Ohio Code 3309.379 – Recalculating benefits
(A) On and after the first day of the month following the effective date of this section, each person eligible to receive an allowance, pension, or benefit, pursuant to sections 3309.35, 3309.36, 3309.40, division (A) of section 3309.45, and section 3309.46 and former section 3309.38 of the Revised Code, that was based upon an award made effective before June 30, 1955, shall have the allowance, pension, or benefit payable as of September 30, 1974, recalculated by the school employees retirement board so that each such person shall receive an annual single lifetime allowance, pension, or benefit or its actuarial equivalent of not less than one hundred forty dollars for each year of the member’s total service credit, except that service credit exceeding thirty-two years shall not be used in the recalculation, and a final average salary limitation shall not be applied.
Terms Used In Ohio Code 3309.379
- Benefit: means a payment, other than a retirement allowance or the annuity paid under section 3309. See Ohio Code 3309.01
- Final average salary: means the sum of the annual compensation for the three highest years of compensation for which contributions were made by the member, divided by three. See Ohio Code 3309.01
- Member: includes a disability benefit recipient. See Ohio Code 3309.01
- Pension: means annual payments for life derived from appropriations made by an employer and paid from the employers' trust fund or the annuity and pension reserve fund. See Ohio Code 3309.01
- Person: includes an individual, corporation, business trust, estate, trust, partnership, and association. See Ohio Code 1.59
- total service: includes any period, not in excess of three years, during which a member was out of service and receiving benefits from the state insurance fund, provided the injury or incapacitation was the direct result of school employment. See Ohio Code 3309.01
- Year: means the year beginning the first day of July and ending with the thirtieth day of June next following. See Ohio Code 3309.01
If the amount of the allowance, pension, or benefit recalculated under this division is less than the amount that is payable on the effective date of this section, then the greater allowance, pension, or benefit shall be continued.
(B) On and after the first day of the month following the effective date of this section, each person receiving an allowance, pension, or benefit, pursuant to sections 3309.35, 3309.36, 3309.40, division (A) of section 3309.45, and section 3309.46 and former section 3309.38 of the Revised Code, that was first effective on and after June 30, 1955, through June 30, 1971, shall be paid an increased allowance, pension, or benefit as follows:
| Effective Date of the Member‘s Allowance, Pension, or Benefit: | Per Cent of Increase: |
| June 30, 1955 through June 29, 1959 | 33 |
| June 30, 1959, through October 31, 1965 | 21 |
| November 1, 1965, through June 30, 1968 | 14 |
| July 1, 1968, through June 30, 1971 | 5 |
The increase shall be applied to the allowance, pension, or benefit payable on the effective date of this section.
(C) On and after the first day of the month following the effective date of this section, each person receiving or qualified to receive an allowance, pension, or benefit, pursuant to division (B) of section 3309.45 of the Revised Code, that was effective on and after June 14, 1951, through August 26, 1970, shall receive an increase in such allowance, pension, or benefit in the amount of twenty per cent.