Ohio Code 3305.07 – Payment of benefits to electing employee
(A) Neither the state nor a public institution of higher education shall be a party to any contract purchased in whole or in part with contributions to an alternative retirement plan made under section 3305.06 of the Revised Code. No retirement, death, or other benefits shall be payable by the state or by any public institution of higher education under any alternative retirement plan elected pursuant to this chapter.
Terms Used In Ohio Code 3305.07
- Another: when used to designate the owner of property which is the subject of an offense, includes not only natural persons but also every other owner of property. See Ohio Code 1.02
- Contract: A legal written agreement that becomes binding when signed.
- Electing employee: means any eligible employee who elects, pursuant to section 3305. See Ohio Code 3305.01
- Provider: means , with respect to each public institution of higher education, a vendor that has entered into an agreement with that public institution of higher education in accordance with section 3305. See Ohio Code 3305.01
- Public institution of higher education: means a state university as defined in section 3345. See Ohio Code 3305.01
- state: means the state of Ohio. See Ohio Code 1.59
(B) Except as provided under division (C) of this section and sections 3305.08, 3305.09, 3305.11, and 3305.12 of the Revised Code, benefits shall be paid to an electing employee or the employee’s beneficiaries in accordance with the alternative retirement plan adopted by the public institution of higher education at which the employee is employed.
(C) A benefit or payment shall not be paid to an electing employee or the employee’s beneficiaries under an investment option before one of the following events occur:
(1) The electing employee dies.
(2) The electing employee terminates employment with the public institution of higher education at which the employee is employed.
(3) If provided under the alternative retirement plan or investment option, either of the following:
(a) The electing employee becomes disabled.
(b) The electing employee is required to begin receiving distributions under division (a)(9) of section 401 of the Internal Revenue Code, 26 U.S.C. § 401(a)(9).
(D) The provider of an investment option shall transfer the employee’s account balance to another provider as provided under section 3305.053 of the Revised Code if the employee changes providers under that section.
Last updated October 6, 2022 at 5:14 PM