Public Employees Retirement System - Service Credit - Beneficiary's percentage under the joint-life and multiple-life plans.

Published: 2021-01-01

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Unless a court order specifically requires a member to allocate to the members former spouse less than ten per cent of the members monthly retirement allowance, the portion of a retirement allowance that continues after death to a member's surviving beneficiary pursuant to the plan of payment described in division (B)(1) or (B)(3) of section 145.46 of the Revised Code or section 9.03 (e)(1)(i) or (e)(1)(iii) of the combined plan document shall be expressed as a whole percentage and shall meet or exceed the greater of the following:

(A) Ten per cent of the member's monthly retirement allowance;

(B) A percentage that causes the beneficiary's monthly benefit to be at least fifty dollars.

Last updated September 30, 2021 at 9:08 AM