Effective: September 13, 2022
Latest Legislation: Senate Bill 273 - 134th General Assembly
(A) Neither the state nor a public institution of higher education shall be a party to any contract purchased in whole or in part with contributions to an alternative retirement plan made under section 3305.06 of the Revised Code. No retirement, death, or other benefits shall be payable by the state or by any public institution of higher education under any alternative retirement plan elected pursuant to this chapter.
(B) Except as provided under division (C) of this section and sections 3305.08, 3305.09, 3305.11, and 3305.12 of the Revised Code, benefits shall be paid to an electing employee or the employee's beneficiaries in accordance with the alternative retirement plan adopted by the public institution of higher education at which the employee is employed.
(C) A benefit or payment shall not be paid to an electing employee or the employee's beneficiaries under an investment option before one of the following events occur:
(1) The electing employee dies.
(2) The electing employee terminates employment with the public institution of higher education at which the employee is employed.
(3) If provided under the alternative retirement plan or investment option, either of the following:
(a) The electing employee becomes disabled.
(b) The electing employee is required to begin receiving distributions under division (a)(9) of section 401 of the Internal Revenue Code, 26 U.S.C. 401(a)(9).
(D) The provider of an investment option shall transfer the employee's account balance to another provider as provided under section 3305.053 of the Revised Code if the employee changes providers under that section.
Last updated October 6, 2022 at 5:14 PM
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.