2006 Ohio Revised Code - 3309.36. Allowances upon service retirement.

§ 3309.36. Allowances upon service retirement.
 

(A)  A member retiring on service retirement shall be granted a retirement allowance consisting of the lesser of the sum of the following amounts or the limit established by section 415 of the "Internal Revenue Code of 1986," 100 Stat. 2085, 26 U.S.C.A. 415, as amended: 

(1) An annuity having a reserve equal to the amount of the employee's accumulated contributions at that time; 

(2) A pension of equivalent amount; 

(3) An additional pension of forty dollars multiplied by the number of years of such prior service credit; 

(4) For members who have ten or more years of service credit accumulated prior to October 1, 1956, a basic annual pension equal to one hundred eighty dollars, except that such basic annual pension shall not exceed the sum of the total annual benefits provided by divisions (A)(1), (2), and (3) of this section. 

(B) (1)  When a member retires on service retirement, the member's allowance when computed as an annual single lifetime allowance as provided in divisions (A)(1), (2), (3), and (4) of this section and section 3309.38 of the Revised Code, based upon attained age sixty-five or thirty years of total service credit, shall be not less than the greater of the amounts determined by multiplying the member's total service credit by the following: 

(a) Eighty-six dollars; 

(b) Two and two-tenths per cent of the member's final average salary for each of the first thirty years of service credit or fraction thereof plus two and one-half per cent of the member's final average salary for each subsequent year of service credit or fraction thereof.        (2) The annual single lifetime allowance determined under division (B)(1) of this section shall be adjusted by the greater percentage shown in the following schedule opposite the member's attained age or years of Ohio service credit:
 
Attained   or
Age             Years of
Ohio
                             Service
Credit
                             Percent
of Base
                            
Amount
         58                         25                    75%
         59                         26                    80
         60                         27                    85
         61                                               88
                                    28                    90
         62                                               91
         63                                               94
                                    29                    95
         64                                               97
         65                     30 or more                100
 
      Members shall vest the right to a benefit in accordance with the following schedule, based on the member's attained age by September 1, 1976:
 
  Attained
Age           Per Cent
of
                        Base
Amount
      66                      102
      67                      104
      68                      106
      69                      108
  70 or more                  110
 

(3) The annual single lifetime allowance which a retirant shall receive under this division shall not exceed the lesser of one hundred per cent of the member's final average salary or the limit established by section 415 of the "Internal Revenue Code of 1986," 100 Stat. 2085, 26 U.S.C.A. 415, as amended. 

(C)  Retirement allowances determined under this section shall be paid as provided in section 3309.46 of the Revised Code. 
 

HISTORY: GC § 7896-100; 117 v 122(134), § 37; 121 v 207(235); 122 v 210(224); 124 v 617(656); Bureau of Code Revision, 10-1-53; 125 v 622; 126 v 1047(1086); 128 v 157(215) (Eff 8-1-59); 130 v 727 (Eff 10-14-63); 131 v 744 (Eff 11-13-65); 131 v H 959 (Eff 7-1-68); 134 v H 100 (Eff 12-31-71); 135 v H 430 (Eff 11-20-73); 136 v H 268 (Eff 8-20-76); 142 v H 290 (Eff 9-9-88); 143 v S 240 (Eff 7-1-90); 147 v H 673 (Eff 12-8-98); 148 v S 270. Eff 4-9-2001.