145-2-09 Purchase of exempted service credit.

 

 

 

145-2-9                                               Purchase of exempted service credit.

 

 

 

(A)

 

(1)    For service which would have been covered by Chapter 145. of the Revised Code, but was exempted, a member shall make a request to purchase credit for this service on a form provided by the public employees retirement system.

 

(2)    The member should have the employer for which the service was performed shall complete the certification of such service on the form and. The employer shall attach to the form a copy of each approved written exemption from membership on file with the employer for such member.

 

(3)   After receipt of the completed form, the retirement system shall determine the amount of service credit which that would have been earned had the service not been exempted.

 

(B)  For service which would have been covered by Chapter 3307. or 3309. of the Revised Code, but was exempted and must be purchased in this system, this retirement system shall request certification from the other retirement system that such service was exempted and the amount of the credit for such service, which shall be determined from a certification of the employer for which the service was performed.

 

(C)   The service credit purchased pursuant to section 145.28 of the Revised Code and this rule shall be adjusted to the extent:

 

(1)    The service is concurrent with any other service which that will be used in calculating a benefit;

 

(2)   The purchase of the service credit results in more than twelve months of credit in a year.

 

(D)

 

(1)    This retirement system shall calculate the cost to purchase exempted service credit by using the member's earnable salary for the twelve months of contributing service under Chapter 145., 3307., and/or or 3309. of the Revised Code immediately preceding the month in which the application to purchase is received by this system.

 

(2)    Annually, the public employees retirement board shall set the percentage rate

 

 

for the costs cost of such service credit in the traditional pension plan, based upon its actuary's recommendation, and the interest rate to be charged if the service credit is purchased in more than one payment.

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, 145.28

Rule Amplifies:                                  145.28

Prior Effective Dates:                         1/1/03, 8/1/92, 5/21/92 (Emer.)