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 who earned service credit in the year of retirement shall be reduced by the lesser of either the percentage calculated as of July first immediately preceding the member's effective benefit date, assuming the member was eligible to retire on that July first, or 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, except on or after August 1, 2026, when all members must attain age 60 to be eligible for retirement benefits pursuant to section 3307.58 of the Revised Code.

Effective: 09/14/2013
R.C. 119.032 review dates: 09/14/2018
Promulgated Under: 111.15
Statutory Authority: 3307.04
Rule Amplifies: 3307.58