Section 3307:1-5-04 - Amounts due and unpaid at death of benefit recipient(A) Amounts due to a retirant receiving retirement benefits under a plan described in division (A) of section 3307.60 of the Revised Code and unpaid at death shall be paid to the retirant's surviving beneficiary or beneficiaries under the plan on a prorated basis. The amount payable to each surviving beneficiary shall be determined by multiplying the amount due the retirant by a fraction whose numerator is the gross monthly amount the beneficiary will be paid and whose denominator is the total gross monthly amount all beneficiaries will be paid.(B) In the event that a deceased retirant's named beneficiary dies after the necessary paperwork has been received by the retirement system, the system will make payment directly to the beneficiary (or beneficiaries) of the retirant's beneficiary in the following order of precedence: (2) children, share and share alike, (3) parents, share and share alike, (C) In the event that a deceased retirant's named beneficiary has died and no paperwork has been received by the retirement system, the system will make equal payments to any surviving named beneficiaries of the deceased retirant. If there are no surviving named beneficiaries, the system will make payments in the following order of precedence to the deceased retirant: (2) children, share and share alike, (3) parents, share and share alike, Ohio Admin. Code 3307:1-5-04
Effective: 5/7/2020
Five Year Review (FYR) Dates: 2/20/2020 and 05/07/2025
Promulgated Under: 111.15
Statutory Authority: 3307.04
Rule Amplifies: 3307.562, 3307.60
Prior Effective Dates: 10/27/2006, 05/07/2015