Rule 3307:2-6-02 | Combined plan survivor benefits.
(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.
Last updated April 15, 2024 at 1:18 PM
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