Ohio Code 3309.252 – Employee with less than 5 years of service electing to participate in defined contribution plan
(A) A member of the school employees retirement system, who, as of the last day of the month immediately preceding the date on which the system establishes a plan under section 3309.81 of the Revised Code, has less than five years of total service credit is eligible to make an election under this section.
Terms Used In Ohio Code 3309.252
- Accumulated contributions: means the sum of all amounts credited to a contributor's account in the employees' savings fund together with any regular interest credited thereon at the rates approved by the retirement board prior to retirement. See Ohio Code 3309.01
- Benefit: means a payment, other than a retirement allowance or the annuity paid under section 3309. See Ohio Code 3309.01
- 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: includes a disability benefit recipient. See Ohio Code 3309.01
- total service: includes any period, not in excess of three years, during which a member was out of service and receiving benefits from the state insurance fund, provided the injury or incapacitation was the direct result of school employment. See Ohio Code 3309.01
Not later than one hundred eighty days after the day the board first establishes one or more plans under section 3309.81 of the Revised Code, an eligible member may elect to participate in a plan established under that section. If an election is not made, a member to whom this section applies is deemed to have elected to continue participating in the plan described in sections 3309.18 to 3309.70 of the Revised Code.
(B) An election under this section shall be made in writing on a form provided by the system and filed with 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 employees’ savings fund;
(2) Cancel all service credit and eligibility for any payment, benefit, or right under the plan described in sections 3309.18 to 3309.70 of the Revised Code.
(D) An election under this section shall be irrevocable on receipt by the system.