Ohio Code 5505.03 – Creation of funds
(A) The funds created by this section are the “employees’ savings fund,” “employer’s accumulation fund,” “pension reserve fund,” “survivors’ benefit fund,” “income fund,” and “expense fund.” When reference is made to any of such funds, such reference is made to each as a separate legal entity; provided that the moneys in the funds may be intermingled for deposit and investment purposes.
Terms Used In Ohio Code 5505.03
- Accumulated contributions: means the sum of the following credited to a member's individual account in the employees' savings fund:
(1) All amounts deducted from the salary of the member;
(2) All amounts paid by the member to purchase state highway patrol retirement system service credit pursuant to this chapter or other state law. See Ohio Code 5505.01
- board: means the state highway patrol retirement board provided for in the plan. See Ohio Code 5505.01
- member: means any employee included in the membership of the retirement system, whether or not rendering contributing service. See Ohio Code 5505.01
- Pension: means an annual amount payable by the retirement system throughout the life of a person or as otherwise provided in the plan. See Ohio Code 5505.01
- Pension reserve: means the present value of any pension, or benefit in lieu of any pension, computed upon the basis of mortality and other tables of experience and interest the board shall from time to time adopt. See Ohio Code 5505.01
- Plan: means the provisions of this chapter. See Ohio Code 5505.01
- Retirant: means any member who has retired under section 5505. See Ohio Code 5505.01
- Retirement: means retirement as provided in sections 5505. See Ohio Code 5505.01
- state: means the state of Ohio. See Ohio Code 1.59
- system: means the state highway patrol retirement system created and established in the plan. See Ohio Code 5505.01
(B) The employees’ savings fund is the fund in which shall be accumulated the contributions deducted from the salaries of members, except as provided in division (B)(1)(b) of section 5505.54 of the Revised Code. Any refunds of accumulated contributions, as provided in the plan, shall be paid from such fund. Upon a member‘s retirement, the accumulated contributions standing to the member’s credit in the fund shall be transferred to the pension reserve fund. If a pension is payable on account of the death of a member, the accumulated contributions standing to the member’s credit in the employees’ savings fund shall be transferred to the survivors’ benefit fund.
(C) The employer’s accumulation fund is the fund in which shall be accumulated the state‘s contribution to the state highway patrol retirement system and the amounts contributed under division (B)(1)(b) of section 5505.54 of the Revised Code. Upon a member’s retirement the difference between the member’s pension reserve and the member’s accumulated contributions shall be transferred to the pension reserve fund. If a pension is payable on account of a member’s death occurring, the difference between the pension reserve for that pension and the member’s accumulated contributions shall be transferred to the survivors’ benefit fund.
(D) The pension reserve fund is the fund from which shall be paid all pensions on account of members. If a disability retirant returns to the employ of the state highway patrol, the disability retirant’s pension reserve at that time shall be transferred to the employees’ savings fund and the employer’s accumulation fund in the same proportion as the pension reserve was originally transferred to the pension reserve fund.
(E) The survivors’ benefit fund is the fund from which shall be paid all pensions, payable under section 5505.17 of the Revised Code.
(F)(1) The income fund is the fund to which shall be credited all interest, dividends, distributions, and other income derived from deposits and investments of moneys of the retirement system, all gifts and bequests to the system, all transfers from the employees’ savings fund because of lack of claimant, and any other moneys the disposition of which is not otherwise provided for in the plan.
(2) If the balance in the income fund exceeds the requirements of the fund, the state highway patrol retirement board may transfer amounts from the income fund to meet special requirements of the various other funds of the retirement system.
(G) The expense fund is the fund from which the expense of the administration of this chapter shall be paid, exclusive of amounts payable as retirement allowances and as other benefits. The state highway patrol retirement board shall estimate annually the amount to be provided in the expense fund and such amount shall be transferred from the income fund. If such amount is insufficient during any year, the board is authorized to transfer the amount of such insufficiency from the income fund.