Rule 3309-1-70 | Contribution Based Benefit Cap.
(A) As used in this rule:
(1) "Retirement allowance" has the same meaning as defined in division (A) of section 3309.363 of the Revised Code.
(2) "CBBC" has the same meaning as defined in division (A) of section 3309.363 of the Revised Code.
(B) The calculations required by section 3309.363 of the Revised Code shall be made when calculating retirement allowances with effective dates of August 1, 2024, or later.
(C) A retirement allowance with an effective date of August 1, 2024 or later shall not be finalized and granted until after the member's CBBC has been calculated.
(D) When a member's employer has purchased service credit under section 3309.33 of the Revised Code, an amount equal to ten per cent of the member's highest year of compensation multiplied by the years of service credit purchased shall be credited to the member's accumulated contributions.
Last updated August 5, 2024 at 7:30 AM
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