Ohio § 5505.162

§ 5505.162.

(A) As used in this division, “member” has the same meaning as in section 5505.01 of the Revised Code , except that it also includes a former member who has earned service credit and has

not received a refund of accumulated contributions under section 5505.19 of the Revised Code . On application for retirement as provided in section 5505.16 of the Revised Code , a member of the state highway patrol retirement system may elect, on a form provided

by the state highway patrol retirement board, to receive the pension that the member

is eligible to receive on retirement under that section in one of the following forms: (1) A single lifetime pension; (2) The actuarial equivalent of the single lifetime pension that the member may elect

under division (A)(1) of this section in a lesser annual amount payable for the member's

life and continuing after the member's death to a surviving designated beneficiary

under one of the following optional plans, provided the annual amount payable to the

designated beneficiary shall not exceed the annual amount payable to such retiring

member, the amount is certified by the actuary employed by the system to be the actuarial

equivalent of the member's pension, and the amount is approved by the board: (a) Option 1.  The member's lesser pension shall be paid for life to the member's sole beneficiary

designated at the time of retirement. (b) Option 2.  One-half or some other portion of the member's lesser pension shall be paid for

life to the member's sole beneficiary designated at the time of retirement. (c) Option 3.  Upon death before the expiration of a certain period from the member's retirement

date as elected by the member and approved by the board, the member's lesser pension

shall be continued for the remainder of such period to the beneficiaries, and in such

order, as designated by the member in writing and filed with the board.  No monthly payments shall be paid to joint beneficiaries, but they may jointly receive

the present value of any remaining payments in a lump sum settlement.  If all designated beneficiaries die before the expiration of such period, the present

value of all the payments yet remaining in the period shall be paid to the estate

of the beneficiary last receiving such payments. (d) Option 4.  The member's lesser pension or portion of the lesser pension shall be paid for life

to two, three, or four surviving beneficiaries designated at the time of the member's

retirement, in such portions as specified at retirement.  If the member elects this plan as required by a court order issued under section 3105.171 or 3105.65 of the Revised Code or the laws of another state regarding the division of marital property and compliance

with the court order requires the allocation of a portion less than ten per cent to

any person, the member shall allocate a portion less than ten per cent to that person

in accordance with that order.  In all other circumstances, no portion allocated under this plan of payment shall

be less than ten per cent.  The total of the portions allocated shall not exceed one hundred per cent of the

member's lesser pension. (3) If the member has attained age fifty-two with at least twenty years' total service,

a pension consisting of both a partial benefit lump sum in an amount the member designates

that constitutes a portion of the single lifetime pension the member may elect under

division (A)(1) of this section and the actuarial equivalent of the remainder of the

single lifetime pension payable for the member's life, provided an actuary employed

by the system certifies the actuarial equivalent and the board approves the partial

benefit lump sum payment and the amount to be paid as the actuarial equivalent. The amount designated by a member shall be not less than six times the monthly amount

that would be payable to the member as a single lifetime pension under division (A)(1)

of this section and not more than sixty times that amount. A member who has attained the age of fifty-two with twenty years of service who elects

a partial benefit lump sum may designate an amount that does not exceed an amount

equal to one month's pension for each month of service beyond twenty years. (4) If a plan of payment providing for payment in a specified portion of the pension

continuing after the member's death to a former spouse is required by a court order

issued under section 3105.171 or 3105.65 of the Revised Code or the laws of another state regarding division of marital property prior to the

effective date of the member's retirement and the board has received a copy of the

order, the board shall accept the member's election of a plan of payment under this

section only if the member elects a plan of payment that is in accordance with the

order. (B)(1) The death of a spouse designated as beneficiary or the death of any other designated

beneficiary following retirement shall cancel the portion of the optional plan of

payment selected under division (A)(2) of this section providing continuing lifetime

benefits to the deceased designated beneficiary.  The retirant shall receive the actuarial equivalent of the retirant's single lifetime

pension, as determined by the board based on the number of remaining beneficiaries,

with no change in the amount payable to any remaining beneficiary.  The change shall be effective the month following receipt by the board of notice

of the death. (2) On divorce, annulment, or marriage dissolution, a retirant receiving a pension under

a plan that provides for continuation of all or part of the pension after death for

the lifetime of the retirant's surviving spouse may, with the written consent of the

spouse or pursuant to an order of the court with jurisdiction over the termination

of the marriage, elect to cancel the portion of the plan providing continuing lifetime

benefits to that spouse.  The retirant shall receive the actuarial equivalent of the retirant's single lifetime

pension as determined by the board based on the number of remaining beneficiaries,

with no change in amount payable to any remaining beneficiary.  The election shall be made on a form provided by the board and shall be effective

the month following its receipt by the board. (C)(1) Following marriage or remarriage of a retirant, both of the following apply: (a) A retirant may elect a new optional plan of payment under division (A)(2) of this

section based on the actuarial equivalent of the retirant's single lifetime pension

as determined by the board. (b) A retirant who is receiving a pension pursuant to a plan of payment providing for

payment to a former spouse pursuant to a court order described in division (A)(4)

of this section may elect a new plan of payment under “option 4” based on the actuarial

equivalent of the retirant's single lifetime pension as determined by the board if

the new plan of payment elected does not reduce the payment to the former spouse. (2) If the marriage or remarriage occurs on or after June 6, 2005, the election must

be made not later than one year after the date of the marriage or remarriage. The plan elected under this section shall become effective on the date of receipt

by the board of an application on a form approved by the board, but any change in

the amount of the pension shall commence on the first day of the month following the

effective date of the plan. (D) A retirant who has elected an optional plan under division (A)(2) of this section

may, with the written consent of the designated beneficiary, cancel the optional plan

and receive the single lifetime pension that the retirant would have received had

the retirant elected the single lifetime pension under division (A)(1) of this section,

if the retirant makes a request to cancel the optional plan not later than one year

after the date on which the retirant first receives a payment under the plan.  Cancellation of the optional plan shall be effective the month after acceptance

of the request by the board.  No payment or adjustment shall be made in the single lifetime pension to compensate

for the lesser pension the retirant received under the optional plan. The request to cancel the optional plan shall be made on a form provided by the board

and shall be valid only if the completed form includes a signed statement of the designated

beneficiary's understanding of and consent to the cancellation.  The designated beneficiary's signature shall be verified by the board prior to its

acceptance of the cancellation. (E) Any option elected and payments made under division (A)(2) of this section shall

be in addition to any pension payable to the retirant's surviving spouse, children,

or parents under section 5505.17 of the Revised Code .