(A) A DROP participant who is eligible for distributions under division (B)(3) of section 742.444 of the Revised Code may select periodic payments under division (B)(3)(b) of section 742.444 of the Revised Code according to the following methods:
(1) Partial distributions, which are one-time payments and not recurring, in a gross amount equal to or greater than one thousand dollars per request, with a maximum of four distributions being made by OP& F during a calendar year; and
(2) Monthly distributions in a gross amount equal to or greater than one hundred dollars per payment, which will be paid on a monthly basis until OP& F receives proper written direction from the DROP participant to change such selection; and
(3) Notwithstanding the provisions of paragraphs (A) and (B) of this rule, the final distribution shall be a one-time payment in the gross amount due the DROP participant, according to OP& F's books and records.
(B) If an eligible DROP participant elects a one-time distribution, OP& F will make the initial distribution based on the DROP accrual shown for the member for those payroll reports that have been received and processed as of the date of the member's selection. OP& F will then make a final distribution to the DROP participant in the same manner as the original request for a lump sum distribution once the final payroll reports have been received and processed so that the final DROP benefit that is due the member can be determined.
(C) If an eligible DROP participant elects a partial distribution, this distribution may consist of multiple methods of payment and such request will constitute one partial distribution for purposes of the limits set forth in paragraph (A)(1) of this rule. For example, a member may request a partial DROP distribution and choose to rollover a portion of the partial distribution to an eligible account and have the balance of the partial distribution paid directly to him or her and this would constitute one partial distribution of DROP benefits.
(D) 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: 06/11/2008 and 08/28/2013
Promulgated Under: 111.15
Statutory Authority: 742.10
Rule Amplifies: 742.444
Prior Effective Dates: 12/31/02 (Emer.), 4/6/03, 12/27/05 (Emer.), 3/20/2006