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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 |
742-4-07. Accrual of member's contributions
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(A) For purposes of accruing a DROP participant's contributions in accordance with the provisions of division (B)(1)(a), (B)(1)(b), (B)(2)(a), or (B)(2)(b) of section 742.443 of the Revised Code, the term "thereafter" shall mean the end of the payroll reporting period reported to OP& F in accordance with applicable statutory provisions prior to the anniversary date referenced in each subsection, as more fully illustrated in the following examples.
For example, if the member files his/her election with OP& F on January 3, 2003, but the end of the next payroll period reported to OP& F is January 23, 2003, the effective date of the DROP election is January 24, 2003, as provided for in this rule, even though this payroll will be included in the February payroll that is reported to OP& F in March 2003. In such case, beginning with the January 2005 payroll reported to OP& F, seventy-five per cent of the DROP participant's contributions would accrue to the DROP participant's benefit until the next change in contributions under section 742.443 of the Revised Code. Using this same example, if the last full payroll reporting period for 2005 falls on January 20, 2005, then beginning with the January 21, 2006 payroll period reported to OP& F, one hundred per cent of the DROP participant's contributions would accrue to his/her benefit. For members whose election to participate in DROP is effective after July 1, 2013, the percentage rates for the accrual of contributions shall be the following, which are set forth in division (B)(2) of section 742.443 of the Revised Code: fifty per cent for years one through three; seventy-five per cent for years four through six; and one hundred per cent for years seven and eight.
(B) Capitalized terms used in this rule shall have the meaning assigned to them in rule 742-4-01 of the Administrative Code .