145.34 Commuted age and service allowance - minimum allowance.
145.34 Commuted age and service allowance - minimum allowance.
Any member who has completed twenty-five years of total service and has attained the member’s fifty-fifth birthday, may retire on a commuted age and service allowance. Upon retirement on a commuted age and service allowance on or after September 30, 1963, a member shall be granted a retirement allowance consisting of:
(A) An annuity having a reserve equal to the amount of the member’s accumulated contributions at that time;
(B) A pension equal to the annuity provided by division (A) of this section;
(C) An additional pension, if such member can qualify for prior service credit, the reserve for which, based upon regular interest and the service tables approved by the board, shall be the present worth of the reserve required for the payment of the prior service pension provided by section 145.33 of the Revised Code, after either sixty years of age or thirty years of service credit, whichever can be attained first. The annual prior service pension shall be determined by the amount of such commuted reserve divided by the age and service annuity rate for the attained age at retirement.
(D) The commuted value calculated as provided in division (C) of this section of a basic annual pension of one hundred eighty dollars, provided the member has ten or more years of total service credit as of October 1, 1956.
(E) When a member retires on commuted age and service retirement, the member’s single lifetime allowance shall not be less than that provided by divisions (A), (B), (C), and (D) of this section and division (A)(5) of section 145.33 of the Revised Code and shall not exceed the limits established by division (A)(6) of that section.
A year of service for the purpose of commuted age and service retirement and of applying the minimum retirement allowance as provided in this section is defined as a complete year of full-time employment, or the equivalent thereof. The board is the final authority in determining the eligibility of an employee for such form of retirement and for such minimum allowance.
In determining eligibility only for retirement under this section the board shall include in “total service” the years of prior service credit granted members of the public employees retirement system by a publicly owned utility as provided for in section 145.48 of the Revised Code under a pension plan adopted by the publicly owned utility.
(F) Retirement allowances determined under this section shall be paid as provided in section 145.46 of the Revised Code.
Effective Date: 09-21-2000