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Ohio Laws and Rules
(A) For purposes of this rule:
(1) “Order” means an order described in section 3105.81 of the Revised Code.
(2) “Alternate payee,” “benefit,” “lump sum payment” and “participant” have the meanings set forth in divisions (A) to (D) of section 3105.80 of the Revised Code.
(B) Subsequent to the time the state teachers retirement system receives an order, an alternate payee shall provide information required on a form provided by the retirement system. An alternate payee shall notify this retirement system in writing of any change in the information.
(C) The retirement system shall charge a fee to defray the cost of administering an order as follows:
(1) The fee hereby established shall be deducted prior to calculation of the limit specified by section 3105.85 of the Revised Code.
(2) The fee hereby established shall be divided between the participant and the alternate payee. The fee shall be deducted from the first payment made after retention of an order, except to the extent that the deduction in such manner would exceed the limitation specified by section 3105.85 of the Revised Code, in which case fees shall be paid by deduction from future payments.
(3) The fee shall be calculated under the terms of this rule in effect at the time payment is made.
(a) The fee shall be calculated as an amount equal to the lesser of four hundred dollars or one per cent of the amount a participant in the defined benefit plan established by sections 3307.50 to 3307.79 of the Revised Code is or would be eligible to receive as a lump sum payment under section 3307.56 of the Revised Code.
(b) In the case of a participant in a plan established under section 3307.81 of the Revised Code, the fee shall be calculated as an amount equal to the lesser of four hundred dollars or one per cent of the amount the participant is or would be eligible to receive as a lump sum payment under the plan in which he or she participants.
(c) In the event a participant is ineligible for a lump sum distribution because benefits have been granted prior to the retention of an order, the fee shall be four hundred dollars.
(D) Pursuant to section 3105.90 of the Revised Code, an order shall be on the attached form. Effective January 1, 2004, the state teachers retirement system shall only accept orders on the attached form.
Effective: 07/24/2008
R.C. 119.032 review dates: 04/28/2008 and 07/17/2013
Promulgated Under: 111.15
Statutory Authority: 3307.04
Rule Amplifies: 3105.80, 3105.81, 3105.82, 3105.821, 3105.83, 3105.84, 3105.85, 3105.86, 3105.87, 3105.88, 3105.89, 3105.90, 3307.371
Prior Effective Dates: 1/1/2002 (Emer.), 3/25/2002, 8/22/2003