Ohio Code 5505.30 – Lump sum death benefit payment
On the death of a retirant, a lump-sum payment of five thousand dollars shall be paid to the retirant’s surviving spouse or, if there is no surviving spouse, the payment shall be made to the beneficiary designated by the retirant on a form provided by the state highway patrol retirement system. A retirant may designate an individual or a trust as a beneficiary. If there is no surviving spouse or designated beneficiary, the payment shall be made to the retirant’s estate.
Terms Used In Ohio Code 5505.30
- 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
- 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
Application for the payment shall be made on a form provided by the state highway patrol retirement board.
A benefit paid under this section shall be treated as life insurance for purposes of this chapter and shall be funded solely from contributions made under division (B) of section 5505.15 of the Revised Code and any earnings attributable to those contributions.