Rule 3307:1-3-01 | Interest rate and cost calculation for restoration and purchased service.
Except to the extent otherwise specified by the Revised Code or the Administrative Code, in any calculation of cost for the restoration or purchase of service credit under sections 3307.50 to 3307.79 of the Revised Code in which interest is to be compounded, the rate used shall be eight per cent compounded annually regardless of whether the restoration or purchase is paid in a single payment or through a payroll deduction plan.
Supplemental Information
Authorized By:
3307.04
Amplifies: 3307.70, 3307.71, 3307.712, 3307.72, 3307.73, 3307.74, 3307.751, 3307.752, 3307.76, 3307.761, 3307.763, 3307.77, 3307.771
Five Year Review Date: 5/7/2025
Prior Effective Dates: 12/23/1976, 11/28/1977, 1/1/1980, 7/1/1980, 12/26/1981, 11/4/1982, 4/27/1985, 10/1/1986, 9/15/1989 (Emer.), 11/30/1989, 1/1/1995, 10/29/1998 (Emer.), 1/17/1999, 7/1/2000, 7/1/2001 (Emer.), 9/17/2001, 5/24/2004, 3/30/2007 (Emer.), 6/28/2007, 5/14/2009, 1/7/2013 (Emer.), 3/24/2013, 1/1/2014 (Emer.), 2/10/2014, 5/7/2015
Amplifies: 3307.70, 3307.71, 3307.712, 3307.72, 3307.73, 3307.74, 3307.751, 3307.752, 3307.76, 3307.761, 3307.763, 3307.77, 3307.771
Five Year Review Date: 5/7/2025
Prior Effective Dates: 12/23/1976, 11/28/1977, 1/1/1980, 7/1/1980, 12/26/1981, 11/4/1982, 4/27/1985, 10/1/1986, 9/15/1989 (Emer.), 11/30/1989, 1/1/1995, 10/29/1998 (Emer.), 1/17/1999, 7/1/2000, 7/1/2001 (Emer.), 9/17/2001, 5/24/2004, 3/30/2007 (Emer.), 6/28/2007, 5/14/2009, 1/7/2013 (Emer.), 3/24/2013, 1/1/2014 (Emer.), 2/10/2014, 5/7/2015