3307:2-5-09 Plans of payment.

(A) A defined contribution program participant granted a retirement benefit upon attainment of a minimum age of fifty and termination of covered employment may elect to accept in lieu of a lump-sum payment of the member account, a monthly benefit in accordance with the terms and conditions of the plan document under any of the plans of payment available for defined benefit members under the terms of rule 3307:1-5-02 of the Administrative Code and section 3307.60 of the Revised Code, except for a lump-sum payment made under division (B) of section 3307.60 of the Revised Code. A plan of payment selected may be changed or reselected only as therein provided. If the participant elects to annuitize such payment, no change may be made in the plan of payment selected for such annuity after the fifteenth day of the month of the first regular benefit payment. Regular benefits begin once a final benefit, as defined by paragraph (F) of rule 3307:1-1-01 of the Administrative Code, is paid.

(B) A combined plan participant granted a retirement benefit under the defined benefit portion of the account may elect to accept in lieu of a lump-sum payment, a monthly benefit in accordance with the terms and conditions of the plan document under any of the plans of payment available for defined benefit members under the terms of section 3307.60 of the Revised Code and rule 3307:1-5-02 of the Administrative Code. A plan of payment selected may be changed or reselected only as therein provided. Selection of a plan of payment shall become final as set forth in paragraph (G) of rule 3307-8-01 of the Administrative Code.

Effective: 06/12/2014
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
Prior Effective Dates: 7/1/01 (Emer.), 9/17/01, 9/17/02, 6/18/09