3307:2-3-02 Election by certain current members.

(A) For the purposes of this rule and section 3307.251 of the Revised Code:

(1) "Accumulated contributions" shall have the same meaning as that set forth in section 3307.50 of the Revised Code.

(2) "Total service credit" shall have the same meaning as that set forth in section 3307.50 of the Revised Code.

(B) An individual who is a member on June 30, 2001, may elect participation in a plan established under section 3307.81 of the Revised Code in lieu of continued participation in the defined benefit plan established by sections 3307.50 to 3307.79 of the Revised Code retirement system, if:

(1) On June 30, 2001 the member has accrued less than five years of total service credit; and

(2) Before December 28, 2001 the member files with the retirement system a written election, on a form provided by the retirement system.

(C) An election of a plan established under section 3307.81 of the Revised Code pursuant to section 3307.251 of the Revised Code and paragraph (B) of this rule shall be effective July 1, 2001 and shall become irrevocable on December 28, 2001.

(D) If a member eligible to make an election under the terms of section 3307.251 of the Revised Code and this rule does not do so by December 28, 2001, the member shall be deemed to have elected continued participation in the defined benefit plan established by sections 3307.50 to 3307.79 of the Revised Code.

(E) Except as otherwise specified by the Revised Code, the Administrative Code or the plan document, elections under section 3307.251 of the Revised Code and this rule, whether deemed or actual, shall be irrevocable and shall govern future participation in the retirement system, notwithstanding any subsequent terminations of employment as a teacher, changes of employer, withdrawal from membership or new employment as a teacher.

(F) The retirement system shall establish an account in the defined contribution fund created by division (G) of section 3307.14 of the Revised Code for a member who elects participation in a plan established under section 3307.81 of the Revised Code within fourteen days of receipt of a complete election form.

(G) The amount standing in the teachers' savings fund created by division (A) of section 3307.251 of the Revised Code and this rule to participate in a plan established under section 3307.81 of the Revised Code shall be transferred to an account in the defined contribution fund created by division (G) of section 3307.14 of the Revised Code, plus interest compounded annually at the following rates:

(1) If the member had total service credit as of June 30, 2001 of two and ninety-nine hundredth or less, four per cent.

(2) If the member had total service credit as of June 30, 2001 of three years or more, six per cent for periods prior to January 1, 1999 and five per cent thereafter

Amounts so transferred shall be subject to the same investment allocation as the member directs for new contributions.

R.C. 119.032 review dates: 03/24/2014 and 03/24/2019
Promulgated Under: 111.15
Statutory Authority: 3307.80
Rule Amplifies: 3307.251
Prior Effective Dates: 7/1/2001 (Emer.), 9/17/01, 6/18/09