Ohio Code 145.29 – Procedure for purchasing credit
(A) A member of the public employees retirement system who elects to purchase or otherwise obtain service credit under section 145.28, 145.291, 145.292, 145.293, or 145.299 or division (G) of section 145.47 of the Revised Code shall do both of the following:
Terms Used In Ohio Code 145.29
- 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
- Member: includes a PERS retirant who becomes a member under division (C) of section 145. See Ohio Code 145.01
(1) Submit a request to the public employees retirement board in a manner or form approved by the board;
(2) For each year, or portion of a year, of credit purchased or otherwise obtained, pay to the employees’ savings fund an amount specified by the board that is equal to one hundred per cent of the additional liability resulting from purchasing or obtaining that year or portion of a year of credit as determined by an actuary employed by the board.
(B) Subject to board rules, a member may choose to purchase or otherwise obtain in any one payment only part of any service credit listed in division (A) of this section.
(C) If a member dies or withdraws from service, any payment made by the member to purchase or obtain any service credit listed in division (A) of this section shall be considered as accumulated contributions of the member.
Last updated May 6, 2021 at 2:00 PM