Ohio Administrative Code › Title 3307:2 - Defined Contribution › Chapter 3307:2-6 - Defined Contribution Plans - Disability Benefits › Section 3307:2-6-02 - Combined plan survivor benefits

Current through all regulations passed and filed through July 1, 2024
(A) In the event of the death of a combined
			 plan participant prior to payment to the participant of
			 both the defined benefit and defined contribution portions of the account,
			 payment shall be made as permitted by  this rule.
(B)
			 Dependent, service, or retirement based survivor benefits may be granted in
			 accordance with sections
			  3307.501,
								3307.66
								, and
			  3307.67
								 of the Revised Code and Chapter 3307:1-8 of the
			 Administrative Code to the qualified survivors of the deceased
			 participant in lieu of payment pursuant to Chapter 3307:2-5 of the
			 Administrative Code, calculated, paid and terminated as though all requirements
			 of section
			  3307.66 
			 of the Revised Code were applicable, except those set forth in division (G) of
			 section
			  3307.66 
			 of the Revised Code .
(C) A
			 surviving spouse or sole survivor of a participant
			  at the time of
			 the participant's death
			  may receive a lump-sum payment of both the defined
			 contribution and the defined benefit portions of
			 the account and receive the same lump-sum payments the participant would have
			 received as defined in the  plan document. To receive a monthly annuity, the following
			 applies:
(1) The surviving spouse or sole
			 survivor may receive a monthly annuity from the
			 defined contribution portion of the participant's combined plan account if the
			  monthly annuity benefit is not less than one hundred dollars monthly when
			 computed as a one hundred per cent joint survivor annuity without reversion;
			 otherwise, a lump-sum payment of the defined contribution portion of the
			 account shall be paid. The effective date for the
			 monthly annuity payment from the defined contribution portion shall be the
			 first of the month following the participant's date of death.
(2) The surviving spouse or sole
			 survivor may receive a monthly annuity from the
			 defined benefit portion of the participant's combined plan account if the
			 participant at the time of death was eligible, or would have been eligible the
			 first of the month following the date the deceased participant would have
			 attained the minimum age necessary to qualify for benefits, for a monthly
			 annuity benefit of not less than one hundred dollars monthly when computed as a
			 one hundred per cent joint survivor annuity without reversion; otherwise, a
			 withdrawal of the defined benefit portion of the account shall be paid.
			 The effective date for the monthly annuity payment from
			 the defined benefit portion shall be the first of the month following the later
			 of the participant's date of death or the date the deceased participant would
			 have attained the minimum age necessary to qualify for benefits under the
			 defined benefit portion, based upon service credit accrued as of the date of
			 death. Such a benefit shall be computed under the terms of the combined plan
			 and payable in the form of the one hundred per cent joint survivor annuity
			 without reversion the participant would have received had the participant been
			 retired on that same first of the month and selected such a joint survivor
			 annuity.
(3)
									For purposes of
			 this rule, "without reversion" refers to an annuity where neither the plan of
			 payment nor the primary beneficiary may be changed after
			 retirement.