Upon termination of teaching service, a participant
in the combined plan may apply for a distribution, as follows:
(A) Application may be made for
withdrawal of the amounts determined under the plan document and this
rule.
(1) An application to
withdraw the defined benefit portion of an account will not be accepted unless
application is also made to withdraw the defined contribution
portion.
(2) Prior to attainment
of age fifty:
(a) A participant who has terminated covered employment may leave
contributions on deposit in the plan or may apply for withdrawal, but is not
eligible for retirement or retirement distributions.
(b) An application to withdraw the defined contribution portion
of an account will not be accepted unless application is also made to withdraw
the defined benefit portion;
(c) The amounts payable upon withdrawal shall be paid in a lump
sum except as otherwise provided by section 3307.87 of the Revised Code and the
plan document.
(3) After attainment of
age fifty:
(a) A participant in the combined plan who has established at
least five years of qualifying service credit may apply to withdraw the defined
contribution portion but leave the defined benefit portion on deposit to
provide benefits at a future date.
(b) If a participant has established less than five years of
qualifying service credit, an application to withdraw the defined contribution
portion of an account will not be accepted unless an application is also made
to withdraw the defined benefit portion.
(4) Regardless of age or
when the withdrawal payment was made, in the event a participant who has
received a payment under paragraph (A) of this rule subsequently returns to
teaching service:
(a) The member shall participate in the combined plan if the
withdrawal payment was made under paragraph (A)(1), (A)(2) or (A)(3)(b) of this
rule, unless the participant meets the requirements specified by rule
3307:2-3-01 of the Administrative Code to qualify as a new member.
(b) The participant shall be a superannuate as defined by section
3307.01 of the Revised Code if the withdrawal payment was made under paragraph
(A)(3)(a) of this rule.
(5) Payment from the
defined contribution portion of an account in the combined plan shall be based
upon the closing net asset value as of the day an application for distribution
is processed by using the investment choices made by the participant to
determine the amount accumulated by reason of contributions.
(B) A participant who has terminated
covered employment and attained at least fifty years of age may apply for a
monthly benefit of the defined contribution portion of the account, whether or
not the participant is eligible and applying for a benefit under the defined
benefit portion of the account. If the participant has established less than
five years of qualifying service credit, an application to receive a monthly
benefit of the defined contribution portion of an account will not be accepted
unless application is also made to withdraw the defined benefit
portion.
(1) Benefits shall
commence the later of the first of the month following the termination of
covered employment, the first of the month following receipt of an application
for payment under paragraph (B) of this rule, or the retirement date, which
shall be a first of a month, specified on the application received for payment
under paragraph (B) of this rule. Active membership in the retirement system
shall terminate as of that date and the participant shall on and after that
date be a superannuate as defined by section 3307.01 of the Revised
Code.
(2) Benefits are subject
to the requirements of section 3307.87 of the Revised Code and Chapter 3307:2-5
of the Administrative Code. The participant shall elect on the application form
to annuitize such balance.
(3) The minimum monthly
benefit amount shall be one hundred dollars.
(C) Application for retirement under the
defined benefit portion of an account may be made by a participant who has
terminated covered employment and who meets the defined benefit age and service
eligibility requirements specified by the plan document, whether or not the
participant is applying for a distribution of the defined contribution portion
of the account, provided:
(1) Benefits shall
commence as of the effective date specified by the application, which shall in
no case be earlier than the first of the month following the last day of
covered employment.
(2) Membership shall
terminate as of the effective date of retirement and the participant shall
thereafter be a superannuate as defined by section 3307.01 of the Revised
Code.
(3) The minimum monthly
benefit amount shall be one hundred dollars.
(D) A participant who has attained age
fifty, has at least five years of qualifying service credit and who has elected
either to take a withdrawal of the defined contribution portion of the account
pursuant to paragraph (A)(3)(a) of this rule or to receive a monthly retirement
benefit from the defined contribution portion of the account pursuant to
paragraph (B) of this rule may apply to withdraw the defined benefit portion of
the account any time prior to receiving a monthly retirement benefit under the
defined benefit portion of the account.
(E) Retirement shall be effective on the earlier of the dates
benefits or payments commence under paragraph (A)(3)(a), (B)(1) or (C)(1) of
this rule.
