742-4-07 Accrual of member's contributions.

(A) For purposes of accruing a DROP participant’s contributions in accordance with the provisions of division (B)(1)(a) or (B)(1)(b) of section 742.443 of the Revised Code, the term “thereafter” shall mean the end of the payroll reporting period reported to OP&F in accordance with applicable statutory provisions prior to the anniversary date referenced in each subsection, as more fully illustrated in the following examples. For example, if the member files his/her election with OP&F on January 3, 2003, but the end of the next payroll period reported to OP&F is January 23, 2003, the effective date of the DROP election is January 24, 2003, as provided for in rule 742-4-07 of the Administrative Code, even though this payroll will be included in the February payroll that is reported to OP&F in March 2003. In such case, beginning with the January 2005 payroll reported to OP&F, seventy-five percent of the DROP Participant’s contributions would accrue to the DROP Participant’s benefit until the next change in contributions under section 742.443 of the Revised Code. Using this same example, if the last full payroll reporting period for 2005 falls on January 20, 2005, then beginning with the January 21, 2006 payroll period reported to OP&F, one hundred percent of the DROP Participant’s contributions would accrue to his/her benefit.

(B) Capitalized terms used in this rule shall have the meaning assigned to them in rule 742-4-01 of the Administrative Code(definitions).

R.C. 119.032 review dates: 04/01/2008 and 04/01/2013

Promulgated Under: 111.15

Statutory Authority: 742.10, 742.43

Rule Amplifies: 742.443

Prior Effective Dates: 04/06/2003