Ohio Admin. Code 3307-5-01 - Alternative retirement plans
(A) Each institution of higher education with
an academic employee eligible to elect an alternative retirement plan under
division (B) of section
3305.05 of the Revised Code
shall give notice of the hiring to the state
teachers retirement system.
(1)
Notice shall be given when the institution enters into a contractual
relationship with the employee, but in no case later than ten days after the
employee's first day on the institution's payroll.
(2) Notice shall be given when an employee
changes to a classification which
that qualifies the employee to elect an alternative
retirement plan, but in no case later than ten days after the effective date of
the employee's new classification.
(3) Notice shall be given when an employee
participating in an alternative retirement plan who is employed in a position
covered by the public employees retirement system or school employees
retirement system becomes employed in a position covered by this retirement
system and continues participation in the alternative retirement system, but in
no case later than ten days after the effective date of the first date of
employment in a position covered by this system.
(4) Notice shall be given in the manner and
form prescribed by the state teachers
retirement system, and shall set forth the employee's name, address, social
security number, date of birth, gender and any other information required by
the state teachers retirement
system.
(B) Employer
contributions required by division (D) of section
3305.06 of the Revised Code
shall be remitted monthly no later than the fifteenth day of the month
following the month during which the compensation is paid.
(C) Employers shall submit a monthly report
for contributions required under division (D) of section
3305.06 of the Revised Code in a
manner and form prescribed by the state
teachers retirement system for all employees in positions covered by
this retirement system who have elected an alternative retirement plan under
Chapter 3305. of the Revised Code.
(D) The institution shall file a certified
copy of any election made by an employee with the retirement system no later
than ten days after it is filed with the institution by the electing employee.
Elections shall be made on forms provided by the state teachers retirement system and completed by
the institution and employee to provide all information requested by the
state teachers retirement system, including
the employee's name, address, social security number, alternative retirement
plan selected, payroll and contribution data and any other information
specified by the state teachers retirement
system.
(E) Payment under section
3305.052 of the Revised Code on
behalf of an employee will be made to the provider of the alternative
retirement plan in which the employee had chosen to participate within thirty
days of receipt by the retirement system of a certified copy of the election
form, including complete certification, payroll and contribution data and
selected provider information. The employer shall be responsible for the
recovery of any overpayment made under section
3305.052 of the Revised Code as
a result of employer payroll and contribution certification error.
(F) Unauthorized or improper employer and
employee contributions received by the retirement system after the effective
date of an election and not included in the payment under section
3305.052 of the Revised Code
shall be returned to the employer, less any amount due pursuant to division (D)
of section 3305.06 of the Revised
Code.
Notes
Promulgated Under: 111.15
Statutory Authority: 3307.04
Rule Amplifies: 3307.01, 3307.05, 3307.06, 3307.33, 3307.56
Prior Effective Dates: 04/17/1998 (Emer.), 07/03/1998, 07/01/2001 (Emer.), 09/27/2001, 09/17/2002, 07/18/2003, 07/24/2008, 06/02/2013, 05/03/2018
Promulgated Under: 111.15
Statutory Authority: 3307.04
Rule Amplifies: 3305.05, 3305.06, 3307.01, 3307.33, 3307.56
Prior Effective Dates: 04/17/1998 (Emer.), 07/03/1998, 07/01/2001 (Emer.), 09/27/2001, 09/17/2002, 07/18/2003, 07/24/2008, 06/02/2013
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