(A) Upon adoption of a retirement incentive plan in accordance with section 3307.54 of the Revised Code, the employer shall notify the state teachers retirement system on an official form approved by the state teachers retirement board.
(B) The cost to the employer for each year of credit purchased will be determined by factors recommended by the state teachers retirement system actuary which yield an amount equal to the additional liability of the amount purchased. Actuarial cost will be revised no more than once annually and shall apply only to new credit established after such revision is approved by the state teachers retirement board.
(C) Employers may make equal payments to the state teachers retirement system for the cost of the year or years of credit purchased over a number of years equal to the number of years purchased under the employer adopted plan. Purchase of partial years is not permitted. After the last day of the month of retirement, interest shall be calculated on the remaining payments at the rate established for other purchased credit as stipulated in division (A) of rule 3307:1-3-01 of the Administrative Code.
(D) A member employed as a teacher may initiate action to retire under the locally adopted retirement incentive plan in accordance with section 3307.54 of the Revised Code by completing the employee section of a form provided by the state teachers retirement board and filing such form with the employer. Subsequently, the form must be completed by the employer and filed with the state teachers retirement board within ninety days of the effective date of retirement, but in no event shall it be filed later than the last day of the month preceding the date of retirement.
(E) A member who elects to continue employment under section 3307.351 of the Revised Code is not eligible to participate in an early retirement incentive plan adopted by the employer with which employment continues.
119.032 review dates:
Promulgated Under: 111.15
Statutory Authority: 3307.04
Rule Amplifies: 3307.54
Prior Effective Dates: 8/19/83, 9/1/88, 9/23/91(Emer.), 12/23/91, 7/7/95,
5/25/00, 7/1/01(Emer.), 9/17/01