(A) All funds credited to the account of a participant in the defined contribution program shall be allocated to the "STRS Target Choice Option" with the earliest target date until an allocation directing otherwise 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 "STRS 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 to the "STRS Target Choice Option" with the earliest target date, at the net asset value of the "STRS Target Choice Option" at the close of business on the day outlined in paragraph (B)(1) of this rule.
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: 9/17/02, 3/30/12, 7/1/13 (Emer.), 9/9/13