Ohio Revised Code Search

...ries of the public employees retirement system, the board shall adopt from time to time such tables as are deemed necessary for valuation purposes and for determining the amount of annuities to be allowed on the basis of the contributions.

...e case of a public employees retirement system member, the member's earnable salary; (b) In the case of an electing employee, the amount that would be the electing employee's earnable salary if the electing employee was a member of the retirement system. (2) "Compensation ratio" means the ratio for the most recent full fiscal year for which the information is available of the total compensation of all electing e...

...rom the investment of the funds of the system, together with all gifts and bequests, or the income therefrom, shall be paid into this fund. Any deficit occurring in any other fund that will not be covered by payments to that fund, as otherwise provided in Chapter 145. of the Revised Code, shall be paid by transfers of amounts from the income fund to such fund or funds. If the amount in the income fund is insuf...

... are contributing, the public employees retirement board shall hold all contributions from such employer in a separate fund as long as the inequality of contributions continues. During that period no funds contributed by any other employers shall be used to pay benefits to persons who were employees of such employer at the time of retirement.

...ference is made in this chapter, to the employees' savings fund, the employers' accumulation fund, the annuity and pension reserve fund, the income fund, the survivors' benefit fund, the defined contribution fund, or the expense fund, such reference is made to each as a separate legal entity. This section does not prevent the deposit or investment of all such moneys intermingled for such purpose but such funds shall ...

...unds of the public employees retirement system, and all disbursements therefrom shall be paid by the treasurer of state only upon instruments authorized by the public employees retirement board and bearing the signatures of the board; provided, that such instruments may bear the names of the board members printed thereon and the signatures of the chairperson, or of the vice-chairperson in case of the absence or disab...

...ction, a member of the public employees retirement system with at least eighteen months of contributing service in the system, the state teachers retirement system, or the school employees retirement system who exempted self from membership in one or more of the systems pursuant to section 145.03 or 3309.23 of the Revised Code, or former section 3307.25 or 3309.25 of the Revised Code, or was exempt under section 3307...

...mber of the public employees retirement system who elects to purchase or otherwise obtain service credit under section 145.28, 145.291, 145.292, 145.293, or 145.299 or division (G) of section 145.47 of the Revised Code shall do both of the following: (1) Submit a request to the public employees retirement board in a manner or form approved by the board; (2) For each year, or portion of a year, of credit purchased o...

...ber of the public employees retirement system who subsequent to January 1, 1935, and the date membership was established was off the payroll either on a leave of absence approved by the then appointing authority or because the member resigned due to pregnancy or adoption of a child may purchase service credit for the period of absence or resignation, provided that subsequent to such leave of absence or resignat...

...ber of the public employees retirement system except a part-time employee who claimed exemption under the provisions of section 145.03 of the Revised Code, may be purchased by any public employee for service rendered an employer. Credit shall be purchased under this section in accordance with section 145.29 of the Revised Code.

...ers of the public employees retirement system are eligible to purchase under this chapter, or for making additional deposits under section 145.583 or 145.62 of the Revised Code. In addition to any other matter considered relevant by the board, the rules shall specify all of the following: (a) The types of service credit that may be paid for through payroll deduction, including the section of the Revised Code ...

...am shall make the periodic employer and employee contributions, in the amounts set pursuant to sections 145.47 and 145.48 of the Revised Code, for contributors granted disability leave, based on the contributor's earnable salary in effect at the time disability leave was granted.

...mber of the public employees retirement system shall be eligible to participate in the retirement incentive plan established by the employee's employing unit if the employee meets the following criteria: (1) The employee is not any of the following: (a) An elected official; (b) A member of a board or commission; (c) A person elected to serve a term of fixed length; (d) A person appointed to serve a term of fixed...

...stitution's operation shall establish a retirement incentive plan for persons employed at the institution. (2) On and after July 17, 2009, in the event of a proposal to close a state institution or lay off, within a six-month period, a number of persons employed at an institution that equals or exceeds the lesser of three hundred fifty or forty per cent of the persons employed at the institution, the employing unit...

...mber of the public employees retirement system may purchase credit for service as a school board member if all of the following conditions are met: (1) The member is eligible to retire under this chapter or will become eligible to retire as a result of purchasing the credit. (2) The member agrees to retire within ninety days after receiving notice of the additional liability under section 145.29 of the Revise...

...d under the public employees retirement system or city of Cincinnati retirement system for service in the armed forces of the United States. (B) Service credit and contributions may be transferred between the public employees retirement system and the city of Cincinnati retirement system as specified in sections 145.2911 and 145.2912 of the Revised Code if both of the following conditions are met: (1) The Cincinnat...

...mber of the public employees retirement system but not a current contributor and who is not receiving a pension or benefit from the public employees retirement system elects to receive credit under the Cincinnati retirement system for service for which the person contributed to the public employees retirement system or purchased or obtained as military service credit, the public employees retirement system shall tran...

...lity to the public employees retirement system; (2) Make payment to the public employees retirement system in accordance with the rules. The number of years of service credit earned under section 145.33 of the Revised Code or division (A)(2), (B)(1)(b), or (C)(2) of section 145.332 of the Revised Code that may be treated as service credit earned under division (A)(1), (B)(1)(a), or (C)(1) of section 145.332 of the R...

...mber of the public employees retirement system may purchase service credit under this section for any period during which the member was out of service with a public employer and receiving workers' compensation if the member returns to employment covered by this chapter. (C) For credit purchased under this section: (1) If the member is employed by one public employer, for each year of credit, the member shall pay t...

...ion to the public employees retirement system, the public employees retirement board shall compute the total additional amount the member and employer would have contributed, or the amount by which each of the member's and employer's contributions would have increased, had the member received the increased salary for the office the member holds. If the member elects to have the combined amount by which the mem...

...ction 3309.261 of the Revised Code, the public employees retirement system shall do both of the following: (A) Calculate and certify to the requesting retirement system the cost to a former member to restore service credit under section 145.31 of the Revised Code for each year or portion of a year for which the former member seeks to restore service credit under that section. (B) Inform the requesting retirement sy...

...bers of the public employees retirement system, including for members described in section 145.196 of the Revised Code and other than those subject to section 145.332 of the Revised Code, for age and service retirement shall be determined under this section. (A) A member is eligible for age and service retirement under this division if, not later than five years after January 7, 2013, the member meets one of the f...

... in this section, the public employees retirement board shall annually increase each allowance, pension, or benefit payable under this chapter. Until the last day of December of the fifth full calendar year after the effective date of this amendment, the increase shall be three per cent. For each succeeding calendar year, the increase shall be as follows: (1) For each allowance, pension, or benefit granted ...

...ead of a monthly payment the retirement system shall pay the greater of the following in a single payment: (1) An amount determined under section 145.40 of the Revised Code as a refund of accumulated contributions; (2) An amount equal to the actuarial present value of the allowance as determined by the retirement system.

...ay make application for age and service retirement under this section. Retirement shall be effective on the first day of the first month following the last day for which the disability allowance is paid. (B) The annual allowance payable under this section shall consist of the sum of the amounts determined under divisions (B)(1) and (2) of this section: (1) The greater of the following: (a) An allowance calcu...