Ohio Admin. Code 3307:2-2-03 - [Rescinded] Establishment of combined plan

(A) Pursuant to section 3307.81 of the Revised Code, effective July 1, 2001 there is hereby established the combined plan. The terms and conditions of the combined plan shall be as specified in the plan document adopted by the retirement board. The plan document may be amended from time to time as the retirement board deems necessary or appropriate without the necessity of prior notice.

(B) A portion of the participant contributions made pursuant to section 3307.26 of the Revised Code as specified by the retirement board shall be credited to a participant's account in the defined contribution fund created by division (G) of section 3307.14 of the Revised Code. Such contributions shall be allocated by the participant among investment choices specified by the retirement board. The investment choices specified by the board may include a guaranteed return option and may also include choices the performance of which shall determine the cash accumulation available to the participant upon retirement or withdrawal.

(C) A portion of the participant contributions made pursuant to section 3307.26 of the Revised Code and a portion of the employer contributions made pursuant to section 3307.28 of the Revised Code as specified by the retirement board shall be applied as specified by the retirement board to provide retirement, disability and survivor benefits under the terms, conditions and schedules specified by the plan document. A portion of the employer contributions may be allocated to the health care fund under the terms, conditions and schedules specified by the state teachers retirement board.

Notes

Ohio Admin. Code 3307:2-2-03

Effective: 6/7/2019
Five Year Review (FYR) Dates: 3/22/2019
Promulgated Under: 111.15
Statutory Authority: 3307.80
Rule Amplifies: 3307.81
Prior Effective Dates: 07/01/2001 (Emer.), 09/17/2001, 06/18/2009, 07/01/2013 (Emer.), 09/09/2013, 06/12/2014