Section 742-4-03 - Effective date of DROP election(A) Unless the member has properly rescinded his/her DROP election or the terms of paragraph (B) of this rule apply, the "Effective Date" of an eligible member's election to participate in DROP shall be the later of: (1) The first day of the employer's first payroll reporting period that immediately follows OP&F's receipt of the election, but if the payroll reporting period end date falls on the thirtieth day of the month, the first day of the employer's first payroll reporting period shall be the first day of the next month; or (2) The date on which the member is eligible to participate in DROP, as determined by OP&F based on its books and records.(B) For those members who file an election to participate in DROP with OP&F and do not properly rescind his/her election according to the terms of rule 742-4-04 of the Administrative Code, but do not meet the age or service requirements of division (C)(1) of section 742.37 of the Revised Code, the member shall still be considered "eligible to retire" for the purpose of electing to participate in DROP according to the terms of section 742.44 of the Revised Code only if the member's eligibility to participate in DROP is not more than ninety days after the date on which OP&F received the member's election, as determined by OP&F's books and records. In the event the member's first eligibility date to participate in DROP is more than ninety days after the date on which OP&F received the member's election, as determined by OP&F's books and records, the member shall not be considered "eligible to retire" according to the terms of section 742.44 of the Revised Code and the member's election shall be null and void and of no force and effect. (C) In the event a member's election is invalid, as outlined in paragraph (B) of this rule, the member shall not be foreclosed from filing a subsequent election to participate in DROP. In all events, however, the member has only one opportunity to participate in DROP.(D) Capitalized terms used in this rule shall have the meaning assigned to them in rule 742-4-01 of the Administrative Code (definitions).Ohio Admin. Code 742-4-03
Five Year Review (FYR) Dates: 2/5/2024 and 02/05/2029
Promulgated Under: 111.15
Statutory Authority: 742.10, 742.43
Rule Amplifies: 742.43, 742.44
Prior Effective Dates: 12/31/2002 (Emer.), 04/06/2003, 11/03/2003, 01/16/2014Five Year Review (FYR) Dates: 2/8/2019 and 02/08/2024
Promulgated Under: 111.15
Statutory Authority: 742.10, 742.43
Rule Amplifies: 742.43, 742.44
Prior Effective Dates: 12/31/2002 (Emer.), 04/06/2003, 11/03/2003, 01/16/2014