Effective: September 10, 2012
Latest Legislation: House Bill 487 - 129th General Assembly
As used in this chapter:
(A) "Public institution of higher education" means a state university as defined in section 3345.011 of the Revised Code, the northeast Ohio medical university, or a university branch, technical college, state community college, community college, or municipal university established or operating under Chapter 3345., 3349., 3354., 3355., 3357., or 3358. of the Revised Code.
(B) "State retirement system" means the public employees retirement system created under Chapter 145. of the Revised Code, the state teachers retirement system created under Chapter 3307. of the Revised Code, or the school employees retirement system created under Chapter 3309. of the Revised Code.
(C) "Eligible employee" means any person employed as a full-time employee of a public institution of higher education.
In all cases of doubt, the board of trustees of the public institution of higher education shall determine whether any person is an eligible employee for purposes of this chapter, and the board's decision shall be final.
(D) "Electing employee" means any eligible employee who elects, pursuant to section 3305.05 or 3305.051 of the Revised Code, to participate in an alternative retirement plan provided pursuant to this chapter or an eligible employee who is required to participate in an alternative retirement plan pursuant to division (C)(3) of section 3305.05 or division (F) of section 3305.051 of the Revised Code.
(E) "Compensation," for purposes of an electing employee, has the same meaning as the applicable one of the following:
(1) If the electing employee would be subject to Chapter 145. of the Revised Code had the employee not made an election pursuant to section 3305.05 or 3305.051 of the Revised Code, "earnable salary" as defined in division (R) of section 145.01 of the Revised Code;
(2) If the electing employee would be subject to Chapter 3307. of the Revised Code had the employee not made an election pursuant to section 3305.05 or 3305.051 of the Revised Code, "compensation" as defined in division (L) of section 3307.01 of the Revised Code;
(3) If the electing employee would be subject to Chapter 3309. of the Revised Code had the employee not made an election pursuant to section 3305.05 or 3305.051 of the Revised Code, "compensation" as defined in division (V) of section 3309.01 of the Revised Code.
(F) "Vendor" means an entity designated under section 3305.03 of the Revised Code as eligible to be a provider of investment options for an alternative retirement plan.
(G) "Provider" means, with respect to each public institution of higher education, a vendor that has entered into an agreement with that public institution of higher education in accordance with section 3305.04 of the Revised Code.
Structure Ohio Revised Code
Title 33 | Education-Libraries
Chapter 3305 | Alternative Retirement Plans
Section 3305.01 | Alternative Retirement Program Definitions.
Section 3305.02 | Alternative Retirement Program.
Section 3305.03 | Designation of Entities Eligible to Provide Investment Options.
Section 3305.031 | Additional Procedures When Designating or Reviewing a Vendor.
Section 3305.032 | Adoption of Rules.
Section 3305.04 | Adoption of Alternative Retirement Plan; Implementation.
Section 3305.05 | Employees Who May Elect to Participate in Alternative Plan.
Section 3305.051 | Elections Made Prior to Effective Date.
Section 3305.053 | Selection and Change of Providers Under Alternative Plan.
Section 3305.06 | Employee and Employer Contributions.
Section 3305.07 | Payment of Benefits to Electing Employee.
Section 3305.08 | Tax Exemption.
Section 3305.09 | Withholding Order to Pay Restitution for Sex Offense or Theft in Office.
Section 3305.10 | Consent of Spouse of Electing Employee Required Prior to Payment.
Section 3305.11 | Forfeiture of Retirement Benefits Under Rc 2929.192.
Section 3305.12 | Benefits Subject to Termination.
Section 3305.20 | Alternate Payee Entitled to Certain Information.
Section 3305.21 | Orders for Division of Marital or Separate Property.
Section 3305.22 | Repayment or Recovery of Amounts Paid to Alternate Payee.