2006 Ohio Revised Code - 3307.71. Restoration of canceled service credit.

§ 3307.71. Restoration of canceled service credit.
 

Except as provided in this section or section 3305.05, or section 3305.051 [3305.05.1] of the Revised Code, a member or former member of the state teachers retirement system participating in the plan described in sections 3307.50 to 3307.79 of the Revised Code who has at least one and one-half years of contributing service credit in this system, the public employees retirement system, the school employees retirement system, the Ohio police and fire pension fund, or the state highway patrol retirement system after the withdrawal and cancellation of service credit in this system may restore all or part of such service credit by repayment of the amount withdrawn. To this amount shall be added interest at a rate per annum, compounded annually, to be determined by the state teachers retirement board. Interest shall be payable from the first of the month of withdrawal through the month of repayment. A member may choose to purchase only part of such credit in any one payment. The cost for restoring partial service shall be calculated as the proportion that it bears to the total cost at the time of purchase and is subject to the rules established by the board. If a former member is eligible to buy the service credit as a member of the Ohio police and fire pension fund, the state highway patrol retirement system, or the city of Cincinnati retirement system, the former member is ineligible to restore that service credit under this section. 
 

The total payment to restore canceled service credit shall be credited as follows: 

(A) The amount that equals contributions made pursuant to section 3307.26 of the Revised Code, plus any interest on the contributions paid by the member pursuant to this section, to the member's account in the teachers' savings fund; 

(B) The amount that equals the amount paid under section 3307.563 [3307.56.3] of the Revised Code, to the employers trust fund; 

(C) The remainder of the payment to restore canceled service credit, to the guarantee fund. 
 

HISTORY: RC § 3307.28, 128 v 157(191) (Eff 8-1-59); 129 v 1714(1746) (Eff 10-27-61); 131 v 710 (Eff 11-13-65); 133 v S 409 (Eff 11-21-69); 136 v H 268 (Eff 8-20-76); 144 v S 346 (Eff 7-29-92); 146 v H 586 (Eff 3-31-97); 147 v H 648 (Eff 9-16-98); 148 v H 222 (Eff 11-2-99); RC § 3307.71, 148 v S 190 (Eff 7-13-2000); 148 v H 535. Eff 4-1-2001; 150 v S 133, § 1, eff. 8-1-05.
 

The effective date is set by section 4 of S.B. 133 (150 v  - ). 

Not analogous to former RC § 3307.71, amended and renumbered RC § 3307.41 in 148 v S 190, eff 7-13-2000.

 

Effect of Amendments

Section 1, 150 v S 133, effective August 1, 2005, inserted "or section 3305.051" in the first paragraph, and made related changes.