For the purposes of recording the account accumulated when payment becomes due to a participant in the defined contribution program, a unitized share value shall be assigned based on closing net asset value of the investment choices made by the participant as of the day contributions are credited to a participant's account.
R.C. 119.032 review dates: 04/01/2009 and 04/01/2014
Promulgated Under: 111.15
Statutory Authority: 3307.80
Rule Amplifies: 3307.81
Prior Effective Dates: 7/01/2001 (Emer.), 9/17/01
(A) All funds credited to the account of a participant in the defined contribution program shall be allocated to the money market option until an allocation otherwise directing is received from the participant.
(B) After the expiration of the one hundred-eighty-day election period provided by section 3307.25 of the Revised Code, the allocation of any contributions made retroactively to a defined contribution program account shall be credited as outlined in paragraphs (B)(1) and (B)(2) of this rule:
(1) Contributions received in the first one hundred-eighty days of membership shall be credited as of the last day of the one hundred-eighty-day election period and all other contributions for past service shall be credited as of the first business day following the day the contributions were received by the state teachers retirement system.
(2) The sum accumulated on the retroactive contributions shall be calculated by the greater of the following two alternatives:
(a) All contributions allocated to the money market choice at the net asset value of the money market choice at the close of business on the day outlined in paragraph (B)(1) of this rule; or
(b) All contributions allocated evenly across all investment choices, except the total guaranteed return choice, at the net asset value of the investment choices at the close of business on the day outlined in paragraph (B)(1) of this rule.
Direct rollover distributions of pretax amounts may be received by the retirement system as specified by section 3.4 of the plan document, provided:
(A) Application shall be on a form provided by the retirement system; and
(B) Application shall be subject to determination by the retirement system that the transferring plan or account is eligible to rollover funds to the plan in which the member participates.
(C) Rollover distributions are initially invested in the STRS money market choice at the time of deposit. Members may reallocate the funds anytime after the deposit is made.