The following rule is adopted to implement section 3307.87 of the Revised Code:
(A) If a defined contribution program participant who has terminated covered employment is married and is at least age fifty at the time of application for withdrawal of a balance of five thousand dollars or more, consent of the spouse shall be required under the circumstances and subject to the exceptions specified by section 3307.87 of the Revised Code.
(B) If a defined contribution program participant is married at the time of the application for a retirement benefit as specified by these rules and the terms of the plan document, the consent of the spouse shall be required for the participant to select any form of payment, benefit or plan of payment that is not of a joint and survivor annuity with at least fifty per cent continuing for the lifetime of the spouse upon the death of the participant.
(C) The designation of a beneficiary other than the spouse by a participant married at the time of designation shall be subject to the consent of the spouse.
(D) The defined contribution portion of the combined plan and the defined benefit portion of that plan shall be subject to separate requirements of spousal consent.
Cite as Ohio Admin. Code 3307:2-5-08
R.C. 119.032 review dates: 03/24/2014 and 06/01/2019
Promulgated Under: 111.15
Statutory Authority: 3307.80
Rule Amplifies: 3307.81, 3307.87
Prior Effective Dates: 7/1/01 (Emer.), 9/17/01, 9/17/02, 6/18/09