3309-1-43 Service credit established under retirement incentive plan.

Authority provided in section 3309.33 of the Revised Code as enacted in Substitute H.B. 410 in the 115th General Assembly.

(A) Upon adoption of a retirement incentive plan in accordance with section 3309.33 of the Revised Code, the employer shall notify the school employees retirement system on an official form approved by the school employees retirement board.

(B) The cost to the employer for each year of credit purchased will be determined by factors recommended by the school employees retirement system actuary which yield an amount equal to the additional liability of the amount purchased. Actuarial cost will be revised no more than once annually and shall apply only to new credit established after such revision is approved by the school employees retirement board.

(C) Employers may make equal payments to the school employees retirement system for the cost of the year or years of credit purchased over a number of years equal to the number of years purchased under the employer adopted plan. Purchase of partial years is not permitted.

After the thirtieth of June of the year in which the service is purchased, interest shall be calculated on the remaining payments at the rate established for other purchased credit.

(D) An employee may initiate action to retire under the locally adopted retirement incentive plan in accordance with section 3309.33 of the Revised Code by completing the employee section of a form adopted by the school employees retirement board and filing such form with the employer. Subsequently, the form must be completed by the employer and filed with the school employees retirement board within ninety days of the effective date of retirement, but in no event shall it be filed later than the last day of the month preceding the date of retirement.

(E) Employees who retire under section 3309.33 of the Revised Code shall not forfeit any rights or privileges provided in rules of Chapter 3309-1 of the Administrative Code in existence at the time of retirement.

R.C. 119.032 review dates: 02/01/2011 and 02/01/2016
Promulgated Under: 111.15
Statutory Authority: 3309.04
Rule Amplifies: 3309.33
Prior Effective Dates: 9/16/83