145.324 Annual single lifetime benefit. - Ohio Statutes

145.324 Annual single lifetime benefit.

On and after the effective date of this section, the allowances of retirants receiving benefits based on an award from the public employees retirement system made on or after June 30, 1955, and before July 1, 1971, shall have the benefit recalculated by the public employees retirement system so that each such person shall receive an annual single lifetime benefit or its actuarial equivalent of not less than one hundred twenty dollars for each year of the members Ohio service credit, multiplied by the total number of years of service credit, except that service credit exceeding thirty-two years shall not be used in the recalculation, and a final average salary limitation shall not be applied.

If the amount of the benefit recalculated under this section is less than the amount that is payable before the effective date of this section, then the greater benefit shall be continued.

Effective Date: 08-20-1976