Ohio Code 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.
Terms Used In Ohio Code 5505.56
- Another: when used to designate the owner of property which is the subject of an offense, includes not only natural persons but also every other owner of property. See Ohio Code 1.02
- 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
- 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) 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.