Effective: September 10, 2012
Latest Legislation: House Bill 487 - 129th General Assembly
The board of trustees of a public institution of higher education shall permit an employee who makes an election under section 3305.05 or 3305.051 of the Revised Code to do all of the following:
(A) Select, from among the providers that have entered into an agreement with the public institution of higher education under section 3305.04 of the Revised Code, the provider of an investment option for that employee;
(B) Subject to any terms and conditions established by the public institution of higher education, change the provider selected under division (A) of this section any time during the plan year.
(C) If under division (B) of this section an employee changes providers, the employee may direct the provider to transfer to the new provider the employee's account balance either in whole or in part, as directed by the employee, except that the provider is not required to immediately transfer any part of the account invested at the employee's election in a fixed annuity account if the contract with the employee under which the investment was made permits the provider to make such a transfer over a period of time not exceeding ten years and the contract was filed with and approved by the department of insurance pursuant to section 3911.011 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.