Public Employees Retirement System - Contributions - Restored service.

Published: 2013-03-24

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(A) This rule amplifies section 145.97 of the Revised Code and section 3.06 of the combined plan document.

(B) A member participating in the combined plan or a former member who participated in the combined plan may redeposit the amounts withdrawn under article VIII of the combined plan, subject to all of the following:

(1) The member or former member has at least eighteen months of contributing service in the combined plan or in the Ohio police and fire pension fund or state highway patrol retirement system;

(2) The member or former member shall redeposit the amount withdrawn with interest on that amount compounded annually at a rate to be determined by the public employees retirement board from the first day of the month of withdrawal to and including the month of redeposit.

(3) If a former member is eligible to buy the service credit as a member of the Ohio police and fire pension fund, state highway patrol retirement system, or the city of Cincinnati retirement system, the former member is ineligible to restore that service credit under this section.

(C) The amount withdrawn shall be redeposited and credited as follows:

(1) To the employers' accumulation fund, the amount that equals the amount, if any, distributed under section 8.02 of the combined plan document.

(2) To the member's accounts, as defined in section 1.01 of the combined plan document, the amount distributed under section 8.01 of the combined plan document.

(3) To the member's account in the employees' savings fund, any remaining amount including the interest required in paragraph (B)(2) of this rule.

(D) The member may choose to purchase only part of such credit in any one payment, subject to rules adopted by the board. Except for the amount described in paragraph (C)(1) of this rule, the amounts paid to restore service credit under this rule shall vest as described in section 7.01 of the combined plan document.

Last updated September 30, 2021 at 9:10 AM