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.

Replaces: 3307:1-3-01

Effective: 5/7/2020
Five Year Review (FYR) Dates: 05/07/2025
Promulgated Under: 111.15
Statutory Authority: 3307.04
Rule 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
Prior Effective Dates: 12/23/1976, 11/28/1977, 01/01/1980, 07/01/1980, 12/26/1981, 11/04/1982, 04/27/1985, 10/01/1986, 09/15/1989 (Emer.), 11/30/1989, 01/01/1995, 10/29/1998 (Emer.), 01/17/1999, 07/01/2000, 07/01/2001 (Emer.), 09/17/2001, 05/24/2004, 03/30/2007 (Emer.), 06/28/2007, 05/14/2009, 01/07/2013 (Emer.), 03/24/2013, 01/01/2014 (Emer.), 02/10/2014, 05/07/2015