3307:1-3-01 Interest rate and cost calculation for restoration and purchased service.

(A)

Except to the extent otherwise specified by the Revised Code or the Administrative Code, in any calculation of cost for the restoration or purchase of service credit under sections 3307.50 to 3307.79 of the Revised Code in which interest is to be compounded, the rate used shall be eight per cent compounded annually regardless of whether the restoration or purchase is paid in a single payment or through a payroll deduction plan.

Effective: 5/7/2015
Five Year Review (FYR) Dates: 02/20/2015 and 05/01/2020
Promulgated Under: 111.15
Statutory Authority: 3307.04
Rule Amplifies: 3307.70, 3307.71, 3307.712, 3307.72, 3307.73, 3307.752, 3307.761, 3307.763, 3307.77
Prior Effective Dates: 12/23/76, 11/28/77, 1/1/80, 7/1/80, 12/26/81, 11/4/82, 4/27/85, 10/1/86, 9/15/89 (Emer.), 11/30/89, 1/1/95, 10/29/98 (Emer.), 1/17/99, 7/1/00, 7/1/01 (Emer.), 9/17/01, 5/24/04, 3/30/07 (Emer.), 6/28/07, 5/14/09, 1/7/13 (Emer.), 3/24/13, 1/1/14 (Emer.), 2/10/14