5505-7-01 Calculation of retirement benefits.

(A) Pursuant to sections 5505.17 and 5505.18 of the Revised Code, final average salary shall be used to calculate retirement benefits.

(B) Final average salary shall be:

(1) For members with a pension effective date prior to January 1, 2015, the average of the highest annual salary paid to a member during any three years of service, which may be nonconsecutive.

(2) For members with a pension effective date on or after January 1, 2015, the average of the highest annual salary paid to a member during any five years of service, which may be nonconsecutive.

(3) Each year's salary shall be calculated as twenty-six consecutive payroll periods, multiplied by 1.00275 in order to adjust for three hundred sixty-five days.

(4) Final average salary shall include longevity, hazard duty, shift differential, and professional achievement pay.

(5) Final average salary shall not include paid overtime, doubleback, reportback, and standby pay.

(6) Whenever a final average salary computation requires the inclusion of a partial pay period, the average of the pro-rated pay period shall be used.

(C) A retirant on deferred status may elect to receive reduced retirement benefits at any time between the ages of forty-eight and fifty-two.

(D) Final average salary is calculated from employee contributions in accordance with records and data provided by the Ohio department of administrative services and the state highway patrol.

Effective: 02/01/2013
R.C. 119.032 review dates: 11/16/2012 and 02/01/2018
Promulgated Under: 111.15
Statutory Authority: 5505.07
Rule Amplifies: 5505.16 , 5505.17 , 5505.18
Prior Effective Dates: 4/27/2006, 10/21/2005, 11/1/1990, 1/1/1986