(A) This rule amplifies division (A)(1) of section 3309.34 of the Revised Code.
(B) For purposes of division (A) of section 3309.34 of the Revised Code and this rule:
(1) "Total service credit" means all service credit earned in the public employees retirement system, state teachers retirement system, or school employees retirement system, except credit for service subject to section 3309.341 of the Revised Code. Total service credit shall not exceed one year of credit for any twelve-month period.
(2) "Buy-up" means to make an additional voluntary contribution in an amount equal to the additional actuarial liability to the school employees retirement system of retiring under the retirement eligibility criteria contained in division (A)(1)(a) of section 3309.34 of the Revised Code.
(C) A member with less than twenty-five years of total service credit as of August 1, 2017 may submit a written request to buy-up to the school employees retirement system.
(1) The cost of the additional liability shall be determined based on factors recommended by the school employees retirement system actuary and approved by the retirement board. The factors used in calculating the additional liability will be revised no more than once annually and shall apply only to payments made after such revision is approved by the school employees retirement board.
(2) The buy-up shall be made in a lump sum payment by August 1, 2017.
(3) The amount of any buy-up contribution cannot exceed the limitations set forth in Internal Revenue Code section 415. If the cost of the additional liability exceeds the limitations set forth in the Internal Revenue Code, the member is not eligible to retire under division (A)(1)(a) of section 3309.34 of the Revised Code.
(D) Contributions paid by a member pursuant to this rule shall be credited to the employees' savings fund.