2006 Ohio Revised Code - [3309.37.4] 3309.374.Effective until 10-27-06.

[§ 3309.37.4] § 3309.374. Cost-of-living increase.
 

(A)  The school employees retirement board shall annually increase each allowance, pension, or benefit payable under this chapter by three per cent, except that no allowance, pension, or benefit shall exceed the limit established by section 415 of the "Internal Revenue Code of 1986," 100 Stat. 2085, 26 U.S.C.A. 415, as amended. 
 

The first increase is payable to all persons becoming eligible after June 30, 1971, upon such persons receiving an allowance, pension, or benefit for twelve months. 
 

The increased amount is payable for the ensuing twelve-month period or until the next increase is granted under this section, whichever is later. Subsequent increases shall be determined from the date of the first increase paid to the former member in the case of an allowance being paid a beneficiary under an option, or from the date of the first increase to the survivor first receiving an allowance or benefit in the case of an allowance or benefit being paid to the subsequent survivors of the former member. 
 

The date of the first increase under this section becomes the anniversary date for any future increases. 
 

The allowance or benefit used in the first calculation of an increase under this section shall remain as the base for all future increases, unless a new base is established. Any increase resulting from payment of a recalculated benefit under Section 3 of Substitute Senate Bill No. 270 of the 123rd general assembly shall be included in the calculation of future increases under this section. 

(B)  The board shall make all rules necessary to carry out this section. 
 

HISTORY: 133 v S 448 (Eff 7-14-70); 136 v H 268 (Eff 8-20-76); 138 v H 204 (Eff 7-30-79); 143 v S 240 (Eff 7-24-90); 146 v H 365 (Eff 9-27-96); 148 v S 270 (Eff 4-9-2001); 149 v H 157. Eff 2-1-2002.