145-4-26 Dental and vision coverage.

 

 

 

145-4-26                      401(h) retiree medical account.

 

 

 

(A)    A 401(h) retiree medical account under this rule shall be invested by the public employees retirement board with other funds held in the 401(h) account. Each For

balances  held  in  each401(h)  retiree

medical

account

shall  be  credited  withfor

calendar years prior to and ending on December 31, 2014, interest or other earnings shall be credited at a rate and at such intervals as determined by the board. On and after January 1, 2015, 401(h) retiree medical accounts shall not earn interest or other earnings. An administrative fee may be assessed against a 401(h) retiree medical account as determined by the board.

(B)   A 401(h) retiree medical account established under this rule shall be available solely for the payment of the qualified medical expenses of a benefit recipient or eligible dependent.

(C)    Payment or reimbursement of a qualified medical expense shall occur only after submission of a claim and approval pursuant to rule 145-4-28 of the Administrative Code. Payment of a qualified medical expense shall occur only by payment of a premium for health care coverage. Reimbursement of a qualified medical expense shall occur by direct payment to the benefit recipient. Payment or reimbursement is limited to expenses not paid by social security, medicare, or any other medical and health insurance coverage held by the benefit recipient or eligible dependent, or their employers. Payment or reimbursement may not be made for qualified medical expenses that are deductible by the benefit recipient under any other section of the Internal Revenue Code.

145-4-26         Effective:	01/01/2015	2
Five Year Review (FYR) Dates:	09/29/2018
CERTIFIED ELECTRONICALLY
Certification
10/27/2014
Date
Promulgated Under:	111.15
Statutory Authority:	145.09, 145.58
Rule Amplifies: Prior Effective Dates:	145.58, 145.584 1/1/07, 1/1/09, 1/7/13 (Emer.), 3/24/13, 1/1/14