(A)
(1) Except as provided in section 145.332 of the Revised Code, when a member retires on age and service retirement, the member's total annual single lifetime allowance shall be an amount adjusted in accordance with division (A)(2) or (B) of this section and determined by multiplying the member's total service credit by the following:
(a) If the member is eligible for age and service retirement under division (A) or (B) of section 145.32 of the Revised Code, two and two-tenths per cent of the member's final average salary for each of the first thirty years of service plus two and one-half per cent of the member's final average salary for each subsequent year of service;
(b) If the member is eligible for age and service retirement under division (C) of section 145.32 of the Revised Code, two and two-tenths per cent of the member's final average salary for each of the first thirty-five years of service plus two and one-half per cent of the member's final average salary for each subsequent year of service.
(2)
(a) For a member eligible to retire under division (A) of section 145.32 of the Revised Code, the member's allowance under division (A)(1) of this section shall be adjusted by the factors of attained age or years of service to provide the greater amount as determined by the following schedule:
Attained Birthday
or
Years of Total Service Credit
Percentage 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
(b) For a member eligible to retire under division (B) or (C) of section 145.32 of the Revised Code, the member's allowance under division (A)(1) of this section shall be reduced by a percentage determined by the board's actuary
based on the number of years the commencement of the allowance precedes the member's eligibility for an unreduced allowance.
(c) The actuary may use an actuarially based average percentage reduction for purposes of division (A)(2)(b) of this section.
(3) For a member eligible to retire under division (A) or (B) of section 145.32 of the Revised Code, 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 Birthday
Percentage of Base Amount
66
102
67
104
68
106
69
108
70 or more
110
(B) The total annual single lifetime allowance that a member shall receive under this section shall not exceed the lesser of the following:
(1) Any limit established under section 145.333 of the Revised Code;
(2) One hundred per cent of the member's final average salary;
(3) 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 145.46 of the Revised Code.
Amended by 130th General Assembly File No. TBD, SB 42, §1, eff. 3/23/2015.
Amended by 129th General AssemblyFile No.148, SB 343, §1, eff. 1/7/2013.
Effective Date: 03-14-2003; 09-29-2005; 2008 SB267 03-24-2009
Section: Previous 145.327 145.328 145.329 145.3210 145.3211 145.3212 145.3213 145.33 145.331 145.332 145.333 145.34 145.35 145.351 145.36 NextLast modified: October 10, 2016