By authority provided in section 3307.671 of the Revised Code, the state teachers retirement board shall establish the following rule for determining the amount of the temporary supplementary benefit fund, if allocated:
(A) A temporary supplementary benefit will be paid to a person granted and paid a benefit by this system upon meeting the eligibility requirements of section 3307.57, 3307.58, 3307.59, 3307.60, 3307.63, 3307.631, or 3307.66 of the Revised Code, if during the year in which a payment is awarded the person received twelve monthly benefit payments including that paid for December.
(B) If more than one person is receiving a benefit under section 3307.66 of the Revised Code from the account of a deceased member the temporary supplementary benefit payable to the account shall be divided into equal payments to each benefit recipient who is sharing in the account at the time of payment. If such division of the temporary supplementary benefit results in a payment of less than twenty-five dollars, the amount shall be increased to twenty-five dollars to each affected recipient.
(C) A retirant who has been re-employed in violation of the restrictions of section 3307.35 of the Revised Code during a calendar year is ineligible to receive a temporary supplementary benefit for that year. If a determination of violation of section 3307.35 of the Revised Code is made after the payment of a temporary supplementary benefit is paid for the year in which the violation occurred, such benefit shall be repaid or collected along with any other benefits overpaid.
(D) The amount of the temporary supplementary benefit will be determined according to the number of units accumulated by each account, as follows:
(1) One unit is accumulated for each full calendar year that the benefit has been paid from the account.
(2) One unit is accumulated for each year of total service credit as defined by division (D) of section 3307.01 of the Revised Code and rule 3307:1-1-01 of the Administrative Code. Partial units are accumulated for partial years of such Ohio credit.
(4) Units shall not be accumulated by recipients of service retirement benefits under section 3307.59 of the Revised Code for any period of time during which a disability allowance was paid under section 3307.631 of the Revised Code.
(E) For each year in which a temporary supplementary benefit is paid, the state teachers retirement board shall assign a monetary value to each unit, based upon the total amount allocated within the limits established in section 3307.671 of the Revised Code.
(F) The total value of all units actually paid will establish the amount of the temporary supplementary benefit fund for that year.
(G) Any temporary supplemental benefit calculated under this rule shall be reduced by any amounts due to be repaid to the retirement system on an account, without regard to the individual primarily responsible for such repayment.
Five Year Review (FYR) Dates:
Promulgated Under: 111.15
Statutory Authority: 3307.04
Rule Amplifies: 3307.761
Prior Effective Dates: 12/27/80, 4/4/87, 5/25/00, 7/1/01 (Emer.), 9/17/01, 3/25/10