Ohio Admin. Code 3307:2-5-06 - [Rescinded] Annuitization of defined contribution amounts
A
(A)
A defined
contribution program participant who has terminated covered employment and
applies for distribution after attainment of age fifty may choose to annuitize
an account in the defined contribution plan or the defined contribution portion
of the combined plan by applying for a monthly payment for the lifetime of the
participant, provided:
(A)
(1)
The minimum monthly
amount shall be one hundred dollars.
(B)
(2)
Application for an annuity must be made on a
form provided by and filed with the retirement system.
(C)
(3)
The monthly amount granted shall be determined
under annuity rates and factors adopted and periodically adjusted by the
retirement board after review by an independent actuary appointed by the board
and applied to the amount accumulated by a participant.
(D)
(4)
A participant may elect to receive an annuity in
the amount determined under paragraph (C) of this rule for life or may instead
elect to receive an actuarially equivalent benefit in a lesser amount for the
lifetime of the participant but continuing after the participant's death to a
beneficiary under any plan of payment specified by rule 3307:2-5-09 of the Administrative Code.
(E)
(5)
Funds to be annuitized shall be based upon the
closing net asset value of the investment choices made by the participant as of
the day an application for benefits is ready to be processed for payment.
Payment will be made as soon as administratively practicable after receipt of a
complete application.
(B)
Assuming a
non-spouse beneficiary has not been designated as specified in the plan
document and rule 3307:2-5-07 of the Administrative Code, the surviving spouse of a defined contribution plan participant, who dies after attaining eligibility for a monthly annuity but before monthly benefits begin, may elect, in lieu of a refund of the member account, to annuitize the participant's member account by making application
for a lifetime monthly annuity on a form provided by the retirement system. The
monthly annuity shall not be less than one hundred dollars when computed as a
one hundred percent joint survivor annuity without reversion; otherwise, a
refund of the member account shall be paid.
Notes
Promulgated Under: 111.15
Statutory Authority: 3307.80
Rule Amplifies: 3307.81, 3307.87
Prior Effective Dates: 07/01/2001 (Emer.), 09/17/2001, 09/17/2002, 06/18/2009, 06/12/2014
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