Ohio Administrative Code › Title 148 - Ohio Public Employees Deferred Compensation › Chapter 148-1 - General Provisions › Section 148-1-01 - Ohio Public Employees Deferred Compensation Board

Current through all regulations passed and filed through July 1, 2024
(A) The purpose of this rule is to provide
			 all necessary standards or conditions for the administration of the Ohio public
			 employees deferred compensation program created by sections
			  148.01 
			 to
			  148.10 
			 of the Revised Code.
(B) The
			 following terms, when used herein, shall have the designated meaning unless a
			 different meaning is plainly required by the context.
(1) "Program" - The Ohio public employees
			 deferred compensation program as set forth in sections
			  148.01 
			 to
			  148.10 
			 of the Revised Code.
(2) "Board" -
			 The Ohio board established pursuant to section
			  148.02 
			 of the Revised Code for the purpose of administering the program.
(3) "Employer" - The state and various
			 political subdivisions whose employees are permitted under division (A) of
			 section
			  148.01 
			 of the Revised Code to participate in the program.
(4) "Eligible employees" - Those employees
			 defined in division (A) of section
			  148.01 
			 of the Revised Code.
(5) "Employer
			 agreement" - An agreement between an eligible employer and the board designed
			 to facilitate the board's common administration of all employer plan agreements
			 adopted under the program.
(6)
			 "Plan(s) or plan agreement(s)" - The document adopted by an eligible employer
			 under the program that sets forth the terms and conditions governing the
			 deferral of an eligible employee's compensation.
(7) "Participating employees or participants"
			 - Those eligible employees who have elected to defer a portion of their
			 compensation pursuant to a participation agreement or
			 who have been automatically enrolled.
(8) "Participation agreement" - The agreement
			 between the eligible employer and the eligible employee by which an eligible
			 employee adopts the plan agreement and elects to become a participating
			 employee under the plan.
(9)
									 "Automatic enrollment" - Employers may adopt an
			 arrangement under which in the absence of an affirmative election by their
			 eligible employee, a certain amount of compensation may be automatically
			 withheld from the eligible employee's pay and contributed to the plan as a
			 deferral.
(10) "Investment options" - The various financial
			 products offered as investments under the program.
(11) "Funding agents"
			 - Those insurance companies, banks and other financial institutions that the
			 board shall select to invest compensation deferred under plans adopted under
			 the program.
(12) "Participant's account" - An account
			 or accounts maintained by the
			 plan administrator
									
									reflecting the interest of a participant, alternate payee or
			 beneficiary under the plan.
(13) "Payroll
			 center(s)" - Those facilities where the participating employees' paychecks are
			 computed and issued.
(14) "Trust or
			 plan-trust document" - The document that sets forth the terms and conditions
			 governing the trust by which all funds of the plan are held in trust by the
			 board on behalf of an eligible employer for the exclusive benefit of an
			 eligible employee.