Ohio Admin. Code 742-3-29

Current through all regulations passed and filed through November 4, 2024

Section 742-3-29 - Mandatory direct deposit

(A) As used in this rule, "alternate payee" shall be as defined by section 3105.80 of the Revised Code.

(B) Except as provided in paragraph (C) of this rule, effective August 1, 2017, an individual who receives an annuity, pension, allowance, monthly benefit, or monthly payment from the Ohio police and fire pension fund ("OP&F") shall be paid by direct deposit, which is an electronic fund transfer directly to an individual's account at a financial institution. Retirants, benefit recipients, and alternate payees shall provide to the retirement system valid direct deposit account and routing numbers, the name and contact information of the financial institution, and other such information as may be required by OP&F. OP&F may withhold payment until the individual provides the information described in this paragraph.

(C) If a retirant, benefit recipient, or alternate payee resides outside the United States, in a nursing or convalescent home, correctional facility, jail, or prison, or similar situation such that compliance with paragraph (B) of this rule is impracticable, the individual may submit a written request for exemption from direct deposit and OP&F staff shall approve or deny the request.

Replaces: 742-3-29

Ohio Admin. Code 742-3-29

Five Year Review (FYR) Dates: 4/18/2022 and 04/18/2027
Promulgated Under: 111.15
Statutory Authority: 742.10
Rule Amplifies: 742.37, 742.39
Prior Effective Dates: 09/22/2008, 09/25/2013, 05/22/2017

Effective: 5/22/2017
Five Year Review (FYR) Dates: 05/22/2022
Promulgated Under: 111.15
Statutory Authority: 742.10
Rule Amplifies: 742.37, 742.39
Prior Effective Dates: 09/22/2008