For each member who elects to participate in the deferred retirement option plan, the state highway patrol retirement system shall determine the member’s pension amount under section 5505.17 of the Revised Code. In determining the pension amount, the retirement system shall use the member’s total service credit and final average salary as of the last day of the employer’s payroll period immediately prior to the effective date of the member’s election to participate in the plan. The pension amount shall be calculated using the election made by the member under section 5505.162 of the Revised Code.

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Terms Used In Ohio Code 5505.53

  • final average salary: means the average of the highest salary paid a member during any five consecutive or nonconsecutive years. 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
  • Plan: means the provisions of this chapter. 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
  • Total service: means all service rendered by an employee to the extent credited by the board. See Ohio Code 5505.01

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