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

 

 

 

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

 

 

 

(A)

 

(1)   Except as provided in paragraph (A)(2), (B), or (E) of this rule, a member or retirant contributor of the public employees retirement system may withdraw a refund application 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 member's or retirant's contributor's signature to withdraw the application.

 

(2)   A member or retirant of the retirement system who requested a rollover of the member's account pursuant to section 145.40 or 145.63 of the Revised Code or the retirant's contributor's account pursuant to under section 145.384 or

145.63 of the Revised Code to a financial institution may withdraw a refund application if both of the following occur:

 

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

 

(b)   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.

 

(B)

 

(1)   Except as provided in paragraph (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 or article XI of the combined plan document 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 or article XI of the combined plan document.

 

(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)   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 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 refund application.

(E)    A member, contributor, 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 retirement system has applied for or received made a distribution from a retiree medical account or 401(h) retiree medical account, as those terms are defined in rule 145-4-08 145-4-01 of the Administrative Code;

(2)   The retirement system has paid a portion of the refund or lump sum payment 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: Prior Effective Dates:	145.384, 145.40, 145.401, 145.63. 4/6/07 (Emer.); 1/1/06; 2/16/04; 1/1/04