145-2-43 Additional annuity accounts.

 

 

 

145-2-43                      Additional annuity accounts.

 

 

 

(A)A member or contributor who makes a deposit for an additional annuity pursuant to section 145.62 of the Revised Code shall remit the first deposit with a form provided by the public employees retirement system. The retirement system shall not accept a payment for less than one hundred dollars, nor more than one payment a month, except as provided in rule 145-1-37 of the Administrative Code.

 

(B)A member or contributor shall make application for an additional annuity payment under section 145.64 of the Revised Code or a one-time lump sum payment under section 145.63 of the Revised Code on a form provided by the public employees retirement system. In the event a member or contributor is deceased, the qualifying beneficiary shall make application.

 

(C)Except as provided in paragraph (D) of this rule, interest at a rate of four per cent per annum shall be earned as follows:

 

(1)For deposits received on or before December 31, 2006, interest shall be earned beginning on January 1, 2007, and ending on December 31, 2007.

 

(2)For deposits received during calendar year 2007, interest shall be earned beginning on the last day of the month in which the deposit was made, and ending on December 31, 2007.

 

Interest earned under this paragraph shall be credited on December 31, 2007.

 

(D)In the case of a one-time lump sum payment made under section 145.63 of the Revised Code prior to December 31, 2007, interest at a rate of four per cent per annum shall be earned as follows:

 

(1)For deposits received during calendar year 2006, interest shall be earned beginning on January 1, 2007, and ending on the last day of the month prior to the date of the lump sum payment.

 

(2)For deposits received during calendar year 2007, interest shall be earned beginning on the last day of the month in which the deposit was made, and ending on the last day of the month prior to the lump sum payment.

 

(E)All amounts on deposit with the retirement system on December 31, 2007, for an additional annuity, including any interest as may have been allowed by the public employees retirement board under former section 145.23 of the Revised Code, section 145.62 of the Revised Code, or this rule, and any deposits made on or after January 1, 2008, shall be invested in the OPERS stable value fund, as described in the statement of investment objectives and policies for the defined contribution fund, as amended.

 

The  retirement  system  shall  value  the  amounts  described  in  this  paragraph  in accordance with the daily values determined for the OPERS stable value fund and

 

 

acceptable industry practices. The board and the retirement system are not liable for losses or depreciation in the value of the amounts described in this paragraph.

Replaces:                                                     145-2-43

Effective:                                                     07/01/2007

R.C. 119.032 review dates:                         09/29/2011

CERTIFIED ELECTRONICALLY

Certification

06/20/2007

Date

Promulgated Under:                           111.15

Statutory Authority:                           145.09, 145.62.

Rule Amplifies:                                  145.23 (version in effect prior to 4/ 6/07), 145.62, 145.63, 145.64, 145.65.

Prior Effective Dates:                         4/6/07 (Emer.); 1/1/07; 1/1/03; 3/22/02; 1/1/02

(Emer.); 10/9/00; 2/3/92.