Effective: April 6, 2017
Latest Legislation: House Bill 520 - 131st General Assembly
On the death of a retirant, a lump-sum payment of five thousand dollars shall be paid to the retirant's surviving spouse or, if there is no surviving spouse, the payment shall be made to the beneficiary designated by the retirant on a form provided by the state highway patrol retirement system. A retirant may designate an individual or a trust as a beneficiary. If there is no surviving spouse or designated beneficiary, the payment shall be made to the retirant's estate.
Application for the payment shall be made on a form provided by the state highway patrol retirement board.
A benefit paid under this section shall be treated as life insurance for purposes of this chapter and shall be funded solely from contributions made under division (B) of section 5505.15 of the Revised Code and any earnings attributable to those contributions.