(A) A retirant who retired prior to September 21, 1994, under section 5505.16 of the Revised Code may elect to receive the actuarial equivalent of the retirant’s pension in a lesser amount payable for the remainder of the retirant’s life and continuing after death to the retirant’s surviving designated beneficiary under one of the optional plans described in division (A)(2)(a), (b), or (c) of section 5505.162 of the Revised Code, provided the annual amount payable to the designated beneficiary shall not exceed the annual amount payable to the retirant, the amount is certified by the actuary employed by the state highway patrol retirement system to be the actuarial equivalent of the retirant’s pension, and the state highway patrol retirement board approves the amount.

Terms Used In Ohio Code 5505.163

  • Actuary: means an individual who satisfies all of the following requirements:

    (1) Is a member of the American academy of actuaries;

    (2) Is an associate or fellow of the society of actuaries;

    (3) Has a minimum of five years' experience in providing actuarial services to public retirement plans. See Ohio Code 5505.01

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • board: means the state highway patrol retirement board provided for in the plan. See Ohio Code 5505.01
  • member: means any employee included in the membership of the retirement system, whether or not rendering contributing service. See Ohio Code 5505.01
  • Pension: means an annual amount payable by the retirement system throughout the life of a person or as otherwise provided in the plan. See Ohio Code 5505.01
  • Plan: means the provisions of this chapter. See Ohio Code 5505.01
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Retirant: means any member who has retired under section 5505. See Ohio Code 5505.01
  • Retirement: means retirement as provided in sections 5505. See Ohio Code 5505.01
  • state: means the state of Ohio. See Ohio Code 1.59
  • system: means the state highway patrol retirement system created and established in the plan. See Ohio Code 5505.01

(B) A retirant interested in making the election authorized by division (A) of this section shall file a notice of interest with the board not later than sixty days after June 30, 2000. The board shall advise the retirant with respect to the choices available under the optional plans and have a determination made of the monthly pension payable under the optional plan elected by the member for inclusion in the statement to be filed under division (C) of this section.

(C) To make the election authorized by division (A) of this section, a retirant shall file a statement, on a form provided by the board, indicating that the retirant elects to participate in the optional plan specified in the statement. The form must be filed with the board not later than one hundred twenty days after June 30, 2000.

(D) A notice or statement mailed to the board shall be considered to have been filed on its postmark date.

(E) Any option elected and payments made under this section shall be in addition to any pension payable to the retirant’s surviving spouse, children, or parents under section 5505.17 of the Revised Code.

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