145.83 Accumulating contributions to pay medical and insurance expenses.
145.83 Accumulating contributions to pay medical and insurance expenses.
A PERS defined contribution plan may include a program under which a participating member is required to accumulate a portion of the amount contributed under section 145.86 of the Revised Code for the purpose of providing funds to the member for the payment of health, medical, hospital, surgical, dental, or vision care expenses, including insurance premiums, deductible amounts, or copayments. The program may be a voluntary employees’ beneficiary association, as described in section 501(c)(9) of the “Internal Revenue Code of 1986,” 100 Stat. 2085, 26 U.S.C.A. 501(c)(9), as amended; a medical savings account; or a similar type of program under which an individual may accumulate funds for the purpose of paying such expenses. To implement the program, the public employees retirement board may enter into agreements with insurance companies or other entities authorized to conduct business in this state.
If a PERS defined contribution plan includes a program described in this section, the board shall adopt rules to establish and administer the program. The rules shall specify the length of time during which the member will vest in amounts accumulated on the member’s behalf and may provide for a minimum annual distribution from the accumulated amount after the member terminates employment in positions subject to this chapter.
Effective Date: 10-01-2002