As used in this section, "accumulated contributions" and "total service credit" have the same meanings as in section 3307.50 of the Revised Code.
(A) A member of the state teachers retirement system who, as of the thirtieth day of June immediately preceding the date on which the system establishes an STRS defined contribution plan , has less than five years of total service credit is eligible to make an election under this section.
Not later than one hundred eighty days after the day the state teachers retirement board first establishes an STRS defined contribution plan, an eligible member may elect to participate in such a plan . If an election is not made, a member to whom this section applies is deemed to have elected to continue participating in the STRS defined benefit plan .
(B) An election under this section shall be made in writing on a form provided by the system and filed with the system.
(C) On receipt of an election under this section, the system shall do both of the following:
(1) Credit to the account of the member in the defined contribution fund the accumulated contributions standing to the member's credit in the teachers' savings fund, plus interest at a rate determined by the board;
(2) Cancel all service credit and eligibility for any payment, benefit, or right under the STRS defined benefit plan .
(D) An election under this section shall be irrevocable at the end of the election period described in division (A) of this section.
Amended by 129th General AssemblyFile No.147, SB 342, ยง1, eff. 1/7/2013.
Effective Date: 04-01-2001
Section: Previous 3307.214 3307.22 3307.23 3307.231 3307.24 3307.241 3307.25 3307.251 3307.252 3307.26 3307.261 3307.27 3307.28 3307.281-to-3307.283 3307.29 NextLast modified: October 10, 2016