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, 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 participants 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. 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 following the date a final benefit, as defined by paragraph (F) of rule 3307:1-1-01 of the Administrative Code, is paid.
R.C. 119.032 review dates: 04/01/2009 and 06/18/2014
Promulgated Under: 111.15
Statutory Authority: 3307.80
Rule Amplifies: 3307.81
Prior Effective Dates: 7/1/2001 (Emer.), 9/17/01, 9/17/02