3307.142 Interest compounded annually credited to accounts of members and funds. - Ohio Statutes

3307.142 Interest compounded annually credited to accounts of members and funds.

(A) Interest compounded annually shall be credited to the accounts of members participating in the plan described in sections 3307.50 to 3307.79 of the Revised Code and to the various funds listed in divisions (A) to (F) of section 3307.14 of the Revised Code, and shall be assumed in determining actuarial factors, at rates recommended by the actuary and approved by the state teachers retirement board, but not less than three and twenty-five hundredths per cent effective September 1, 1965, except as follows:

(1) For the years stated the rates shall be as follows: Years Rates

9-1-1920/8-31-1955 4.00%

9-1-1955/8-31-1963 3.00

9-1-1963/8-31-1965 2.25

(2) Subsequent to August 31, 1959, interest shall be credited to accounts only at retirement.

(3) If the amount of the account at retirement is not a factor in determining the allowance, interest shall not be credited to such account after September 1, 1964.

(4) The actuary shall estimate the amount of interest reserve required in the teachers savings fund for credit to accounts when interest is to be a factor in determining the allowance, and the balance of the interest reserve in such fund shall be transferred to the employers trust fund as of September 1, 1965.

(B) Interest shall be credited to the accounts of members participating in a plan established under section 3307.81 of the Revised Code and to the defined contribution fund in accordance with that plan.

Effective Date: 07-13-2000