3309-1-28. Purchase of service credit; military

(A) Compound interest at a rate to be set by the board shall be applied from the date of the member's first service covered by the school employees retirement system, public employees retirement system or state teachers retirement system following the termination of military duty to date of payment.

(B) The number of years to be purchased shall not exceed five years or the total number of years of Ohio contributing service credit accumulated at time of purchase, whichever is the lesser.

(C) The member may purchase any portion of the military service, provided that a member with less than five years of military service who buys all of his service will be credited with the total days of the final month of service.

(D) The rate of contribution will be that which is in effect at the time the member entered into active military service.

(E) The maximum salary limitation stipulated in Chapter 3309. of the Revised Code when the member completed his first year of Ohio service, will be observed in the calculation of the cost to purchase.

Five Year Review (FYR) Dates: 2/1/2019 and 02/01/2024
Promulgated Under: 111.15
Statutory Authority: 3309.04
Rule Amplifies: 3309.021
Prior Effective Dates: 12/24/1976, 07/01/1983, 11/01/1996, 05/14/2005

Prior History: (Five Year Review (FYR) Dates: 01/30/2015 and 02/01/2019
Promulgated Under: 111.15
Statutory Authority: 3309.04
Rule Amplifies: 3309.021
Prior Effective Dates: 12/24/76, 7/1/83, 11/1/96, 5/14/05)