(A) In the event of the death of a
combined plan participant prior to payment to the participant of both the
defined benefit and defined contribution portions of the account, payment shall
be made as permitted by this rule.
(B) Dependent, service, or retirement
based survivor benefits may be granted in accordance with sections 3307.501,
3307.66, and 3307.67 of the Revised Code and Chapter 3307:1-8 of the
Administrative Code to the qualified survivors of the deceased participant in
lieu of payment pursuant to Chapter 3307:2-5 of the Administrative Code,
calculated, paid and terminated as though all requirements of section 3307.66
of the Revised Code were applicable, except those set forth in division (G) of
section 3307.66 of the Revised Code.
(C) A surviving spouse or sole survivor
of a participant at the time of the participant's death may receive a
lump-sum payment of both the defined contribution and the defined benefit
portions of the account and receive the same lump-sum payments the participant
would have received as defined in the plan document. To receive a monthly
annuity, the following applies:
(1) The surviving spouse
or sole survivor may receive a monthly annuity from the defined contribution
portion of the participant's combined plan account if the monthly annuity
benefit is not less than one hundred dollars monthly when computed as a one
hundred per cent joint survivor annuity without reversion; otherwise, a
lump-sum payment of the defined contribution portion of the account shall be
paid. The effective date for the monthly annuity payment from the defined
contribution portion shall be the first of the month following the
participant's date of death.
(2) The surviving spouse
or sole survivor may receive a monthly annuity from the defined benefit portion
of the participant's combined plan account if the participant at the time
of death was eligible, or would have been eligible the first of the month
following the date the deceased participant would have attained the minimum age
necessary to qualify for benefits, for a monthly annuity benefit of not less
than one hundred dollars monthly when computed as a one hundred per cent joint
survivor annuity without reversion; otherwise, a withdrawal of the defined
benefit portion of the account shall be paid. The effective date for the
monthly annuity payment from the defined benefit portion shall be the first of
the month following the later of the participant's date of death or the
date the deceased participant would have attained the minimum age necessary to
qualify for benefits under the defined benefit portion, based upon service
credit accrued as of the date of death. Such a benefit shall be computed under
the terms of the combined plan and payable in the form of the one hundred per
cent joint survivor annuity without reversion the participant would have
received had the participant been retired on that same first of the month and
selected such a joint survivor annuity.
(3) For purposes of this rule,
"without reversion" refers to an annuity where neither the plan of
payment nor the primary beneficiary may be changed after
retirement.
(D) Neither service credit established
under nor contributions to the public employees retirement system created by
Chapter 145. of the Revised Code or the school employees retirement system
created by Chapter 3309. of the Revised Code may be combined with this
retirement system, either for the determination of eligibility for survivor
benefits or the calculation of benefits.
(E) In the event of the death of a combined plan
participant prior to payment of the defined benefit portion of the account but
after payment was made of the defined contribution portion as specified by
paragraph (A)(3) or paragraph (B) of rule 3307:2-5-03 of the Administrative
Code, a benefit may be granted to a surviving spouse or sole survivor. Such a
benefit shall be effective as of the first of the month following the date the
deceased participant would have attained the minimum age necessary to qualify
for benefits under the defined benefit portion, based upon service credit
accrued as of the date of death. Such a benefit shall be computed under the
terms of the combined plan and payable in the form of the one hundred per cent
joint survivor annuity without reversion the participant would have received
had the participant been retired on that same first of the month and selected
such a joint survivor annuity or, in lieu of a benefit computed as a one
hundred per cent joint survivor annuity, the benefit is payable as a lump sum
equal to the withdrawal value as defined in the plan document.
(F) In the event of the death of a combined plan
participant prior to payment of the defined contribution portion of the account
but after payment was made of the defined benefit portion as specified by
paragraph (C) of rule 3307:2-5-03 of the Administrative Code, the surviving
spouse or sole survivor may withdraw or immediately annuitize the defined
contribution portion of the account.
