Ohio Admin. Code 3307:2-5-09 - Plans of payment for monthly benefit
(A) A defined contribution program
participant granted a monthly benefit from the member account upon attainment
of a minimum age of fifty and termination of covered employment may elect a
monthly benefit in accordance with the terms and conditions of the plan
document under any of the plans of payment available for defined benefit
members under the terms of rule
3307:1-5-02 of the
Administrative Code and section
3307.60 of the Revised Code,
except for a lump-sum payment made under division (B) of section
3307.60 of the Revised Code. A
plan of payment selected may be changed or reselected only as therein provided.
If the participant elects to annuitize such payment, no change may be made in
the plan of payment selected for such annuity after the fifteenth day of the
month of the first regular benefit payment. Regular benefits begin once a final
benefit, as defined by paragraph (H)
(G) of rule
3307:1-1-01 of the
Administrative Code, is paid.
(B) A
combined plan participant granted a monthly benefit under the defined benefit
portion of the account may elect a monthly benefit in accordance with the terms
and conditions of the plan document under any of the plans of payment available
for defined benefit members under the terms of section
3307.60 of the Revised Code and
rule 3307:1-5-02 of the
Administrative Code. A plan of payment selected may be changed or reselected
only as therein provided. No change may be made in the plan of payment selected
after the fifteenth day of the month of the first regular benefit payment.
Regular benefits begin once a final benefit, as defined by paragraph
(H)
(G) of
rule 3307:1-1-01 of the
Administrative Code, is paid.
Notes
Promulgated Under: 111.15
Statutory Authority: 3307.80
Rule Amplifies: 3307.81
Prior Effective Dates: 07/01/2001 (Emer.), 09/17/2001, 09/17/2002, 06/18/2009, 06/12/2014, 06/07/2019
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