Ohio Code 145.385 – Reemployed retirant electing to resume retirement allowance
(A) A PERS retirant who made an election under former section 145.381 of the Revised Code under which the annuity portion of the retirant’s retirement allowance was suspended and the pension portion forfeited may have the entire retirement allowance resume by giving notice to the public employees retirement system. The notice must be given not later than ninety days after October 1, 2002.
Terms Used In Ohio Code 145.385
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Annuity: means payments for life derived from contributions made by a contributor and paid from the annuity and pension reserve fund as provided in this chapter. See Ohio Code 145.01
- employer: means the employer of any public employee. See Ohio Code 145.01
- Retirant: means any former member who retires and is receiving a monthly allowance as provided in sections 145. See Ohio Code 145.01
- Retirement allowance: means the pension plus that portion of the benefit derived from contributions made by the member. See Ohio Code 145.01
(B) The retirement allowance shall resume on the first day of the month following receipt of notice by the retirement system.
(C) The annuity portion of the retirement allowance that has accumulated to the retirant’s credit shall be paid as a single payment on the first day of the month following receipt of notice by the retirement system.
(D) Contributions made by the retirant and employer during the period of forfeiture and contributions made after the retirement allowance resumes shall be left on deposit with the system and, except in the case of a retirant who elects, under division (H) of section 145.384 of the Revised Code, to receive a payment of the retirant contributions, shall be used in the calculation of a benefit under section 145.384 of the Revised Code.