145-2-04 Purchase of credit pursuant to section 145.293 of the Revised Code.

 

 

 

145-2-04                      Purchase of credit pursuant to section 145.293.

 

 

 

(A)  For the purpose of section 145.293 of the Revised Code:

 

(1)   "Comparable service position" means service in a comparable public position which that if it had been performed for an Ohio public employer would have been covered by an Ohio state retirement system;

 

(2)   "First year of Ohio service" means first twelve successive months of full-time contributing service in the public employees retirement system subsequent to the termination date of the service to be purchased.

 

(B)

 

(1)   The retirement system shall prepare a statement of the cost, including interest, for the service to be purchased based on the request of a member who shall provide a certification of the service on a form provided by the retirement system.

 

(2)   Interest at a rate set by the public employees retirement board shall be charged from the first day of membership in the retirement system subsequent to the termination date of the service to be purchased through the last day of the month in which payment is made.

 

(C)   Service credit under section 145.293 of the Revised Code may be purchased if such credit cannot be purchased in another Ohio state retirement system and will not exceed the limitations of section 145.293 of the Revised Code.

 

(D)The limitation of division (D) of section 145.293 of the Revised Code shall apply to service credit purchased after July 24, 1990.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

145-2-04                                                                                                                                2

Effective:                                                     01/01/2007

R.C. 119.032 review dates:                         09/29/2006 and 09/29/2011

CERTIFIED ELECTRONICALLY

Certification

12/15/2006

Date

Promulgated Under:                           111.15

Statutory Authority:                           145.09

Rule Amplifies:                                  145.293

Prior Effective Dates:                         1/1/03, 8/6/90, 1/1/78, 5/21/75