145-1-71 Withdrawal of benefit application.

 

 

 

145-1-71                      Withdrawal of benefit application.

 

 

 

(A)   A Except as provided in paragraph (E) of this rule, a member or retirant contributor of the public employees retirement system may withdraw an application for retirement, disability, or annuity payments pursuant to section 145.384 or 145.64 of the Revised Code by either of the following methods:

 

(1)   Returning to the retirement system not later than thirty days after issuance of the initial benefit payment, all uncashed payments, along with a written request over the member's or retirant's signature to withdraw the application;

 

(2)   Remitting to the retirement system a personal check or money order repaying the benefit payment(s) transmitted by or on behalf of the retirement system to the member's or retirant's financial institution not later than thirty days after the institution's receipt of the initial benefit payment, along with a written request over the member's or retirant's signature to withdraw the application.

 

(B)    Except as provided in division (C)(1) of section 145.45 of the Revised Code or paragraph (E) of this rule, a beneficiary elegible eligible for monthly benefits pursuant to division (A) or (B) of section 145.45 of the Revised Code may withdraw an application for those benefits by either of the following methods:

 

(1)   Returning to the retirement system not later than thirty days after issuance of the initial benefit payment, all uncashed payments, along with a written request over the beneficiary's signature to withdraw the application and a completed application for a lump sum payment of the member's accumulated account;

 

(2)   Remitting to the retirement system a personal check or money order repaying the benefit payments(s) transmitted by the retirement system to the beneficiary's financial institution, not later than thirty days after the institution's receipt of the initial benefit payment, along with a written request over the beneficiary's signature to withdraw the application and a completed application for a lump sum payment of the member's accumulated account.

 

(C)   If a member participating in the member-directed or combined plan, or the member's beneficiary, withdraws an application as provided in this rule and all or any portion of the member's individual defined contribution account is used to pay the benefit, the member or the beneficiary is not entitled to any investment gains or losses on the amount that was used to pay the benefit for the period beginning on the date the retirement system issues the initial benefit payment and ending on the date the payment(s) is returned to the retirement system as provided in this rule. The amount used to pay the benefit 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 that were forfeited by a member participating in the member-directed plan or the member's beneficiary who withdraws a retirement application under this rule shall be restored to the member's individual defined contribution account or retiree medical account, as defined in rule 145-4-01 of the Administrative Code, as if the member had not submitted a retirement application.

(E) A member, contributor, or beneficiary may not withdraw an application as described in this rule if either of the following has occurred:

(1) The retirement system has made a distribution from a retiree medical account or 401(h) retiree medical account, as those terms are defined in rule 145-4-01 of the Administrative Code.

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

Effective:	07/01/2007
R.C. 119.032 review dates:	09/29/2010
CERTIFIED ELECTRONICALLY
Certification
06/20/2007
Date
Promulgated Under:	111.15
Statutory Authority:	145.09
Rule Amplifies:	145.32, 145.33, 145.331, 145.34, 145.35, 145.36,
Prior Effective Dates:	145.361, 145.37, 145.384, 145.45, 145.46, 145.64. 4/6/07 (Emer.); 1/1/06; 12/24/04; 2/16/04; 1/1/04 (Emer.); 1/1/03; 10/9/00; 3/30/92; 8/6/90; 6/19/74.