145.329 Recalculating benefits. - Ohio Statutes

145.329 Recalculating benefits.

(A) On and after the first day of the month following the effective date of this section, each person eligible to receive a benefit, pursuant to sections 145.33, 145.34, 145.36, 145.37, division (A) of section 145.45, and section 145.46 of the Revised Code, that was based upon an award made effective before June 30, 1955, shall have the benefit payable as of September 30, 1974, recalculated by the public employees retirement board so that each such person shall receive an annual single lifetime benefit or its actuarial equivalent of not less than one hundred forty dollars for each year of the member’s total 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 division is less than the amount that is payable on the effective date of this section, then the greater benefit shall be continued.

(B) On and after the first day of the month following the effective date of this section, each person receiving a benefit, pursuant to sections 145.33, 145.34, 145.36, 145.37, division (A) of section 145.45, and section 145.46 of the Revised Code, that was first effective on and after June 30, 1955, through June 30, 1971, shall be paid an increased benefit as follows:

Effective Date of the Member’s Benefit: Per Cent of Increase:

June 30, 1955, through June 29, 1959 33

June 30, 1959, through October 31, 1965 21

November 1, 1965, through June 30, 1968 14

July 1, 1968, through June 30, 1971 5

The increase shall be applied to the benefit payable on the effective date of this section.

(C) On and after the first day of the month following the effective date of this section, each person receiving or qualified to receive a benefit, pursuant to division (B) of section 145.45 of the Revised Code, that was effective on and after June 14, 1951, through August 26, 1970, shall receive an increase in such benefit in the amount of twenty per cent.

Effective Date: 10-01-1974