145-2-07 Additional service credit under section 145.201 of the Revised Code.
(A) This rule amplifies section 145.201 of the Revised Code. (B)
(1)
"Full-timeFor contributing service that occurred prior to January 1, 2014, "full-time service" does not include service computed as part-time pursuant todivision (T) ofsection145.01145.016 of the Revised Code. For contributing service that occurred on and after January 1, 2014, "full-time service" means service for which the monthly earnable salary equals or exceeds one thousand dollars.(2) The public employees retirement system shall prepare a statement of cost for the additional service credit to be purchased based on the request of an eligible member.
(3) The statement of cost shall be based on thirty-five per cent of all eligible full-time service.
(4) The retirement system shall issue a statement of cost that which shall include full calendar years of eligible service; however, payment for the service credit may be made in full or partial year increments, provided the system has issued a full calendar year statement of cost for the service credit being purchased or a partial calendar year statement of cost as provided in this rule. A statement of cost may include a partial calendar year if the partial calendar year is:
(a) The only eligible service;
(b) The first year of a term of eligible service; or
(c) The last year of a term of eligible service.
(5)A member shall have at least twelve months of contributing service for purposes of the calculation described in rules 145-2-02 and 145-3-23 of the Administrative Code.
(C) A member who purchased service under section 145.201 of the Revised Code may elect, on a form provided by the retirement system, to receive all or a portion of the amount paid under that section if, in calculating the member's age and service retirement allowance, either of the following apply:
(1) In the case of a member of the traditional pension plan whose retirement allowance is calculated under division
(A)(5)(A) of section 145.33 of the Revised Code, the member's total annual single lifetime allowance exceeds the lesser of one hundred per cent of the member's final average salary or the limit established by section 415 of the Internal Revenue Code of 1986,100Stat. 2085,26 U.S.C.A. 415.(2) In the case of a participant in the combined plan, the participant's total annual single lifetime allowance exceeds the lesser of the limits described in section 9.03(a) of the combined plan document.
(D)
The retirement system shall refund to a member eligible under paragraph (C) of thisrule all or a portion of the amount paid to purchase service only in increments ofthirty-five per cent of a full calendar year of service or such partial years of serviceas described in paragraph (B)(4) of this rule. The retirement system shall refund theamounts paid to purchase service credit in the reverse order of the member'spurchase, with the most recent service purchased being the first amount refunded.(1) The retirement system shall refund to a member eligible under paragraph (C) of this rule all or a portion of the amount paid to purchase service only in increments of thirty-five per cent of a full calendar year of service or such partial years of service as described in paragraph (B)(4) of this rule. The retirement system shall refund the amounts paid to purchase service credit in the reverse order of the member's purchase, with the most recent service purchased being the first amount refunded.
(2) The amount refunded to the member shall not exceed the actual amount paid by the member for the service credit to be refunded. No interest shall be paid on the amount refunded. If applicable, the retirement system shall withhold taxes on amounts paid to a member that have not yet been taxed.
(3) The amount refunded to the member shall not be paid prior to the issuance of the members retirement benefit, as defined in rule 145-1-65 of the Administrative Code.
(E)
The amount refunded to the member shall not exceed the actual amount paid by themember for the service credit to be refunded. No interest shall be paid on theamount refunded. If applicable, the retirement system shall withhold taxes onamounts paid to a member that have not yet been taxed.(F)
The amount refunded to the member shall not be paid prior to the issuance of themember's finalized retirement benefit, as defined in rule 145-1-65 of theAdministrative Code.Effective: 03/24/2013
R.C. 119.032 review dates: 09/29/2016
CERTIFIED ELECTRONICALLY
Certification
03/14/2013
Date
Promulgated Under: 111.15
Statutory Authority: 145.09
Rule Amplifies: 145.201, 145.29
Prior Effective Dates: 4/7/88, 9/6/88, 1/1/03, 1/1/07, 12/30/07, 1/1/09
Document Information
- Effective Date:
- 3/24/2013
- File Date:
- 2013-03-14
- Last Day in Effect:
- 2013-03-24
- Rule File:
- 145-2-07_FF_A_RU_20130314_0822.pdf
- Related Chapter/Rule NO.: (1)
- Ill. Adm. Code 145-2-07. Additional service credit under section 145.201 of the Revised Code