3307:1-5-05 Early retirement reduction factors.

(A) For purposes of division (E)(2) of section 3307.58 of the Revised Code, the percentage for reducing the annual single lifetime benefit of a member described in division (B)(2) of section 3307.58 of the Revised Code shall be the percentage that provides the member the greatest benefit when using:

(1) Any of the percentages calculated as of each July first occurring on or after July 1, 2016, through July 1, 2026, that immediately precedes the member's effective benefit dates, assuming the member was eligible to retire on that July first; or,

(2) The percentage calculated on the member's effective benefit date.

(B) For purposes of determining eligibility for retirement benefits pursuant to section 3307.58 of the Revised Code, a member shall be considered to continually maintain retirement eligiblity upon first meeting age and service eligibility, through July 1, 2026. On or after August 1, 2026, members are only eligible for retirement benefits when they meet the age and service credit requirements outlined in division (B) of section 3307.58 of the Revised Code.

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: 3307.58
Prior Effective Dates: 7/1/13 (Emer.), 9/14/13