145-2-62 Calculation of amount due retirant or contributor with multiple beneficiaries under the multiple-life plan.

 

 

 

145-2-62                      Calculation   of   amount   due   retirant   or   contributor   with multiple beneficiaries under "plan F".

 

 

 

(A)    This rule applies to a retirant or contributor who elects a plan of payment under which a portion of the contributor's benefit continues, after the death of the contributor, to two, three, or four surviving beneficiaries. Amounts due to a retirant or contributor receiving a monthly benefit and unpaid to the retirant or contributor at death, shall be paid to the surviving designated beneficiaries as provided in division (D) of section 145.43 of the Revised Code and paragraph (B) of this rule.

 

(B)   The amount payable to each surviving designated beneficiary described in paragraph (A) of this rule shall be determined by multiplying the amount due the retirant or contributor under the plan of payment described in paragraph (A) of this rule by a fraction whose numerator is the gross monthly amount that the beneficiary will be paid and whose denominator is the total gross monthly amount that all beneficiaries will be paid.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

145-2-62                                                                                                                                2

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

Rule Amplifies:                                  145.384, 145.43(D), 145.46, 145.64

Prior Effective Dates:                         4/6/07(Emer.); 10/27/06.