3309-1-36 Restoration of cancelled SERS service credit.

(A) For purposes of section 3309.26 of the Revised Code and this rule:

(1) "Contributing service credit" means contributing service credit in this system, the public employees retirement system, the state teachers retirement system, the Ohio police and fire pension fund, or the state highway patrol retirement system.

(2) "Eligible member" means a member of this system who has cancelled service in this system and who has earned at least one and one-half years of contributing service credit subsequent to the withdrawal of contributions and cancellation of service credit in this system.

(3) "Eligible former member" means a former member of this system who has cancelled service in this system, who has earned at least one and one-half years of contributing service credit subsequent to the withdrawal of contributions and cancellation of service credit in this system, and who is not eligible to buy the cancelled service as a member of the Ohio police and fire pension fund, the state highway patrol retirement system, or the city of Cincinnati retirement system.

(B) Eligible members and eligible former members may restore all or a portion of cancelled service credit in this system by paying to the system the amount withdrawn plus interest compounded annually.

(C) Compound interest shall accrue from the first of the month of withdrawal through the month of repayment.

(D) Cancelled service credit may be restored in increments of one month.

(E) Service credit restored under this rule shall receive .125 per cent of a year service credit per month of service rendered prior to July 1, 1955, and .111 per cent of a year service credit per month of service rendered after June 30, 1955 and before July 1, 1977. Service performed after June 30, 1977 shall be determined by dividing the number of days paid by one hundred eighty, if the employee worked less than one hundred twenty days in the partial year to be restored. All other service restored under this rule shall receive .083 per cent of a year service credit per month of service rendered.

Effective: 04/01/2013
R.C. 119.032 review dates: 01/07/2013 and 02/01/2018
Promulgated Under: 111.15
Statutory Authority: 3309.04
Rule Amplifies: 3309.26
Prior Effective Dates: 12/24/76, 11/9/98, 5/2/01, 4/3/08