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Ohio Administrative Code (Last Updated: January 12, 2021) |
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742 Ohio Police and Fire Pension Fund |
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Chapter742-4. Deferred Retirement Option Plans |
742-4-05. Purchase of service credit
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(A) Except for the purchase of service credit done through an irrevocable payroll deduction agreement, which shall be governed by the provisions of rule 742-4-14 of the Administrative Code, OP&F shall offer the member the right to purchase the service credit prior to his/her entry into DROP. In the event the member is given the right to purchase the service credit by OP&F and fails to purchase the service credit prior to his/her effective date, OP&F shall calculate the monthly benefit under section 742.442 of the Revised Code based on the member's service credit and "salary" as of the effective date.
(B) In the event the member is given the right to purchase the service credit by OP&F and fails to purchase the service credit prior to his/her effective date, the member shall be deemed to waive his/her right to purchase service credit.
(C) For purposes of section 742.21 of the Revised Code, the requirement that a member "is not receiving a pension or benefit payment" shall not include DROP participants, unless the DROP participant:
(1) Rescinds his/her election in accordance with the terms of rule 742-4-04 of the Administrative Code;
(2) Ceases participation in DROP in accordance with section 742.445 of the Revised Code, or
(3) Fails to terminate active service in the police or fire department at the end of the eight-year period that begins on the effective date, as such period is calculated in accordance with the terms of rule 742-4-10 of the Administrative Code.
(D) Capitalized terms used in this rule shall have the meaning assigned to them in rule 742-4-01 of the Administrative Code .