145-2-47 Beneficiary and payment plan changes after retirement.

 

 

 

145-2-47                      Beneficiary and payment plan changes after retirement.

 

 

 

(A)As used in this rule, and in section 145.46 of the Revised Code, sections 9.02(d) and 9.03(f) of the combined plan document, and section 9.02(d) of the member-directed plan document, "notice of the death" means the date on which the public employees retirement system receives the death certificate of the spouse or beneficiary.

 

(B)(A) Section 145.46 of the Revised Code as effective July 24, 1990 renames the plans of payment available under sections 145.32, 145.33, 145.34 and 145.46 of the Revised Code. For purposes of Chapter 145. of the Revised Code and PERS rules such payment plans shall be treated the same as follows:

 

(1)  A straight or single life annuity payment plan and plan B.

 

(2)   An option 1 payment plan and plan D.

 

(3)   An option 2 payment plan and plan A when the retirant's spouse is the retirant's beneficiary and the amount payable after the retirant's death is fifty per cent.

 

(4)   An option 2 payment plan and plan C when the beneficiary is someone other than the retirant's spouse or the amount payable to a beneficiary after the retirant's death is other than fifty per cent.

 

(5)   An option 3 payment plan and plan E.

 

(C)(B) A designation of beneficiary may be changed after retirement when the retirant is receiving benefits under:

 

(1)   A payment plan B.

 

(2)   A payment plan E, but the payment plan cannot be changed.

 

(D)(C) When a retirant is receiving benefits under plan A, C, or D, the plan shall be changed to plan B and a new beneficiary may be designated:

 

(1)   The first day of the month following notice of the death the date on which the public employees retirement system receives the death certificate of the spouse or other individual designated as beneficiary under the plan, but any change in the benefit amount shall be effective the first day of the month following notice of the death of the spouse or beneficiary .

 

(2)   On the first day of the month after receipt of the election of the retirant to revert

 

 

 

to plan B following divorce, annulment or dissolution of marriage with a spouse designated as beneficiary under the plan, except that no benefit shall be increased without the written consent of the former spouse who was the designated beneficiary or an order from the court with jurisdiction over the termination of the marriage.

(E)(D) The right to have plan A, C, or D recomputed as plan B upon notice of the death of the beneficiary, or upon divorce, annulment or dissolution of marriage with a spouse who was designated as beneficiary, applies to all retirants who are receiving benefits under plan A, C, or D regardless of the original effective date of benefits.

(F)(E) Upon the marriage or remarriage of a retirant receiving benefits under plan F, the retirant may designate the new spouse as a beneficiary under plan F only if the retirant does not already have four beneficiaries designated under that plan at the time the retirant applies to add the new spouse.

(G)(F) The death of any designated beneficiary under plan F shall not change the plan of payment. The plan F benefit shall continue to the remaining designated beneficiaries in their same percentages and the deceased beneficiary's portion shall revert to the retirant for the remainder of his or her lifetime. A retirant may not cancel the plan of payment and return to a single lifetime benefit equivalent until notice of the death of all designated beneficiaries under that plan.

(H)(G) A retirant who is receiving benefits under plan B may, upon the retirant's later marriage or remarriage, elect to have the retirant's benefit recomputed as plan A, C or D and designate only the new spouse as beneficiary, as provided in division (E) of section 145.46 of the Revised Code, sections 9.02(f) and 9.03(h) of the combined plan document, and section 9.02(f) of the member-directed plan document. The actuarial factors shall be based on the actuarial ages of the retirant and beneficiary at the time the benefit is recomputed.

(I)(H) A retirant who elected to receive a partial lump sum option payment, as defined in rule 145-1-65 of the Administrative Code, shall have the partial lump sum option payment accounted for upon the recomputation of the retirant's benefit.

(J)(I) Any request for a change of plan of payment or of beneficiary shall be made on a form approved by the public employees retirement board.

Effective:                                                     05/08/2007

CERTIFIED ELECTRONICALLY

Certification

05/08/2007

Date

Promulgated Under:                           111.15

Statutory Authority:                           145.09

Rule Amplifies:                                  145.32, 145.33, 145.34, 145.43, 145.46

Prior Effective Dates:                         10/27/06; 8/11/05; 6/6/05 (Emer.); 2/16/04; 1/1/04

(Emer.); 1/1/03; 9/27/98; 8/6/90; 10/30/78; 8/20/76.