LAW
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Ohio Laws and Rules
(A) A member of the state highway patrol retirement system who retires on or after September 21, 1994, as provided in section 5505.16 of the Revised Code may elect to receive a single lifetime pension benefit, or may elect to receive the actuarial equivalent of a pension payable for life with some portion continuing after death to a designated beneficiary under one of the following options.
(1) Some percentage of the member’s actuarial reduced pension to be paid for life to a beneficiary designated at the time of retirement.
(2) Select a period of not less than five nor more than twenty years during which the member’s actuarial reduced pension shall be paid to the member and continue for the remainder of such period to the beneficiaries, in such order as designated by the member at the time of retirement or the member’s lifetime, whichever is greater. Only one beneficiary may receive a monthly pension, however all beneficiaries named may jointly receive the present value of any remaining payments in a lump sum settlement.
(B) Under any of the following conditions, the joint and survivor annuity plan may be cancelled and the retirant will be eligible to receive a single life annuity the month following the system receiving the completed cancellation form. No payment or adjustment shall be made to compensate for the period of time the joint and survivor annuity was paid.
(1) If the retirant has been receiving a benefit for less than one year and with the written consent of the designated beneficiary.
(2) If the designated beneficiary dies and upon the retirement system’s receipt of the death certificate.
(3) If divorce, annulment, or dissolution occurs, and with the written consent of the spouse, or pursuant to court order.
(C) A retirant may select a joint and survivor annuity plan no later than one year following marriage or remarriage.
(D) Designation of a plan option, change in the plan, or change in beneficiary requires that the retirant submit a form prescribed by the board.
(E) Any plan or payment changes shall become effective the first day of the month following receipt of a form prescribed by the board.
(F) Any benefit paid to a beneficiary selected 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 401A(9) prohibits the payment of a benefit to a designated beneficiary, or a combination of payments made to a surviving spouse and designated beneficiary, which exceeds the amount the retirant was receiving at the time of death.
Effective: 10/21/2005
R.C. 119.032 review dates: 08/05/2005 and 10/01/2010
Promulgated Under: 111.15
Statutory Authority: 5505.04
Rule Amplifies: 5505.162
Prior Effective Dates: 12/1/1994, 11/14/1994