5505.56 Notice of termination of active service - distribution of accrued amount. - Ohio Statutes

5505.56 Notice of termination of active service - distribution of accrued amount.

(A) A member participating in the deferred retirement option plan who terminates active service in the state highway patrol shall notify the state highway patrol retirement system of the date of termination on a form prescribed by the retirement system. The member is not eligible to make another election under section 5505.51 of the Revised Code.

(B)(1) With regard to a member who was younger than age fifty-two on the effective date of the election to participate in the plan, if the date of termination of the member’s active service occurs on or after the first day of the fourth year after the effective date of the election, the entire amount that has accrued to the member’s benefit under the deferred retirement option plan shall be distributed to the member pursuant to the member’s selection under section 5505.57 of the Revised Code.

If the date of termination occurs earlier than four years after the effective date of the election to participate, the member shall forfeit the interest credited under division (C) of section 5505.54 of the Revised Code.

(2) With regard to a member who, on the effective date of the election to participate in the plan, was age fifty-two or older, if the date of termination of the member’s active service occurs on or after the first day of the third year after the effective date of the election, the entire amount that has accrued to the member’s benefit under the deferred retirement option plan shall be distributed to the member pursuant to the member’s selection under section 5505.57 of the Revised Code.

If the termination of active service occurs earlier than three years after the effective date of the election to participate, the member shall forfeit the interest credited under division (C) of section 5505.54 of the Revised Code.

(C) Once a member ceases participation in the deferred retirement option plan as described in division (A), (B), or (C) of section 5505.55 of the Revised Code, the member’s monthly pension amount determined under section 5505.53 of the Revised Code shall be paid to the member, commencing the day following the member’s last day of active service in the state highway patrol.

Effective Date: 06-15-2006