Ohio Code 3309.361 – Annual lifetime benefit
On and after the effective date of this section, the allowances of retirants receiving benefits based on an award from the school employees retirement system made on or after June 30, 1955, and before 1971, shall have the benefit recalculated by the school employees retirement system so that each such person shall receive an annual single lifetime benefit or its actuarial equivalent of not less than eighty-six dollars for each year of the member‘s total service credit, multiplied by the total number of years of 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 3309.361
- 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
- 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 benefit recalculated under this section is less than the amount that is payable before the effective date of this section, then the greater benefit shall be continued.