3309.38 Retirement allowance for commuted service.
3309.38 Retirement allowance for commuted service.
(A) A member retiring on commuted service retirement on or after September 30, 1963, shall be granted a retirement allowance consisting of:
(1) An annuity having a reserve equal to the amount of the employee’s accumulated contributions at the time;
(2) A pension of equivalent amount;
(3) An additional pension, if such employee has 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 3309.36 of the Revised Code, after either age sixty or thirty-two years of service credit, whichever can be first attained. The annual prior service pension shall be determined by the amount of such commuted reserve divided by the service annuity rate for the attained annuity age of retirement.
(4) For members who have ten or more years of service credit accumulated prior to October 1, 1956, a basic annual pension equal to one hundred eighty dollars, which shall be commuted in the same manner as provided for the prior service pension in division (A)(3) of this section, provided such commuted basic annual pension shall not exceed the sum of the total annual benefits provided by divisions (A)(1), (2), and (3) of this section.
(B) When a member retires on commuted service retirement, the member’s annual single lifetime allowance including the allowances provided in divisions (A)(1), (2), (3), and (4) of this section shall not be less than the allowances provided under the provisions of division (B) of section 3309.36 of the Revised Code and shall not exceed the limit established by division (B)(4) of that section.
(C) Retirement allowances determined under this section shall be paid as provided in section 3309.46 of the Revised Code.
Effective Date: 12-08-1998; 2008 SB148 05-14-2008