Ohio Code 5505.57 – Method and timing of distribution of accrued amount
(A) On ceasing participation in the deferred retirement option plan as described in division (A), (B), or (C) of section 5505.55 of the Revised Code, a member shall select as the method of distribution of the amount accrued to the member under the plan one of the distribution options provided under section 401(a) of the “Internal Revenue Code of 1986,” (26 U.S.C. § 401(a)) as amended, applicable to governmental plans.
Terms Used In Ohio Code 5505.57
- member: means any employee included in the membership of the retirement system, whether or not rendering contributing service. 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
- system: means the state highway patrol retirement system created and established in the plan. See Ohio Code 5505.01
(B) The retirement system shall distribute the amount accrued to a member’s benefit under the deferred retirement option plan as follows:
(1) For a member who was younger than fifty-two years of age on the date of the election to participate in the plan, distribution shall not commence until the first day of the fourth year after the effective date of the member’s election to participate in the plan.
(2) For a member who was fifty-two years of age or older on the date of the election to participate in the plan, distribution shall not commence until the first day of the third year after the effective date of the member’s election to participate in the plan.