145.3211 Increasing benefit where award made prior to 01-01-89. - Ohio Statutes

145.3211 Increasing benefit where award made prior to 01-01-89.

As used in this section, “benefit” means an annual allowance, pension, or benefit paid pursuant to section 145.33, 145.34, 145.36, 145.37, 145.45, or 145.46 of the Revised Code, and includes any amount paid pursuant to section 145.323 of the Revised Code.

On January 1, 1989, the public employees retirement board shall increase the benefit payable on that date to each person eligible to receive a benefit based on an award made on or before December 31, 1988. The increase shall be an amount determined by multiplying the number of full years, not exceeding thirty years, from the date of the award through December 31, 1988, by an amount equal to one-half of one percent of the benefit for which the person was eligible on December 31, 1988.

The increase made pursuant to this section shall be included in the calculation of additional benefits under section 145.323 of the Revised Code.

Effective Date: 09-26-1988