Ohio Code 3309.692 – Additional deposits to fund medical expenses
As used in this section, “SERS defined benefit plan” means the plan established under sections 3309.18 to 3309.70 of the Revised Code and “SERS defined contribution plan” means the plan established under section 3309.81 of the Revised Code.
Terms Used In Ohio Code 3309.692
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Benefit: means a payment, other than a retirement allowance or the annuity paid under section 3309. See Ohio Code 3309.01
- Member: includes a disability benefit recipient. See Ohio Code 3309.01
- state: means the state of Ohio. See Ohio Code 1.59
The SERS defined benefit plan or a SERS defined contribution plan may include a program under which a member participating in the plan or a member’s employer is permitted to make additional deposits for the purpose of providing funds for the payment of health, medical, hospital, surgical, dental, or vision care expenses, including insurance premiums, deductible amounts, or copayments. The program may be a voluntary employees’ beneficiary association, as described in section 501(c)(9) of the Internal Revenue Code, 26 U.S.C. § 501(c)(9), as amended; an account described in section 401(h) of the Internal Revenue Code, 26 U.S.C. § 401(h), as amended; a medical savings account; or a similar type of program under which an individual may accumulate funds for the purpose of paying such expenses. To implement the program, the school employees retirement board may enter into agreements with insurance companies or other entities authorized to conduct business in this state.
If the SERS defined benefit plan or a SERS defined contribution plan includes a program described in this section, the board shall adopt rules to administer the program.