Ohio Code 3307.251 – Employee with less than 5 years of service electing to participate in STRS defined contribution plan
As used in this section, “accumulated contributions” and “total service credit” have the same meanings as in section 3307.50 of the Revised Code.
Terms Used In Ohio Code 3307.251
- in writing: includes any representation of words, letters, symbols, or figures; this provision does not affect any law relating to signatures. See Ohio Code 1.59
- Member: means any person included in the membership of the state teachers retirement system, which shall consist of all teachers and contributors as defined in divisions (B) and (D) of this section and all disability benefit recipients, as defined in section 3307. See Ohio Code 3307.01
- state: means the state of Ohio. See Ohio Code 1.59
- STRS defined benefit plan: means the plan described in sections 3307. See Ohio Code 3307.01
- STRS defined contribution plan: means the plans established under section 3307. See Ohio Code 3307.01
(A) A member of the state teachers retirement system who, as of the thirtieth day of June immediately preceding the date on which the system establishes an STRS defined contribution plan, has less than five years of total service credit is eligible to make an election under this section.
Not later than one hundred eighty days after the day the state teachers retirement board first establishes an STRS defined contribution plan, an eligible member may elect to participate in such a plan. If an election is not made, a member to whom this section applies is deemed to have elected to continue participating in the STRS defined benefit plan.
(B) An election under this section shall be made in writing on a form provided by the system and submitted to the system.
(C) On receipt of an election under this section, the system shall do both of the following:
(1) Credit to the account of the member in the defined contribution fund the accumulated contributions standing to the member’s credit in the teachers’ savings fund, plus interest at a rate determined by the board;
(2) Cancel all service credit and eligibility for any payment, benefit, or right under the STRS defined benefit plan.
(D) An election under this section shall be irrevocable at the end of the election period described in division (A) of this section.