145-2-43 Additional annuity accounts.

 

 

 

145-2-43                                           Additional annuity payments.

 

 

 

(A)

 

(1)    A member or contributor who makes a payment for an additional annuity, pursuant to section 145.23 of the Revised Code, shall remit the payment with a form provided by the public employees retirement system. The retirement system shall not accept a payment for less than one hundred dollars, nor more than one payment a month except as provided in rule 145-1-37 of the Administrative Code.

 

(2)     A member or contributor may designate a beneficiary to receive only the additional annuity account if the member or contributor dies while still a member or contributor.

 

(a)    Such designation shall be made on a form provided by the retirement system, and may be changed only on a form provided by the retirement system.

 

(b)   If a member fails to designate a beneficiary, or the beneficiary dies prior to the member, the beneficiary shall be the person determined to qualify for other payments pursuant to section 145.43 of the Revised Code.

 

(c)    If a contributor fails to designate a beneficiary, or the beneficiary dies prior to the contributor, the beneficiary shall be the person determined to qualify for other payments pursuant to section 145.384 of the Revised Code.

 

(B)

 

(1)     A member or contributor shall make application for an additional annuity payment on a form provided by the public employees retirement system. In the event a member or contributor is deceased, the qualifying beneficiary shall make such application.

 

(2)   The retirement system may pay a one-time lump sum payment after receiving an application from the a member, a contributor or a beneficiary who has requested such payment.

 

(3)   The retirement system may pay monthly additional annuity benefits only if:

 

(a)     The member has requested such payment applied for the additional annuity benefit and has applied for a retirement benefit pursuant to

 

 

section 145.32 or 145.331 of the Revised Code; or

(b)     A contributor has requested such payment applied for the additional annuity benefit and has applied for a monthly benefit pursuant to section 145.384 of the Revised Code.

(4)   If a member makes an application for a monthly additional annuity benefit, the member shall select a plan of payment as described in section 145.46 of the Revised Code, and designate a beneficiary.

(C) A member or contributor who makes a payment for an additional annuity, pursuant to section 145.23 of the Revised Code, is eligible to receive an interim benefit payment as described in rule 145-1-65 of the Administrative Code.

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, 145.23

Rule Amplifies:                                  145.23

Prior Effective Dates:                         1/1/03; 3/22/02; 1/1/02 (Emer.); 10/9/00; 2/3/92.