Ohio Code 5505.54 – Accrual of plan member’s pension and contributions
(A) During the period beginning on the effective date of an election to participate in the deferred retirement option plan and ending on the date participation ceases, a member‘s monthly pension amount determined under section 5505.53 of the Revised Code shall accrue to the member’s benefit. To this amount shall be added any benefit increases the member would be eligible for under section 5505.174 of the Revised Code had the member, on the effective date of the member’s election, retired under section 5505.16 of the Revised Code.
Terms Used In Ohio Code 5505.54
- 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
- Retirement: means retirement as provided in sections 5505. See Ohio Code 5505.01
- Rule: includes regulation. See Ohio Code 1.59
- salary: means all compensation, wages, and other earnings paid to a member by reason of employment but without regard to whether any of the compensation, wages, or other earnings are treated as deferred income for federal income tax purposes. 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)(1) The amounts contributed under division (A) of section 5505.15 of the Revised Code by a member participating in the deferred retirement option plan shall be credited as follows:
(a) Ten per cent of the member’s annual salary shall accrue to the member’s benefit.
(b) Any amount of the member’s annual salary that is in excess of ten per cent shall be credited to the employer’s accumulation fund.
(2) The state highway patrol retirement system shall credit to the employer’s accumulation fund the amounts contributed by the state under section 5505.15 of the Revised Code on behalf of a member participating in the deferred retirement option plan.
(C) During the period beginning on the election’s effective date and ending on the date the member ceases participation in the plan, the amounts described in divisions (A) and (B)(1)(a) of this section shall earn interest at an annual rate established by the state highway patrol retirement board and compounded annually using a method established by rule adopted under section 5505.50 of the Revised Code.