(A) This rule amplifies section 3307.57 of the Revised Code and applies to members who retire with an effective date of retirement on or after February 1, 2013.
(B) For the purpose of this rule:
(1) "State retirement system" and "retention percentage" have the same meaning as in section 3307.57 of the Revised Code.
(2) "Fiscal year" means, for the public employees retirement system, a calendar year and, for the school employees retirement system and state teachers retirement system, the twelve-month period beginning on July first and ending on June thirtieth.
(C) For purposes of determining the amount transferred under division (B)(5)(a) of section 3307.57 of the Revised Code, all of the following applies:
(1) The amount contributed by the member includes any amounts paid to restore service credit under section 3307.71 of the Revised Code and purchases made under sections 3307.72 and 3307.77 of the Revised Code.
(2) The amount of employer contributions shall be determined using the lesser of the employer's contribution rate in effect at the beginning of the fiscal year for each of the state retirement systems involved in the transfer, less the retention percentage.
(3) Any amounts paid by the member to purchase service credit shall include, if applicable, any amounts paid by the employer to purchase service credit.
(4) Except as provided in this paragraph, interest shall be calculated beginning on the first day of the fiscal year following the year in which the contributions were made and ending on the last day of the month in which the transfer occurs. If the amount to be transferred includes any amounts paid to purchase service credit, other than amounts paid to restore service credit under section 3307.71 of the Revised Code and purchases made under sections 3307.72 and 3307.77 of the Revised Code, interest on the amounts paid to purchase service credit shall be calculated beginning on the first day of the fiscal year following the year in which the payment to purchase the credit was made and ending on the last day of the month in which the transfer occurs. For each year of service credit to be transferred, the interest rate shall be determined by using the lesser of the actuarial assumption rate in effect at the beginning of the fiscal year for each of the state retirement systems involved in the transfer.
(D) If a member of the public employees retirement system has contributions to more than one employer division of the system, the employer contribution rate for the system shall be determined using the last division to which the member contributed. If the period of service and contributions to be transferred includes service that occurred prior to the date the members most-recent division was established, the state teachers retirement system shall use the employer contribution rate for its system for that year.
Last updated March 7, 2023 at 10:47 AM