Effective: November 23, 1995
Latest Legislation: House Bill 226 - 121st General Assembly
As used in this section, "school board member" means a member of a city, local, exempted village, or joint vocational school district board of education and a "governing board member" means a member of an educational service center governing board.
(A) A member of the school employees retirement system who does both of the following may purchase credit for service as a school board or governing board member if the member is eligible to retire under this chapter or will become eligible to retire as a result of purchasing the credit:
(1) Agrees to retire within ninety days after receiving notice of the additional liability under division (C) of this section;
(2) Provides evidence satisfactory to the retirement board of service as a school board or governing board member during the years for which the member wishes to purchase credit.
(B) Credit may be purchased under division (A) of this section for service as a school board or governing board member between September 1, 1937, and June 30, 1991. A member is eligible to purchase one-quarter of a year's credit for each year of service as a school board or governing board member.
(C) On receipt of a request from a member eligible to purchase credit under this section, the system shall obtain from its actuary a certification of the additional liability to the system for each quarter year of credit the member is eligible to purchase. Any portion of the credit a member is eligible to purchase may be purchased in quarter-year increments. For each quarter year of credit purchased, the member shall pay to the system an amount equal to the additional liability to the system resulting from the purchase. Payment shall be made in full at the time of purchase.
(D) The school employees retirement board shall adopt rules in accordance with section 111.15 of the Revised Code concerning the purchase of credit under this section. In addition to any other matters considered relevant by the retirement board, the rules shall specify the procedure to be followed by a member to inform the system of a desire to purchase credit for service as a school board or governing board member.
(E) If the member does not retire within ninety days after purchasing credit under this section, the system shall withdraw the credit and refund the amount paid by the member.
Structure Ohio Revised Code
Title 33 | Education-Libraries
Chapter 3309 | Public School Employees Retirement System
Section 3309.01 | Public School Employees Retirement System Definitions.
Section 3309.011 | Exclusions From Definition of Employee.
Section 3309.012 | Board Member to Elect Whether to Become Member of System.
Section 3309.013 | Exclusions From Definition of Employee Under Orc Section 3309.01.
Section 3309.02 | Credit for Military Service.
Section 3309.021 | Purchasing Military Service Credit.
Section 3309.022 | Purchasing Uniformed Services Credit.
Section 3309.03 | School Employees Retirement System - Board.
Section 3309.031 | System Consists of Plans Established by Chapter.
Section 3309.04 | General Administration and Management Vested in Board.
Section 3309.041 | Travel Expense Policies - Bonus Policy - Budget.
Section 3309.042 | Ethics Policy - Commission Approval - Ethics Training.
Section 3309.044 | Selection of Internal Auditor.
Section 3309.05 | Board Membership.
Section 3309.051 | Orientation Program Required for New Members - Continuing Education.
Section 3309.052 | Members With Excessive Travel Expenses Ineligible for Another Term.
Section 3309.06 | Board Elections.
Section 3309.061 | Disqualification of Convicted Member - Misconduct in Office - Removal Procedure.
Section 3309.07 | Electing Employee and Retirant Members.
Section 3309.071 | Board Elections.
Section 3309.073 | Filing of Statements - Prohibited Campaign Activities.
Section 3309.074 | Complaint Alleging Violation of Rc 3309.073 - Procedure - Fine.
Section 3309.08 | Oath of Office.
Section 3309.10 | Service on Board; Reimbursement for Employer; Expenses; Liability Insurance.
Section 3309.11 | Officers - Executive Director.
Section 3309.12 | Treasurer of State Is Custodian of Funds.
Section 3309.13 | Legal Adviser.
Section 3309.14 | Technical and Administrative Employees - Retirement Applications.
Section 3309.15 | Investment and Fiduciary Duties of Board.
Section 3309.155 | Prohibited Business Transactions.
Section 3309.156 | Restrictions on Fiduciaries.
Section 3309.158 | Annual Disclosures to Ohio Ethics Commission.
Section 3309.159 | Designation of Ohio-Qualified Investment Managers - Utilization - Annual Report.
Section 3309.16 | Denomination or Consolidation of Bonds.
Section 3309.17 | Record of Proceedings Between Board and Taxing District.
Section 3309.18 | Interest Credited Annually.
Section 3309.19 | Trustee or Employee of Board Shall Have No Interest in Profits nor Borrow Funds.
Section 3309.20 | Maintenance of Individual Account.
Section 3309.21 | Actuarial Valuation of Pension Assets, Liabilities, and Funding Requirements.
Section 3309.211 | Amortizing Unfunded Actuarial Accrued Pension Liability.
Section 3309.22 | Annual Statement of Funds.
Section 3309.23 | Contributors to School Employees Retirement System.
Section 3309.25 | Information to New Employees.
Section 3309.251 | Electing Defined Benefit or Defined Contribution Plan.
Section 3309.253 | Effect of Electing Defined Contribution Plan.
Section 3309.26 | Restoring Service Credit.
Section 3309.261 | Payroll Deduction Plans - Restoring Pers or Sters Credit.
Section 3309.262 | Proceedings on Request for Restoration of Service Credit.
Section 3309.27 | Payroll Deduction Plans.
Section 3309.28 | Statement to Be Filed by Employee Member.
Section 3309.29 | Verifying Termination of Active Service.
Section 3309.30 | Service Credit.
Section 3309.301 | Purchase of Service Credit for Period of Self-Exemption.
Section 3309.31 | Credit for Prior Service - Comparable Public Position.
Section 3309.311 | Purchasing Credit for Service as School Board Member.
Section 3309.32 | Prior Service Credit.
Section 3309.33 | Retirement Incentive Plan.
Section 3309.34 | Eligibility for Service Retirement.
Section 3309.341 | Employment of Retirant.
Section 3309.343 | Continuing Contributions to State System After Retirement.
Section 3309.344 | Retirant May Apply for Monthly Annuity or Lump Sum Payment.
Section 3309.35 | Coordinating and Integrating Membership in State Retirement Systems.
Section 3309.353 | Increase in Benefits Established Prior to 2/1/1983.
Section 3309.354 | Increase in Benefits Where Eligibility Established Prior to 9-9-88.
Section 3309.36 | Allowances for Service Retirement.
Section 3309.361 | Annual Lifetime Benefit.
Section 3309.362 | Increase in Annual Amount of Benefit Effective 7-1-81.
Section 3309.374 | Cost of Living Increase.
Section 3309.375 | Benefits Equivalent to Medicare.
Section 3309.376 | Additional Monthly Payment as of 12-31-71.
Section 3309.377 | Additional Monthly Payment Where Member Died Prior to 7-1-68.
Section 3309.378 | Additional Monthly Payment as of 12-19-73.
Section 3309.379 | Recalculating Benefits.
Section 3309.3710 | Increase in Monthly Allowance, Pension or Benefit Effective 7-1-81.
Section 3309.3711 | Increasing Pension, Benefit, or Allowance When Limits of 26 Usc 415 Are Raised.
Section 3309.3712 | Establishing and Maintaining Qualified Governmental Excess Benefit Arrangement.
Section 3309.381 | Disability Allowance Recipient Applying for Service Retirement.
Section 3309.39 | Providing Disability Coverage for On-Duty Illness or Injury.
Section 3309.391 | Annual Report Disability Retirement Experience of Each Employer.
Section 3309.392 | Social Security Disability Insurance Benefits.
Section 3309.40 | Benefits Upon Disability Retirement.
Section 3309.401 | Annual Amount of Disability Allowance.
Section 3309.41 | Disability Benefit Recipient to Retain Membership Status.
Section 3309.42 | Payment to Member Who Ceases to Be a Public Employee.
Section 3309.43 | Payments to Members Who Are Members of Another State Retirement System.
Section 3309.44 | Designation or Qualification of Beneficiaries.
Section 3309.45 | Beneficiary May Substitute Other Benefits.
Section 3309.451 | Service Credit Purchased Upon Death of Member.
Section 3309.46 | Electing a Plan of Payment.
Section 3309.47 | Contribution of Contributor.
Section 3309.471 | Contributions During Disability Leave.
Section 3309.472 | Purchasing Service Credit for Time Spent on Pregnancy.
Section 3309.473 | Purchasing Service Credit for Time Spent on Pregnancy or Adoption.
Section 3309.474 | Purchase of Service Credits for Leaves of Absence.
Section 3309.48 | Employer Failing to Deduct Employee Contribution.
Section 3309.49 | Employer Contribution.
Section 3309.491 | Employer Minimum Compensation Contribution.
Section 3309.50 | Payment of Death Benefit.
Section 3309.51 | Payment Into Employers' Trust Fund.
Section 3309.53 | Written Statement to Employee of Duties and Obligations.
Section 3309.55 | Notifying Board of Personnel Changes.
Section 3309.56 | Deductions; Report.
Section 3309.57 | Transmission of Contributions.
Section 3309.59 | Levying Additional Taxes.
Section 3309.60 | Creation of Funds - Trustees.
Section 3309.61 | Each Fund Is Separate Legal Entity.
Section 3309.62 | Estimating Expenses Annually.
Section 3309.64 | Payment of Accrued Liability - Interest - Rate.
Section 3309.65 | Procedure for Transfer of Moneys and Securities in Event of Merger.
Section 3309.66 | Tax Exemptions.
Section 3309.661 | Acquiring Vested Right in Pension When Granted.
Section 3309.662 | Waiver of Rights.
Section 3309.663 | Payroll Deduction of Membership Dues and Fees of Retiree Organizations.
Section 3309.67 | Restitution Order Based on Theft in Office or Certain Sex Offenses.
Section 3309.671 | Order for Division of Marital Property.
Section 3309.672 | Forfeiture of Retirement Benefits Under Rc 2929.192.
Section 3309.673 | Benefits Subject to Termination.
Section 3309.68 | Payment of Amounts Due Retirement System From Treasury.
Section 3309.69 | Group Health Care Coverage for Eligible Individuals or Dependents.
Section 3309.691 | Establishing Programs for Long Term Health Care Insurance.
Section 3309.692 | Additional Deposits to Fund Medical Expenses.
Section 3309.70 | Recovering Erroneous Payments.
Section 3309.73 | Credit for Service in Uniform Retirement System.
Section 3309.731 | Transferred Service Credit From Uniform Retirement System.
Section 3309.75 | Eligibility for Credit for Service in Cincinnati Retirement System.
Section 3309.76 | Transferring Contributions to Cincinnati Retirement System.
Section 3309.80 | Rules for Defined Contribution Plans.
Section 3309.81 | Establishment and Administration of Defined Contribution Plan.
Section 3309.811 | Qualification of Plan as Governmental Plan for Federal Tax Purposes.
Section 3309.813 | Maintaining Individual Account for Each Participant.
Section 3309.82 | Application of Chapter to Defined Contribution Plan.
Section 3309.85 | Contributions of Members.
Section 3309.86 | Contributions of Employers.
Section 3309.87 | Deposit and Crediting of Contributions.
Section 3309.91 | Member Rights Governed by Plan Selected.
Section 3309.92 | Spousal Consent or Waiver.
Section 3309.95 | Right to Payment or Benefit Vested.
Section 3309.97 | Deposits of Members.