145-2-48 Beneficiary and payment plan changes after commencement of additional annuity.

 

 

 

145-2-48                      Beneficiary and payment plan changes after commencement of additional annuity.

 

 

 

(A)As used in this rule and section 145.64 of the Revised Code, "notice of the death" means the date on which the public employees retirement system receives the death certificate of the spouse or beneficiary.

 

(B)(A) A designation of beneficiary may be changed after commencement of benefits under section 145.64 of the Revised Code when the contributor is receiving benefits under plan B.

 

(C)(B) When a contributor is receiving an additional annuity under a plan providing continuing lifetime payments to a designated beneficiary, the plan shall be changed to plan B and a new beneficiary may be designated:

 

(1)   The first day of the month following notice of the death the date on which the public employees retirement system receives the death certificate of the individual designated as beneficiary under the plan, but any change in the benefit amount shall be effective the first day of the month following notice of the death of the beneficiary.

 

(2)   On the first day of the month after receipt of the election of the contributor to revert to plan B following divorce, annulment, or dissolution of marriage with a spouse designated as beneficiary under the plan, except that no benefit shall be increased without the written consent of the former spouse who was the designated beneficiary or an order from the court with jurisdiction over the termination of the marriage.

 

(D)(C) The right to have a plan providing continuing lifetime payments to a designated beneficiary recomputed as plan B upon notice of the death of the beneficiary, or upon divorce, annulment or dissolution of marriage with a spouse who was designated as beneficiary, applies to all contributors who are receiving benefits under former section 145.23 or section 145.64 of the Revised Code, regardless of the original effective date of the benefits.

 

(E)(D) Upon the marriage or remarriage of a contributor receiving benefits under plan F, the contributor may designate the new spouse as a beneficiary under plan F only if the contributor does not already have four beneficiaries designated under that plan at the time the contributor applies to add the new spouse.

 

(F)(E) The death of any designated beneficiary under plan F shall not change the plan of payment. The plan F benefit shall continue to the remaining designated beneficiaries in the same percentages and the deceased beneficiary's portion shall revert to the contributor for the remainder of his or her lifetime. A contributor may

 

 

 

not cancel the plan of payment and return to a single lifetime benefit equivalent until notice of the death of all designated beneficiaries under that plan.

(G)(F) A contributor who is receiving benefits under plan B may, upon the contributor's later marriage or remarriage, elect to have the contributor's benefit under plan B recomputed as plan A and designate only the new spouse as beneficiary, as provided in division (F) of section 145.64 of the Revised Code. The actuarial factors shall be based on the actuarial ages of the retirant and beneficiary at the time the benefit is recomputed.

(H)(G) Any request for a change of plan of payment or beneficiary shall be made on a form approved by the public employees retirement board.

Effective:	11/18/2007
R.C. 119.032 review dates:	09/29/2011
CERTIFIED ELECTRONICALLY
Certification
11/08/2007
Date
Promulgated Under:	111.15
Statutory Authority:	145.09, 145.62.
Rule Amplifies: Prior Effective Dates:	145.64. 7/30/07 (Emer.); 7/1/07; 4/6/07 (Emer.).