3307:1-10-01 Cost-of-living.

 

 

 

3307:1-10-01               Cost-of-living.

 

 

In determining benefit increases as authorized in section 3307.67 of the Revised Code, the following shall apply:

 

(A)  For the purpose of that section and this rule:

 

(1)   "Base benefit" shall mean the amount payable on the effective date of a benefit or the effective date of any subsequent reselection of plan of payment and does not include any benefit adjustments granted by statute after retirement.

 

(2)    "COLA base benefit" shall mean the base benefit plus any applicable ad hoc increases granted by statutory amendment or enactment after the effective date of a benefit.

 

(B)   The amount of the increase for each person who receives an increase on the benefit anniversary date of the cost of living adjustment on or after July 1, 1979 shall be three per cent of the COLA base benefit.

 

(C)    On or after July 1, 1979 an individual is eligible to receive an initial increase, provided such person has been receiving an allowance or benefit for twelve months or more and has not received an initial increase under that section.

 

(D)   Payment of a cost-of-living adjustment, as apportioned between the alternate payee and the benefit recipient pursuant to division (B) of section 3307.67 of the Revised Code, shall occur with the next cost-of-living adjustment that becomes payable to the benefit recipient on or after October 27, 2006. The benefit recipient's subsequent cost-of-living adjustments shall also be apportioned between the benefit recipient and alternate payee while the order is in effect.

 

(E)The state teachers retirement board shall annually increase each allowance or benefit payable under sections 3307.50 to 3307.79 of the Revised Code by three per cent, except that no total annual allowance or benefit including the amount of cost-of-living allowances paid pursuant to section 3307.67 of the Revised Code shall exceed the limit established by section 415 of the "Internal Revenue Code," 100 Stat. 2085, 26 U.S.C.A. 415, as amended.

 

 

 

 

 

 

 

 

 

 

 

 

3307:1-10-01                                                                                                                         2

Effective:                                                     12/20/2007

R.C. 119.032 review dates:                         04/01/2011

CERTIFIED ELECTRONICALLY

Certification

11/26/2007

Date

Promulgated Under:                           111.15

Statutory Authority:                           3307.04

Rule Amplifies:                                  3307.67

Prior Effective Dates:                         12/23/76, 4/26/80, 5/8/98, 7/1/01 (Emer.), 9/17/01,

9/17/02, 10/27/06