On the death of a retirant or disability benefit recipient who at the time of death is receiving, under the STRS defined benefit plan , a service retirement allowance or disability benefit, the state teachers retirement system shall make a lump-sum payment of one thousand dollars to any designated or qualified beneficiary under division (D)(1) of section 3307.562 of the Revised Code. If there is no beneficiary, the state teachers retirement board may approve payment to either the person responsible for the burial expenses or to the decedent's estate following the completion of an application on a form approved by the board.
A benefit paid under this section shall be treated as life insurance for purposes of this chapter and shall be funded solely from contributions made under section 3307.28 of the Revised Code on behalf of members participating in the STRS defined benefit plan , and any earnings attributable to those contributions.
Amended by 129th General AssemblyFile No.147, SB 342, ยง1, eff. 1/7/2013.
Effective Date: 09-21-2000
Section: Previous 3307.61 3307.62 3307.63 3307.631 3307.64 3307.65-3307.651 3307.66 3307.661 3307.67 3307.671 3307.68 3307.69 3307.691 3307.692 3307.693 NextLast modified: October 10, 2016