(A) As used in this section, "qualifying service credit" means all of the following:
(1) Credit earned under section3307.53or for which contributions were made under section145.47or3309.47of the Revised Code;
(2) Credit restored under section145.31,3307.71, or3309.26of the Revised Code;
(3) Credit purchased under section145.302,3307.752, or3309.022, or division (D) of section5505.16of the Revised Code, or obtained under section742.521of the Revised Code;
(4) Credit obtained under section3307.761,3307.763, or3307.765of the Revised Code other than military service credit as defined in section3307.761of the Revised Code, except that "qualifying service credit" includes credit obtained under section3307.761,3307.763, or3307.765of the Revised Code that was initially purchased under division (D) of section5505.16of the Revised Code or obtained under section742.521of the Revised Code.
(B) Any member participating in the STRS defined benefit plan who has attained the applicable combination of age and service credit shall be granted service retirement after submitting to the state teachers retirement board a completed application on a form approved by the board.
(1) Except as provided in division (B)(3) of this section, a member is eligible to retire under this division if any of the following is the case:
(a) The member has five or more years of qualifying service credit and has attained age sixty-five;
(b) The member is applying for service retirement following termination of a disability benefit received under section3307.63or3307.631of the Revised Code and has five or more years of total service credit and has attained age sixty-five;
(c) The member meets one of the following requirements:
(i) Before August 1, 2015, has thirty or more years of service credit at any age;
(ii) On or after August 1, 2015, but before August 1, 2017, has thirty-one or more years of service credit at any age;
(iii) On or after August 1, 2017, but before August 1, 2019, has thirty-two or more years of service credit at any age;
(iv) On or after August 1, 2019, but before August 1, 2021, has thirty-three or more years of service credit at any age;
(v) On or after August 1, 2021, but before August 1, 2023, has thirty-four or more years of service credit at any age;
(vi) On or after August 1, 2023, but before August 1, 2026, has thirty-five or more years of service credit at any age;
(vii) On or after August 1, 2026, has thirty-five or more years of service credit and has attained age sixty.
(2) Except as provided in division (B)(3) of this section, a member is eligible to retire under this division if any of the following is the case:
(a) The member has five or more years of qualifying service credit and has attained age sixty;
(b) The member is applying for service retirement following termination of a disability benefit received under section3307.63or3307.631of the Revised Code and has five or more years of total service credit and has attained age sixty;
(c) The member meets one of the following requirements:
(i) Before August 1, 2015, has twenty-five or more years of service credit and has attained age fifty-five;
(ii) On or after August 1, 2015, but before August 1, 2017, has twenty-six or more years of service credit and has attained age fifty-five or has thirty or more years of service credit at any age;
(iii) On or after August 1, 2017, but before August 1, 2019, has twenty-seven or more years of service credit and has attained age fifty-five or has thirty or more years of service credit at any age;
(iv) On or after after August 1, 2019, but before August 1, 2021, has twenty-eight or more years of service credit and has attained age fifty-five or has thirty or more years of service credit at any age;
(v) On or after August 1, 2021, but before August 1, 2023, has twenty-nine or more years of service credit and has attained age fifty-five or has thirty or more years of service credit at any age;
(vi) On or after August 1, 2023, has thirty or more years of service credit at any age.
(3) The board may adjust the retirement eligibility requirements of this section if the board's actuary, in its annual actuarial valuation required by section3307.51of the Revised Code or in other evaluations conducted under that section, determines that an adjustment does not materially impair the fiscal integrity of the retirement system or is necessary to preserve the fiscal integrity of the system.
(C) Service retirement shall be effective not earlier than the first day of the month next following the later of:
(1) The last day for which compensation was paid;
(2) The attainment of minimum age and service credit eligibility for benefits provided under this section;
(3) The termination of a disability benefit received under section3307.63or3307.631of the Revised Code and attainment of minimum age and service credit eligibility for benefits provided under this section.
(D)(1) Except as provided in division (E) of this section, the annual single lifetime benefit of a member whose retirement effective date is before August 1, 2013, shall be the greater of the amounts determined by the member's Ohio service credit multiplied by one of the following:
(a) Eighty-six dollars;
(b) The sum of the following amounts:
(i) For each of the first thirty years of Ohio service credit, two and two-tenths per cent of the member's final average salary or, subject to the limitation described in division (D)(1)(c) of this section, two and five-tenths per cent of the member's final average salary if the member has thirty-five or more years of service credit under section3307.48,3307.53,3307.57,3307.75,3307.751,3307.752,3307.761,3307.763,3307.765,3307.77, or3307.771of the Revised Code, division (A)(2) or (B) of former section3307.513of the Revised Code, former section3307.514of the Revised Code, section3307.72of the Revised Code earned after July 1, 1978, or any combination of service credit under those sections;
(ii) For each year or fraction of a year of Ohio service credit in excess of thirty years, two and two-tenths per cent of the member's final average salary or, subject to the limitation described in division (D)(1)(c) of this section, if the member has more than thirty years service credit under section3307.48,3307.53,3307.57,3307.75,3307.751,3307.752,3307.761,3307.763,3307.765,3307.77, or3307.771of the Revised Code, division (A)(2) or (B) of former section3307.513of the Revised Code, former section3307.514of the Revised Code, section3307.72of the Revised Code earned after July 1, 1978, or any combination of service credit under those sections, the per cent of final average salary shown in the following schedule for each corresponding year or fraction of a year of service credit under those sections that is in excess of thirty years:
For purposes of this schedule, years of service credit shall be rounded to the nearest one-hundredth of a year.
(c) For purposes of division (D)(1) of this section, a percentage of final average salary in excess of two and two-tenths per cent shall be applied to service credit under section3307.57of the Revised Code only if the service credit was established under section145.30,145.301,145.302,145.47,145.483,3309.02,3309.021,3309.022, or3309.47of the Revised Code or restored under section145.31or3309.26of the Revised Code.
(2)(a) Except as provided in division (E) of this section, the annual single lifetime benefit of a member whose retirement effective date is on or after August 1, 2013, but before August 1, 2015, shall be the amount determined by the member's Ohio service credit multiplied by the sum of the following amounts:
(i) For each of the first thirty years of Ohio service credit, two and two-tenths per cent of the member's final average salary or, subject to the limitation described in division (D)(2)(b) of this section, two and five-tenths per cent of the member's final average salary if the member has thirty-five or more years of service credit under section3307.48,3307.53,3307.57,3307.75,3307.751,3307.752,3307.761,3307.763,3307.765,3307.77, or3307.771of the Revised Code, division (A)(2) or (B) of former section3307.513of the Revised Code, former section3307.514of the Revised Code, section3307.72of the Revised Code earned after July 1, 1978, or any combination of service credit under those sections;
(ii) For each year or fraction of a year of Ohio service credit in excess of thirty years, two and two-tenths per cent of the member's final average salary or, subject to the limitation described in division (D)(2)(b) of this section, if the member has more than thirty years service credit under section3307.48,3307.53,3307.57,3307.75,3307.751,3307.752,3307.761,3307.763,3307.765,3307.77, or3307.771of the Revised Code, division (A)(2) or (B) of former section3307.513of the Revised Code, former section3307.514of the Revised Code, section3307.72of the Revised Code earned after July 1, 1978, or any combination of service credit under those sections, the per cent of final average salary shown in the following schedule for each corresponding year or fraction of a year of service credit under those sections that is in excess of thirty years:
For purposes of this schedule, years of service credit shall be rounded to the nearest one-hundredth of a year.
(b) For purposes of division (D)(2)(a)(ii) of this section, a percentage of final average salary in excess of two and two-tenths per cent shall be applied to service credit under section3307.57of the Revised Code only if the service credit was established under section145.30,145.301,145.302,145.47,145.483,3309.02,3309.021,3309.022, or3309.47of the Revised Code or restored under section145.31or3309.26of the Revised Code.
(3) Except as provided in division (E) of this section, the annual single lifetime benefit of a member whose retirement effective date is on or after August 1, 2015, shall be the amount determined by the member's service credit multiplied by two and two-tenths per cent of the member's final average salary.
(E)(1) The annual single lifetime benefit of a member described in division (B)(2) of this section whose service retirement is effective before August 1, 2015, shall be adjusted by the greater per cent shown in the following schedule opposite the member's attained age or Ohio service credit.
(2) The annual single lifetime benefit of a member described in division (B)(2) of this section whose service retirement is effective on or after August 1, 2015, shall be reduced by a percentage determined by the board's actuary for each year the member retires before attaining the applicable age and service credit specified in division (B)(1) of this section. The board's actuary may use an actuarially based average percentage reduction for this purpose.
(F) Notwithstanding any other provision of this section, on application, a member who, as of July 1, 2015, has five or more years of Ohio service credit and has attained age sixty, has twenty-five or more years of Ohio service credit and has attained age fifty-five, or has thirty or more years of Ohio service credit shall be granted service retirement according to former section3307.58of the Revised Code as in effect immediately prior to January 7, 2013. The member's benefit shall be the greater of the amount the member would have been eligible for had the member retired effective July 1, 2015, or the amount determined under division (D)(3) of this section.
(G) The annual single lifetime benefit determined under division (D) or (E) of this section shall not exceed the lesser of one hundred per cent of the final average salary or the limit established by section 415 of the "Internal Revenue Code of 1986," 100 Stat. 2085, 26 U.S.C.A. 415, as amended.
(H) The annual single lifetime benefit of a member whose retirement effective date is before August 1, 2013, shall be the greater of the amounts determined under division (D)(1) or (E)(1) of this section as appropriate or under this division. The benefit shall not exceed the lesser of the sum of the following amounts or the limit established by section 415 of the "Internal Revenue Code of 1986," 100 Stat. 2085, 26 U.S.C.A. 415, as amended:
(1) An annuity with a reserve equal to the member's accumulated contributions;
(2) A pension equal to the amount in division (H)(1) of this section;
(3) An additional pension of forty dollars annually multiplied by the number of years of prior and military service credit, except years of credit purchased under section3307.751or3307.752of the Revised Code.
(I) If a member's disability benefit was terminated under section3307.48of the Revised Code and the member's retirement under this section is effective on the first day of the month following the last day for which the disability benefit was paid, the member's annual single lifetime benefit determined under division (D) or (E) of this section shall be increased by a percentage equal to the total of any percentage increases the member received under section3307.67of the Revised Code, plus any additional amount the member received under this chapter while receiving the disability benefit. The increase shall be based on the plan of payment selected by the member under section3307.60of the Revised Code. However, the benefit used to calculate any future increases under section3307.67of the Revised Code shall be based on the plan of payment selected by the member, plus any additional amount added to the benefit determined under this division that established a new base benefit to the member.
(J) Benefits determined under this section shall be paid as provided in section3307.60of the Revised Code.
Last updated June 17, 2022 at 5:06 PM