Ohio Admin. Code 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 fifteen dollars. Deposits shall be credited to the
current tax year, except that a deposit may be credited to the prior tax
year if the deposit was received by the retirement system or postmarked on or
before December thirty-first of the prior tax year
in which the deposit is posted to the account of the
member or contributor .
(B) A
member or contributor may elect to have an eligible rollover distribution paid
directly to an additional annuity account as a direct rollover. Any non-taxable
portion of an eligible rollover distribution shall be separately accounted for
by the retirement system and shall only be accepted in a direct
trustee-to-trustee transfer to the additional annuity account. The following
definitions apply to this paragraph:
(1)
"Eligible rollover distribution" means any distribution of all or any portion
of the balance to the credit of a member or contributor from an eligible
retirement plan. An eligible rollover distribution does not include:
(a) Any distribution that is one of a series
of substantially equal periodic payments (not less frequently than annually)
made for the life (or life expectancy) of the member or contributor or the
joint lives (or joint life expectancies) of the member or contributor and the
member or contributor's designated beneficiary, or for a specified period of
ten years or more;
(b) Any
distribution to the extent such distribution is required under section
401(a)(9) of the Internal Revenue Code of 1986,
26
U.S.C.A. 401;
(c) Any distribution that is made upon
hardship of the member or participant; or
(d) The portion of any distribution that is
not includible in gross income, unless the distribution is being rolled over to
either (i) a traditional individual retirement account or individual retirement
annuity under sections 408(a) or 408(b) of the Internal Revenue Code of 1986,
26 U.S.C.A.
408, or (ii) a qualified trust which is part
of a plan which is a defined contribution plan under sections 401(a) or 403(a)
of the Internal Revenue Code of 1986,
26 U.S.C.A.
403, that will separately account for the
distribution, including the taxable and non-taxable portions of the
distribution, in a direct trustee-to-trustee transfer.
(2) "Eligible retirement plan" means any
program defined in sections 401(a)(31) and 402(c)(8)(B) of the Internal Revenue
Code of 1986,
26 U.S.C.A.
402, from which the member or contributor has
a right to an eligible rollover distribution, as follows:
(a) An individual retirement account under
section 408(a) of the Internal Revenue Code;
(b) An individual retirement annuity under
section 408(b) of the Internal Revenue Code (other than an endowment
contract);
(c) A qualified
trust;
(d) An annuity plan under
section 403(a) of the Internal Revenue Code;
(e) An eligible deferred compensation plan
under section 457(b) of the Internal Revenue Code of 1986,
26
U.S.C.A. 457, that is maintained by an
eligible employer under section 457(e)(1)(A) of the Internal Revenue
Code;
(f) An annuity contract under
section 403(b) of the Internal Revenue Code; and
(g) Effective January 1, 2008, a Roth
individual retirement account or annuity described in section 408A of the
Internal Revenue Code, subject to the limitations set forth in such Internal
Revenue Code provision; provided, however, that the plan is not responsible for
assuring that a distributee is eligible to make such a rollover.
(3) "Direct rollover" means a
payment to the additional annuity account from an eligible retirement plan
specified by the member or contributor.
(C) 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. Except as provided in this paragraph, a
member or contributor may apply for a one-time lump sum payment at any time.
If, at the time of application for a one-time lump sum payment, the additional
annuity account of the member or contributor includes mandatory employee or
employer contributions that were transferred to the account in accordance with
rule
145-1-74
or
145-2-18
of the Administrative Code, the member or contributor may only apply for a
onetime lump sum payment under the circumstances described in section
145.63
of the Revised Code if the member has terminated service.
(D) Except as provided in this paragraph,
monthly additional annuity payments shall commence at the time of issuance of
an initial benefit payment, as defined in paragraph (A)(5) of rule
145-1-65
of the Administrative Code. In the case of a member or contributor who
indicates on a form provided by the retirement system that the member or
contributor will be making additional deposits into their additional annuity
account, monthly additional annuity payments shall not be issued until one
hundred twenty days following the initial benefit payment or, in the case of an
additional annuity commenced in connection with a benefit under section
145.384
of the Revised Code, one hundred twenty days from issuance of the first payment
under that section.
(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 prior versions of 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. 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.
(F) Pursuant to division (B)(6) of section
145.64
of the Revised Code, a member or contributor who fails to select a plan of
payment for the monthly additional annuity shall receive monthly annuity
payments under a plan of payment that is consistent with the marital status of
the member or contributor.
(G) On
application for a payment under section
145.63
or
145.64
of the Revised Code by a member, contributor, or beneficiary whose deposits
were transferred to the income fund as described in section
145.41
of the Revised Code, the retirement system shall credit interest and invest the
deposits as described in paragraph (E) of this rule.
Notes
Promulgated Under: 111.15
Statutory Authority: 145.09, 145.62
Rule Amplifies: 145.62, 145.63, 145.64, 145.65
Prior Effective Dates: 02/03/1992, 10/09/2000, 01/01/2002 (Emer.), 03/22/2002, 01/01/2003, 01/01/2007, 04/06/2007 (Emer.), 07/01/2007, 01/01/2008 (Emer.), 01/19/2008, 04/01/2008 (Emer.), 06/23/2008, 01/01/2011, 02/01/2011 (Emer.), 04/18/2011, 01/01/2012, 01/07/2013 (Emer.), 03/24/2013, 08/01/2015 (Emer.), 09/30/2015, 01/01/2017, 01/01/2021
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