2006 Ohio Revised Code - [3309.40.1] 3309.401.Disability allowance.

[§ 3309.40.1] § 3309.401. Disability allowance.
 

(A)  A member with disability coverage under this section who is determined by the school employees retirement board under section 3309.39 of the Revised Code to qualify for a disability benefit shall receive a disability allowance under this section. The allowance shall be an annual amount equal to the greater of the following: 

(1) Forty-five per cent of the member's final average salary; 

(2) The member's total service credit multiplied by two and two-tenths per cent of the member's final average salary, not exceeding sixty per cent of the member's final average salary. 

(B)  Sufficient reserves for payment of the disability allowance shall be transferred to the annuity and pension reserve fund from the employers' accumulation fund. The accumulated contributions of the member shall remain in the employees' savings fund. No part of the allowance paid under this section shall be charged against the member's accumulated contributions. 

(C)  A disability allowance paid under this section shall terminate at the earliest of the following: 

(1) The effective date of service retirement under section 3309.35, 3309.36, or 3309.38 of the Revised Code; 

(2) The date the allowance is terminated under section 3309.41 of the Revised Code; 

(3) The later of the last day of the month in which the recipient attains age sixty-five, or the last day of the month in which the benefit period ends as follows:       
 
             60 or 61                             60 months
             62 or 63                             48 months
             64 or 65                             36 months
           66, 67, or 68                          24 months
            69 or older                           12 months

 

HISTORY: 144 v S 346 (Eff 7-29-92); 148 v S 270. Eff 4-9-2001.