3307.42 Acquiring vested right in pension when granted. - Ohio Statutes

3307.42 Acquiring vested right in pension when granted.

The granting to any person of an allowance, annuity, or pension, as defined in section 3307.50 of the Revised Code, or the granting of a benefit under a plan established under section 3307.81 of the Revised Code, pursuant to an action of the state teachers’ retirement board vests a right in such person, so long as the person remains the beneficiary of any of the funds established by section 3307.14 of the Revised Code, to receive the allowance, annuity, pension, or benefit at the rate fixed at the time of granting the allowance, annuity, pension, or benefit. Such right shall also be vested with equal effect in the beneficiary of a grant heretofore made from any of the funds named in section 3307.14 of the Revised Code.

Effective Date: 07-13-2000