742-4-09 Calculation of interest.

(A) Interest shall be calculated at five percent on an annual basis based on a three hundred sixty-five day-calendar year.

(B) Beginning January 2, 2003, OP&F shall calculate interest on the DROP participant’s DROP benefit on the last day of each month according to the following provisions:

(1) Interest on the proper amount of employee contributions will be based on the earlier of the date cash is received or the date that the monthly report of employee deductions is due; and

(2) Interest on the monthly pension benefit calculated in accordance with the section 742.442 of the Revised Code will be based on the first day of each month, regardless of when posted by OP&F.

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

Effective: 03/19/2007

R.C. 119.032 review dates: 12/04/2006 and 03/19/2012

Promulgated Under: 111.15

Statutory Authority: 742.10, 742.43

Rule Amplifies: 742.443

Prior Effective Dates: 04/06/2003