742-7-03 Payment date of benefits.

Except as otherwise required by law, all benefit checks shall be paid by Ohio police and fire pension fund (“OP&F”) as follows from and after September 1, 2000:

(1) For benefit recipients who request the payment of benefits by direct deposits, OP&F shall transfer the funds to the benefit recipient’s account on record on the first business day of each month;

(2) For benefit recipients who do not request the payment of benefits by direct deposit, OP&F shall mail checks on the last business day of the month for benefits due the following month, even though the issue date of the check will be the first day of the next month, as provided for in rule 742-7-01 of the Administrative Code. In the event a benefit recipient negotiates the check prior to its issue date and OP&F incurs a fee for such transaction, the board of trustees may adopt a policy that provides for the reimbursement of such fees by the benefit recipient.

(3) In the event the first business day of the month falls on a legal holiday, the funds will be available for benefit recipients who request direct deposit on the first business day following the legal holiday.

R.C. 119.032 review dates: 11/30/2004 and 11/30/2009

Promulgated Under: 111.15

Statutory Authority: 742.10

Rule Amplifies: 742.37, 742.40

Prior Effective Dates: 5/4/2000