Should a member or former member of the state highway patrol retirement system die and no pension becomes payable from funds of the system on account of the member’s or former member’s employment with the patrol, the member’s or former member’s accumulated contributions, less interest, standing to the member’s or former member’s credit in the employees’ savings fund at the time of death shall be paid to the beneficiary or beneficiaries the member or former member has nominated by written designation duly executed and filed with the state highway patrol retirement board. A member or former member may designate an individual or a trust as a beneficiary. If there is no designated beneficiary surviving the member or former member, the member’s or former member’s accumulated contributions shall be paid according to the state law of descent and distribution; provided that, if the member’s or former member’s accumulated contributions are not claimed by an eligible person or by the estate of the deceased member or former member within seven years, they shall be transferred to the income fund of the system and after that shall be paid from that fund to such person or estate upon application to the board.

Terms Used In Ohio Code 5505.21

  • Accumulated contributions: means the sum of the following credited to a member's individual account in the employees' savings fund:

    (1) All amounts deducted from the salary of the member;

    (2) All amounts paid by the member to purchase state highway patrol retirement system service credit pursuant to this chapter or other state law. 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
  • Law of descent: The State statutes that specify how a deceased person
  • 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
  • Person: includes an individual, corporation, business trust, estate, trust, partnership, and association. See Ohio Code 1.59
  • 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

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