5505-3-05 Selection of payment plan.

(A) A member of the state highway patrol retirement system who retires under section 5505.16 of the Revised Code may elect to receive a single lifetime pension benefit, or the actuarial equivalent under one of the following options:

(1) A reduction in the retirant's pension with a corresponding payment for the life of a beneficiary designated at the time of retirement.

(2) A reduction in the retirant's pension with a guaranteed term to the retirant and beneficiaries of not less than five nor more than twenty years. Beneficiaries may be named. in order. during the retirant's lifetime; however. only one beneficiary may receive a monthly pension at one time. The present value of any remaining payments shall be distributed to the estate of the last surviving beneficiary.

(B) A retirant may change a joint and survivor annuity selection to a single life annuity under the following conditions:

(1) If the retirant has been receiving a benefit for less than one year. and with written consent of the spouse.

(2) Upon the death of the spouse. or

(3) Upon divorce. annulment. or dissolution. and with written consent of the spouse. or pursuant to a court order.

(C) There shall be no retroactive adjustment for the period of time that a joint and survivor annuity was paid.

(D) A retirant may change a single life annuity selection to a joint and survivor annuity until one year after the retirant's marriage.

(E) Plan changes shall be effective the first day of the month following receipt of a form prescribed by the board.

(F) Any benefit paid to a beneficiary under the joint and survivor annuity or life annuity certain and continuous is in addition to the automatic surviving spouse benefit in accordance with section 5505.17 of the Revised Code. Internal Revenue Code section 401(a)(9) prohibits the payment of a benefit to a designated beneficiary. or a combination of payments made to a surviving spouse and designated beneficiary. that exceeds the amount the retirant was receiving at the time of death.

Replaces: 5505-3-05

Effective: 08/08/2011
R.C. 119.032 review dates: 08/08/2016
Promulgated Under: 111.15
Statutory Authority: 5505.04
Rule Amplifies: 5505.162
Prior Effective Dates: 12/1/1994, 11/14/1994, 10/21/2005