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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 |
742-4-06. Calculation of DROP benefit
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(A) For purposes of calculating the DROP benefit, OP&F shall determine the monthly pension amount that would have been payable to the DROP participant had the member elected to receive normal service retirement benefits under division (C)(1) of section 742.37 of the Revised Code, according to the requirements set forth in divisions (G), (K) and (L) of section 742.01 of the Revised Code, rule 742-3-02 of the Administrative Code and this rule.
(B) For purposes of paragraphs (C)(1)(b), (C)(1)(c), and (C)(1)(d) of rule 742-3-02 of the Administrative Code, OP&F shall determine the holidays, longevity, stress pay and similar special payments to be used in the calculation of average annual salary, based on the following: (1) holidays, longevity, hazard, stress pay and similar special payments paid to the DROP participant during the calculation period; or (2) if a portion of the holidays, longevity, hazard, stress pay and similar special payments are disallowed due to such "salary" being outside of the beginning calculation period, but the holidays, longevity, stress pay, or similar special payments are earned at the end of the calculation period, but not paid, OP&F shall include such amounts with the calculation based on the amount paid to the DROP participant and reported by the DROP participant's employer to OP&F for the immediate preceding period for the same type of holidays, longevity, stress pay, or similar special payments, as the case may be.
(C) Capitalized terms used in this rule shall have the meaning assigned to them in rule 742-4-01 of the Administrative Code .