the effective date, provided:
(a) That prior to the effective date of
			 retirement this retirement system approved an application for purchase of
			 service credit on forms provided by this system determining that the service
			 credit qualifies for purchase;
(b)
			 That prior to the effective date of retirement this retirement system issued
			 cost statements for each such purchase of service credit; and
(c) That payment in full is received by the
			 retirement system no later than the earlier of the last day of the third month
			 after the effective date of service retirement wherein the first month of the
			 three months is the month of retirement, or the day the retirement has become
			 final pursuant to paragraph (G) of rule
			 3307-8-01 of
			 the Administrative Code.
(3) An estimated or partial benefit may be
			 paid prior to the final determination only if a member qualifies for retirement
			 without regard to a purchase or restoration of service credit for which payment
			 in full has not been received.
(4)
			 That if payment in full is not received by the last day of the third month
			 after the effective date of service retirement;
(a) The application to purchase service
			 credit shall be cancelled;
(b) The
			 final benefit shall be calculated for a member eligible for retirement without
			 the service credit that could have been obtained had timely payment been
			 made;
(c) The application for
			 retirement shall be cancelled for any member not eligible to retire without the
			 service credit that could have been obtained had timely payment been
			 made.