A defined contribution program participant who has terminated covered employment and applies for distribution after attainment of age fifty may choose to annuitize an account in the defined contribution plan or the defined contribution portion of the combined plan by applying for a monthly payment for the lifetime of the participant, provided:
(A) The minimum monthly amount shall be one hundred dollars.
(B) Application for an annuity must be made on a form provided by and filed with the retirement system.
(C) The monthly amount granted shall be determined under annuity rates and factors adopted and periodically adjusted by the retirement board after review by an independent actuary appointed by the board and applied to the amount accumulated by a participant.
(D) A participant may elect to receive an annuity in the amount determined under paragraph (C) of this rule for life or may instead elect to receive an actuarially equivalent benefit in a lesser amount for the lifetime of the participant but continuing after the participant's death to a beneficiary under any plan of payment specified by rule 3307:2-5-09 of the Administrative Code.
(E) Funds to be annuitized shall be based upon the closing net asset value of the investment choices made by the participant as of the day an application for benefits is ready to be processed for payment. Payment will be made as soon as administratively practicable after receipt of a complete application.
R.C. 119.032 review dates: 04/01/2009 and 06/18/2014
Promulgated Under: 111.15
Statutory Authority: 3307.80
Rule Amplifies: 3307.81, 3307.87
Prior Effective Dates: 7/1/2001 (Emer.), 9/17/01, 9/17/02