Ohio Admin. Code 3307:2-5-03 - Distributions from the combined plan
Upon termination of teaching service, a participant in the combined plan may apply for a distribution, as follows:
(A) Application may be made for withdrawal of
the amounts determined under the plan document and this rule.
(1) An application to withdraw the defined
benefit portion of an account will not be accepted unless application is also
made to withdraw the defined contribution portion.
(2) Prior to attainment of age fifty:
(a) A participant who has terminated covered
employment may leave contributions on deposit in the plan or may apply for
withdrawal, but is not eligible for retirement or retirement
distributions.
(b) An application
to withdraw the defined contribution portion of an account will not be accepted
unless application is also made to withdraw the defined benefit
portion;
(c) The amounts payable
upon withdrawal shall be paid in a lump sum except as otherwise provided by
section 3307.87 of the Revised Code and the plan
document.
and rule 3307:2-5-08 of the Administrative Code.
(3) After attainment of age fifty:
(a) A participant in the combined plan who
has established at least five years of qualifying service credit may apply to
withdraw the defined contribution portion but leave the defined benefit portion
on deposit to provide benefits at a future date.
(b) If a participant has established less
than five years of qualifying service credit, an application to withdraw the
defined contribution portion of an account will not be accepted unless an
application is also made to withdraw the defined benefit portion.
(4) Regardless of age or when the
withdrawal payment was made, in the event a participant who has received a
payment under paragraph (A) of this rule subsequently returns to teaching
service:
(a) The member shall participate in
the combined plan if the withdrawal payment was made under paragraph (A)(1),
(A)(2) or (A)(3)(b) of this rule, unless the participant meets the requirements
specified by rule 3307:2-3-01 of the Administrative Code to qualify as a new member.
(b) The participant shall
be a superannuate as defined by section 3307.01 of the Revised Code if the
withdrawal payment was made under paragraph (A) (3)(a) of this rule.
(5) Payment from the defined
contribution portion of an account in the combined plan shall be based upon the
closing net asset value as of the day an application for distribution is
processed by using the investment choices made by the participant to determine
the amount accumulated by reason of contributions.
(B) A participant who has terminated covered
employment and attained at least fifty years of age may apply for a monthly
benefit of the defined contribution portion of the account, whether or not the
participant is eligible and applying for a benefit under the defined benefit
portion of the account. If the participant has established less than five years
of qualifying service credit, an application to receive a monthly benefit of
the defined contribution portion of an account will not be accepted unless
application is also made to withdraw the defined benefit portion.
(1) Benefits shall commence the later of the
first of the month following the termination of covered employment, the first
of the month following receipt of an application for payment under paragraph
(B) of this rule, or the retirement date, which shall be a first of a month,
specified on the application received for payment under paragraph (B) of this
rule. Active membership in the retirement system shall terminate as of that
date and the participant shall on and after that date be a superannuate as
defined by section 3307.01 of the Revised Code.
(2) Benefits are subject to the requirements
of section 3307.87 of the Revised Code and Chapter 3307:2-5 of the
Administrative Code. The participant shall elect on the application form to
annuitize such balance.
(3) The
minimum monthly benefit amount shall be one hundred dollars.
(C) Application for retirement
under the defined benefit portion of an account may be made by a participant
who has terminated covered employment and who meets the defined benefit age and
service eligibility requirements specified by the plan document, whether or not
the participant is applying for a distribution of the defined contribution
portion of the account, provided:
(1) Benefits
shall commence as of the effective date specified by the application, which
shall in no case be earlier than the first of the month following the last day
of covered employment.
(2)
Membership shall terminate as of the effective date of retirement and the
participant shall thereafter be a superannuate as defined by section 3307.01 of
the Revised Code.
(3) The minimum
monthly benefit amount shall be one hundred dollars.
(D) A participant who has attained age fifty,
has at least five years of qualifying service credit and who has elected either
to take a withdrawal of the defined contribution portion of the account
pursuant to paragraph (A)(3)(a) of this rule or to receive a monthly retirement
benefit from the defined contribution portion of the account pursuant to
paragraph (B) of this rule may apply to withdraw the defined benefit portion of
the account any time prior to receiving a monthly retirement benefit under the
defined benefit portion of the account.
(E) Retirement shall be effective on the
earlier of the dates benefits or payments commence under paragraph (A)(3)(a),
(B)(1) or (C)(1) of this rule.
Notes
Promulgated Under: 111.15
Statutory Authority: 3307.80
Rule Amplifies: 3307.01, 3307.35, 3307.81
Prior Effective Dates: 07/01/2001 (Emer.), 09/17/2001, 09/17/2002, 07/16/2004, 06/18/2009, 07/01/2013 (Emer.), 09/09/2013, 06/12/2014, 06/07/2019, 05/07/2020
Promulgated Under: 111.15
Statutory Authority: 3307.80
Rule Amplifies: 3307.01, 3307.35, 3307.81
Prior Effective Dates: 07/01/2001 (Emer.), 09/17/2001, 09/17/2002, 07/16/2004, 06/18/2009, 07/01/2013 (Emer.), 09/09/2013, 06/12/2014, 06/07/2019
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
Upon termination of teaching service, a participant in the combined plan may apply for a distribution, as follows:
(A) Application may be made for withdrawal of the amounts determined under the plan document and this rule.
(1) An application to withdraw the defined benefit portion of an account will not be accepted unless application is also made to withdraw the defined contribution portion.
(2) Prior to attainment of age fifty:
(a) A participant who has terminated covered employment may leave contributions on deposit in the plan or may apply for withdrawal, but is not eligible for retirement or retirement distributions.
(b) An application to withdraw the defined contribution portion of an account will not be accepted unless application is also made to withdraw the defined benefit portion;
(c) The amounts payable upon withdrawal shall be paid in a lump sum except as otherwise provided by section 3307.87 of the Revised Code and the plan document. and rule 3307:2-5-08 of the Administrative Code.
(3) After attainment of age fifty:
(a) A participant in the combined plan who has established at least five years of qualifying service credit may apply to withdraw the defined contribution portion but leave the defined benefit portion on deposit to provide benefits at a future date.
(b) If a participant has established less than five years of qualifying service credit, an application to withdraw the defined contribution portion of an account will not be accepted unless an application is also made to withdraw the defined benefit portion.
(4) Regardless of age or when the withdrawal payment was made, in the event a participant who has received a payment under paragraph (A) of this rule subsequently returns to teaching service:
(a) The member shall participate in the combined plan if the withdrawal payment was made under paragraph (A)(1), (A)(2) or (A)(3)(b) of this rule, unless the participant meets the requirements specified by rule 3307:2-3-01 of the Administrative Code to qualify as a new member.
(b) The participant shall be a superannuate as defined by section 3307.01 of the Revised Code if the withdrawal payment was made under paragraph (A) (3)(a) of this rule.
(5) Payment from the defined contribution portion of an account in the combined plan shall be based upon the closing net asset value as of the day an application for distribution is processed by using the investment choices made by the participant to determine the amount accumulated by reason of contributions.
(B) A participant who has terminated covered employment and attained at least fifty years of age may apply for a monthly benefit of the defined contribution portion of the account, whether or not the participant is eligible and applying for a benefit under the defined benefit portion of the account. If the participant has established less than five years of qualifying service credit, an application to receive a monthly benefit of the defined contribution portion of an account will not be accepted unless application is also made to withdraw the defined benefit portion.
(1) Benefits shall commence the later of the first of the month following the termination of covered employment, the first of the month following receipt of an application for payment under paragraph (B) of this rule, or the retirement date, which shall be a first of a month, specified on the application received for payment under paragraph (B) of this rule. Active membership in the retirement system shall terminate as of that date and the participant shall on and after that date be a superannuate as defined by section 3307.01 of the Revised Code.
(2) Benefits are subject to the requirements of section 3307.87 of the Revised Code and Chapter 3307:2-5 of the Administrative Code. The participant shall elect on the application form to annuitize such balance.
(3) The minimum monthly benefit amount shall be one hundred dollars.
(C) Application for retirement under the defined benefit portion of an account may be made by a participant who has terminated covered employment and who meets the defined benefit age and service eligibility requirements specified by the plan document, whether or not the participant is applying for a distribution of the defined contribution portion of the account, provided:
(1) Benefits shall commence as of the effective date specified by the application, which shall in no case be earlier than the first of the month following the last day of covered employment.
(2) Membership shall terminate as of the effective date of retirement and the participant shall thereafter be a superannuate as defined by section 3307.01 of the Revised Code.
(3) The minimum monthly benefit amount shall be one hundred dollars.
(D) A participant who has attained age fifty, has at least five years of qualifying service credit and who has elected either to take a withdrawal of the defined contribution portion of the account pursuant to paragraph (A)(3)(a) of this rule or to receive a monthly retirement benefit from the defined contribution portion of the account pursuant to paragraph (B) of this rule may apply to withdraw the defined benefit portion of the account any time prior to receiving a monthly retirement benefit under the defined benefit portion of the account.
(E) Retirement shall be effective on the earlier of the dates benefits or payments commence under paragraph (A)(3)(a), (B)(1) or (C)(1) of this rule.
Notes
Promulgated Under: 111.15
Statutory Authority: 3307.80
Rule Amplifies: 3307.01, 3307.35, 3307.81
Prior Effective Dates: 07/01/2001 (Emer.), 09/17/2001, 09/17/2002, 07/16/2004, 06/18/2009, 07/01/2013 (Emer.), 09/09/2013, 06/12/2014, 06/07/2019, 05/07/2020
Promulgated Under: 111.15
Statutory Authority: 3307.80
Rule Amplifies: 3307.01, 3307.35, 3307.81
Prior Effective Dates: 07/01/2001 (Emer.), 09/17/2001, 09/17/2002, 07/16/2004, 06/18/2009, 07/01/2013 (Emer.), 09/09/2013, 06/12/2014, 06/07/2019