2011 Ohio Revised Code
Title [33] XXXIII EDUCATION - LIBRARIES
Chapter 3309: PUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM
3309.36 Allowances for service retirement.

(A)(1) A member of the school employees retirement system whose membership began before the effective date of this amendment who retires 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. 415, as amended:

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

(b) A pension of equivalent amount;

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

(d) 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.

(2) A member whose membership began on or after the effective date of this amendment who retires 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” :

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

(b) A pension of equivalent amount.

(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) and (2) 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) For a member whose membership began before the effective date of this amendment, 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 Age or Years of Ohio Service Credit Per Cent 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 For a member whose membership began before the effective date of this amendment, the right to a benefit shall vest 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) For a member whose membership began on or after the effective date of this amendment, the annual single lifetime allowance determined under division (B)(1) of this section shall be adjusted to be the actuarial equivalent of the member’s retirement allowance, as determined by the retirement board’s actuary, had the member retired at age sixty-five or with thirty years of service credit, except that the retirement allowance shall not be less than the following: Years of Service Credit Per Cent of Base Amount

25 75%

26 80

27 85

28 90

29 95

(4) 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.

(D) At least once every ten years, the school employees retirement board shall direct its actuary to evaluate the actuarial equivalents in division (B)(3) of this section to determine their appropriateness. The board may adjust the actuarial equivalents in accordance with the actuary’s recommendations.

Effective Date: 04-09-2001; 2008 SB148 05-14-2008