To coordinate and integrate membership in the state retirement systems, the following provisions apply:
(A) As used in this section:
(1) "Retirement systems" means the public employees retirement system, state teachers retirement system, and school employees retirement system.
(3) "Actuarial assumption rate" means the investment rate of return assumed for projecting assets in the STRS defined benefit plan.
(B) At the option of a member participating in the STRS defined benefit plan , total contributions and service credit in all retirement systems, including amounts paid to restore service credit under sections 145.311, 3307.711, and 3309.261 of the Revised Code, shall be used in determining the eligibility for benefits. If total contributions and service credit are combined, the following provisions apply:
(1) Service retirement or a disability benefit is effective on the first day of the month next following the later of:
(a) The last day for which compensation was paid;
(b) The attainment of minimum age or service credit for benefits provided under this section.
(2) "Total service credit" includes the total credit in all retirement systems except that such credit shall not exceed one year for any period of twelve months.
(3) Eligibility for a disability benefit shall be determined by the board of the state retirement system that will calculate and pay the benefit, as provided in division (B)(4) of this section. The state retirement system calculating and paying the disability benefit shall certify the determination to the board of each other state retirement system in which the member has service credit and shall be accepted by that board as sufficient for granting a disability benefit.
(4) The board of the state retirement system in which the member had the greatest service credit, without adjustment, shall calculate and pay the total benefit. If the member's credit is equal in two or more retirement systems, the system having the member's largest total contributions shall calculate and pay the total benefit.
(5) In determining the total credit to be used in calculating a benefit, credit shall not be reduced below that certified by the system or systems transferring credit, except that such total combined service credit shall not exceed one year of credit for any one "year" as defined in the statute governing the system making the calculation.
(a) The retirement system calculating and paying the benefit shall receive from the other system or systems all of the following for each year of service:
(i) The amount contributed by the member, or, in the case of service credit purchased by the member, paid by the member, that is attributable to the year of service;
(ii) An amount equal to the lesser of the employer's contributions made on behalf of the member to the retirement system for that year of service or the amount that would have been contributed by the employer for the service had the member been a member of the state teachers retirement system at the time the credit was earned;
(iii) If applicable, an amount equal to the amount paid on behalf of the member by an employer under section 145.483 of the Revised Code;
(iv) Interest compounded annually on the amounts specified in divisions (B)(6)(a)(i), (ii), and (iii) of this section at the lesser of the actuarial assumption rate for that year of the state teachers retirement system or the other retirement system or systems transferring amounts under this section.
(b) The annuity rates and mortality tables of the retirement system making the calculation and paying the benefit shall be applicable.
(c) Deposits made for the purchase of additional income, with guaranteed interest, upon the member's request, shall be transferred to the retirement system paying the regular benefit. The return upon such deposits shall be that offered by the retirement system making the calculation and paying the regular benefit.
(C) A person receiving a benefit under this section, who accepts employment amenable to coverage in any retirement system that participated in the person's combined benefit, shall be subject to the applicable provisions of law governing such re-employment.
If a retirant should be paid any amount to which the retirant is not entitled under the applicable provisions of law governing such re-employment, such amount shall be recouped by the retirement system paying such benefit by utilizing any recovery procedure available under the law of the retirement system covering such re-employment.
Amended by 129th General AssemblyFile No.147,SB 342, §1, eff. 1/7/2013.
Effective Date: 04-01-2001