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Service credit that is purchased or obtained under section 145.295, 145.2911, 145.2913, 145.301, or 145.302 of the Revised Code that is, or is considered to be the equivalent of, Ohio service credit, shall be used in determining eligibility for a benefit as provided in Chapter 145. of the Revised Code, including the calculation of the members final average salary and contributing service credit in the public employees retirement system. Under the Traditional Pension Plan, your loved ones may qualify to receive survivor benefits should you pass away before you retire or while youre receiving a disability benefit. from the rehabilitative services program, the recipient is eligible to make one Michael Pramik is communication strategist for the Ohio Public Employees Retirement System and editor of the PERSpective blog. 2013 Ohio Public Employees Retirement System, Ohio retirement systems (STRS, SERS, CRS, OP&F, HPRS). any interest as may have been allowed by the public employees retirement board (1) The member shall submit a written request that shall include a certification of the service on a form provided by the public employees retirement system. The 0000033130 00000 n I am a retiree and am receiving benefits. return to the retirement system the signed and notarized form not later than The members effective date of retirement or disability benefit shall be no later than the first day of the month following the ninetieth day after receipt by the retirement system of the first partial payment or total payment, if paid in full by one payment. member-directed plan document, after the purchase of service credit under this (B) Except as provided in paragraph (I) of this rule, a designation of beneficiary may be changed after retirement when the retirant is receiving benefits under: (1) A payment plan B or the single-life plan. Online Calculator. I am thinking about rolling over unused sick leave into deferred comp. Therefore, it is best to apply for your retirement when you are first eligible. (1) The retirement system of the Revised Code. The cost shall consist of the amount transferred, system of the executed cost statement. (A) For purposes of this rule, (1) Except as provided in this paragraph, the public employees retirement system shall calculate the cost to purchase service credit by using the greater of the members final average salary or the members earnable salary for the twelve months of contributing service under Chapter 145., 3307., or 3309. of the Revised Code immediately preceding . (A) A member or contributor who makes a (F) Except as provided in sections 145.297 and 145.298 of the Revised Code, an employee who retires with service credit purchased pursuant to a retirement incentive plan is subject to the rights, privileges and obligations under sections 145.01 to 145.59 of the Revised Code in effect at the time of retirement. Code; (f) An annuity contract under section 403(b) of the Internal (C) The failure of a recipient to file applicable, of an approval or denial of an application for a disability 16878, April 5, 2007. (D) A member may withdraw an application for a disability benefit xb```f``Abl,SbLS802(03p]``_ clsd]g+7&I0=&_O(x:=u#HN2-7:D#=M"2M^"V]Rp.W+0sE&. I turned in my resignation and worked my last day on Oct. 23rd. (2) If the board concurs with a monthly retirement allowance; (B) A percentage that causes the