Ohio Admin. Code 3307:1-5-04 - Amounts due and unpaid at death of benefit recipient
(A) Amounts due to
a retirant receiving retirement benefits under a plan described in division (A)
of section 3307.60 of the Revised Code and
unpaid at death shall be paid to the retirant's surviving beneficiary or
beneficiaries under the plan on a prorated basis. The amount payable to each
surviving beneficiary shall be determined by multiplying the amount due the
retirant by a fraction whose numerator is the gross monthly amount the
beneficiary will be paid and whose denominator is the total gross monthly
amount all beneficiaries will be paid.
(B)
In the event that
a deceased retirant's named beneficiary dies after the necessary paperwork has
been received by the retirement system, the system will make payment directly
to the beneficiary (or beneficiaries) of the retirant's beneficiary in the
following order of precedence:
(1)
surviving spouse,
(2)
children, share
and share alike,
(3)
parents, share and share alike,
(4)
estate.
(C)
In the event that
a deceased retirant's named beneficiary has died and no paperwork has been
received by the retirement system, the system will make equal payments to any
surviving named beneficiaries of the deceased retirant. If there are no
surviving named beneficiaries, the system will make payments in the following
order of precedence to the deceased retirant:
(1)
surviving spouse,
(2)
children, share and share alike,
(3)
parents, share
and share alike,
(4)
estate.
Notes
Promulgated Under: 111.15
Statutory Authority: 3307.04
Rule Amplifies: 3307.562, 3307.60
Prior Effective Dates: 10/27/2006, 05/07/2015
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