(A)(1) Except as provided in section 145.332 of the Revised Code, when a member retires on age and service retirement, the member’s total annual single lifetime allowance shall be an amount adjusted in accordance with division (A)(2) or (B) of this section and determined by multiplying the member’s total service credit by the following:

Terms Used In Ohio Code 145.33

  • Accumulated contributions: means the sum of all amounts credited to a contributor's individual account in the employees' savings fund together with any interest credited to the contributor's account under section 145. See Ohio Code 145.01
  • Actuary: means an individual who satisfies all of the following requirements:

    (1) Is a member of the American academy of actuaries;

    (2) Is an associate or fellow of the society of actuaries;

    (3) Has a minimum of five years' experience in providing actuarial services to public retirement plans. See Ohio Code 145.01

  • Age and service retirement: means retirement as provided in sections 145. See Ohio Code 145.01
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Final average salary: means the greater of the following:

    (a) The sum of the member's earnable salaries for the appropriate number of calendar years of contributing service, determined under section 145. See Ohio Code 145.01

  • Member: includes a PERS retirant who becomes a member under division (C) of section 145. See Ohio Code 145.01

(a) If the member is eligible for age and service retirement under division (A) or (B) of section 145.32 of the Revised Code, two and two-tenths per cent of the member’s final average salary for each of the first thirty years of service plus two and one-half per cent of the member’s final average salary for each subsequent year of service;

(b) If the member is eligible for age and service retirement under division (C) of section 145.32 of the Revised Code, two and two-tenths per cent of the member’s final average salary for each of the first thirty-five years of service plus two and one-half per cent of the member’s final average salary for each subsequent year of service.

(2)(a) For a member eligible to retire under division (A) of section 145.32 of the Revised Code, the member’s allowance under division (A)(1) of this section shall be adjusted by the factors of attained age or years of service to provide the greater amount as determined by the following schedule:

Attained Birthday or Years of Total Service Credit Percentage of Base Amount
58 25 75
59 26 80
60 27 85
61 88
28 90
62 91
63 94
29 95
64 97
65 30 or more 100

(b) For a member eligible to retire under division (B) or (C) of section 145.32 of the Revised Code, the member’s allowance under division (A)(1) of this section shall be reduced by a percentage determined by the board’s actuary based on the number of years the commencement of the allowance precedes the member’s eligibility for an unreduced allowance.

(c) The actuary may use an actuarially based average percentage reduction for purposes of division (A)(2)(b) of this section.

(3) For a member eligible to retire under division (A) or (B) of section 145.32 of the Revised Code, the right to a benefit shall vest in accordance with the following schedule, based on the member’s attained age by September 1, 1976:

Attained Birthday Percentage of Base Amount
66 102
67 104
68 106
69 108
70 or more 110

(B) The total annual single lifetime allowance that a member shall receive under this section shall not exceed the lesser of the following:

(1) Any limit established under section 145.333 of the Revised Code;

(2) One hundred per cent of the member’s final average salary;

(3) The limit established by section 415 of the “Internal Revenue Code of 1986,” 100 Stat. 2085, 26 U.S.C.A. 415, as amended.

(C) Retirement allowances determined under this section shall be paid as provided in section 145.46 of the Revised Code.

If the monthly amount of a member’s annual single lifetime allowance that is first payable on or after the effective date of this amendment under division (A) of this section would be less than fifty dollars, instead of a monthly payment the retirement system shall pay the greater of the following in a single payment:

(1) An amount determined under section 145.40 of the Revised Code as a refund of accumulated contributions;

(2) An amount equal to the actuarial present value of the allowance as determined by the retirement system.

Last updated August 11, 2022 at 3:02 PM

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