Effective: March 24, 2003
Latest Legislation: House Bill 373 - 124th General Assembly
(A) A member of the Ohio police and fire pension fund who is not a participant in the deferred retirement option plan established under section 742.43 of the Revised Code, in computing years of active service under division (C) of section 742.37 or section 742.39 of the Revised Code, shall be given full credit for full-time out-of-state or federal service, other than military service, purchased under this section. A member may purchase credit for such service if all of the following conditions are met:
(1) The service was rendered as an employee of an entity of state or local government, or of an entity of the United States government;
(2) The member is eligible to retire under this chapter or will become eligible to retire as a result of purchasing the credit;
(3) The member agrees to retire within ninety days after receiving notice of the amount determined under division (B) of this section.
(B) On receipt of a request from a member eligible to purchase credit under this section, the fund shall obtain from its actuary certification of the amount of the additional liability to the fund for each year of credit the member is eligible to purchase and shall notify the member of that amount. For each year of credit purchased, the member shall pay to the fund an amount equal to the additional liability resulting from the purchase of credit for that year. Payment shall be made in full at the time of purchase.
(C) The number of years of service purchased under this section shall not exceed five.
(D) A member may not purchase credit under this section for service that is used in the calculation of any public or private retirement benefit, other than federal social security benefits, currently being paid or payable in the future to the member.
(E) If the member does not retire within ninety days after purchasing credit under this section, the fund shall withdraw the credit and refund the amount paid by the member.