145-1-73 Withdrawal of application for refund or money purchase or additional annuity lump sum payments.

 

 

 

145-1-73                      Withdrawal   of   refund   application   for   refund   or   money purchase lump sum payment.

 

 

 

(A)  Except

 

(1)Except as provided in paragraph (B) paragraphs (A)(2), (B), or (E) of this rule, a member or retirant of the public employees retirement system may withdraw a refund application by returning the all uncashed refund warrant payments to the retirement system not later than thirty days after issuance of the initial warrant payment , along with a written request over the member's or retirant's signature to withdraw the application.

 

(B)(2) A member or retirant of the retirement system who requested a rollover of the member's account or the retirant's account pursuant to 145.384 of the Revised Code to a financial institution may withdraw a refund application if both of the following occur:

 

(1)(a) The member or retirant submits to the retirement system, not later than thirty days after issuance of the initial rollover warrant payment , a written request over the member's or retirant's signature to withdraw the application;

 

(2)(b) The financial institution transmits to the retirement system, not later than sixty days after issuance of the initial rollover warrant payment, the amounts transmitted to the financial institution.

 

(B)

 

(1)Except as provided in paragraphs (B)(2) or (E) of this rule, a beneficiary who elects to receive a lump sum payment of the member's accumulated contributions in lieu of a benefit pursuant to division (A) or (B) of section 145.45 of the Revised Code may withdraw an application for that payment by returning all uncashed refund payments to the retirement system not later than thirty days after issuance of the initial payment, along with a written request over the beneficiary's signature to withdraw the application and a completed application for a benefit under division (A) or (B) of section 145.45 of the Revised Code.

 

(2)A qualified spouse who elects to rollover the member's accumulated contributions to a financial institution may withdraw a refund application if all of the following occur:

 

(a) The qualified spouse submits to the retirement system, not later than thirty days after issuance of the initial rollover payment, a written request over the spouse's signature to withdraw the application;

 

 

 

(b) The qualified spouse submits to the retirement system, not later than thirty days after issuance of the initial rollover payment, a completed application for benefits pursuant to division (A) or (B) of section 145.45 of the Revised Code or article XI of the combined plan document;

(c) The financial institution transmits to the retirement system, not later than sixty days after issuance of the initial rollover payment, the amounts transmitted to the financial institution.

(C)   For a member of the retirement system who withdraws a refund application from the member-directed plan or combined plan as described in paragraph (A) or (B) of this rule, the amount refunded from the member's individual defined contribution account as of the date of reinstatement with the retirement system shall be allocated to the investment options last selected by the member. The member shall not receive any investment gains or losses for the period following the issuance of the initial refund warrant or rollover from the retirement system to a financial institution, to the date of reinstatement with the retirement system. If a member participating in the member-directed or combined plan, or the member's beneficiary, withdraws an application as provided in this rule, the member or the beneficiary is not entitled to any investment gains or losses on the amount that was paid from the member's individual defined contribution account for the period beginning on the date the retirement system issues the initial refund payment and ending on the date the payment(s) is returned to the retirement system as provided in this rule. The amount paid from the member's individual defined contribution account that is returned to the retirement system as provided in this rule shall be credited to the member's individual defined contribution account and allocated to the OPERS investment options in the same percentages as last selected by the member.

(D)   Any non-vested amounts forfeited by a member participating in the member-directed plan or the member's beneficiary who withdraws a refund application under this rule shall be restored as provided in section 7.02 of the member-directed plan document to the member's individual defined contribution account as if the member had not submitted a refund application.

(E) A member or beneficiary may not withdraw a refund application as provided in this rule if either of the following has occurred:

(1) The member or survivor has applied for or received a distribution from a retiree medical account, as defined in rule 145-4-08 of the Administrative Code;

(2) The retirement system has paid a portion of the refund to satisfy a court order.

Effective:                                                     01/01/2006

R.C. 119.032 review dates:                         09/29/2005 and 09/29/2010

CERTIFIED ELECTRONICALLY

Certification

12/13/2005

Date

Promulgated Under:                           111.15

Statutory Authority:                           145.09.

Rule Amplifies:                                  145.384, 145.40, 145.401.

Prior Effective Dates:                         2/16/04, 1/1/04 (Emer.).