5505-3-07 Deferred retirement option plan.

(A) As provided for in section 5505.50 of the Revised Code, the date of the initial implementation of the deferred retirement option plan (DROP) shall be June 15, 2006.

(B) A retirement board trustee who elects participation in the deferred retirement option plan shall be permitted to serve out the remainder of the elected term of office.

(C) A member whose participation in the deferred retirement option plan terminates as a result of a disability shall not forfeit the interest credited under division (C) of section 5505.54 of the Revised Code.

(D) Interest shall continue to accrue pursuant to division (C) of section 5505.54 of the Revised Code after a member's participation in the deferred retirement option plan ceases.

(E) As described in division (B)(1) of section 5505.56 of the Revised Code, "on or after the first day of the fourth year" and "earlier than four years" shall mean after three years have elapsed.

(F) As described in division (B)(2) of section 5505.56 of the Revised Code, "on or after the first day of the third year" and "earlier than three years" shall mean after two years have elapsed.

(G) A member participating in the deferred option retirement plan shall be eligible to vote in an election of a retirant member of the retirement board, but shall not be eligible to vote in an election of an employee member of the retirement board.

(H) Provided that the other candidacy eligibility criteria are met, a member participating in the deferred option retirement plan shall be eligible to be elected as a retirant member of the retirement board, but shall not be eligible to be elected as an employee member of the retirement board.

(I) Pursuant to section 5505.54 of the Revised Code, interest on deferred retirement option plan account balances shall be calculated at fifty percent of the Bloomberg USGG5yR index of government securities and fifty percent of the Bloomberg C0035Y index of corporate securities, less a 35 basis point account maintenance fee. The interest rate shall be established at June 30 and December 31 for the following six-month period.

Effective: 08/08/2011
R.C. 119.032 review dates: 09/28/2015
Promulgated Under: 111.15
Statutory Authority: 5505.50
Rule Amplifies: 5505.041, 5505.50, 5505.51, 5505.52, 5505.54, 5505.56
Prior Effective Dates: 9/28/2010