Section 742-21-03 - Administration of method of payment section of approved division of property order format(A) As used in this rule, "the approved DPO format" shall mean the Division of Property Order form required by sections 3105.82 and 3105.90 of the Revised Code and adopted by OP& F in rule 742-21-01 of this Code. (B) For purposes of administering the method of payment section of the approved DPO format, "a plan of payment that consists of either periodic benefits or a lump sum payment" shall apply to all of the following OP& F benefits or payments: age and service retirement benefit, disability monthly benefit, account refund, and reemployed retiree monthly annuity or lump sum refund. (C) For purposes of administering the method of payment section of the approved DPO format, "a plan of payment consisting of both a lump sum benefit and a periodic benefit" shall apply to distributions from the Deferred Retirement Option Plan ("DROP"). (D) Partial distributions from DROP, as outlined in paragraph (A)(1) of rule 742-4-16 of this Code, shall be considered lump sum payments for purposes of administering the DPO method of payment. Ohio Admin. Code 742-21-03
Five Year Review (FYR) Dates: 8/28/2020 and 08/28/2025
Promulgated Under: 111.15
Statutory Authority: 742.10
Rule Amplifies: 742.462
Prior Effective Dates: 04/16/2006Five Year Review (FYR) Dates: 01/22/2016 and 01/22/2021
Promulgated Under: 111.15
Statutory Authority: 742.10
Rule Amplifies: 742.462
Prior Effective Dates: 4/16/06