Ohio § 5505.54 Accrual of plan member's pension and contributions

Ohio Statutes

§ 5505.54 — Accrual of plan member's pension and contributions

Ohio § 5505.54

Title 55Roads-Highways-Bridges

Ch. 5505Highway Patrol Retirement System

This text of Ohio § 5505.54 (Accrual of plan member's pension and contributions) is published on Counsel Stack Legal Research, covering Ohio primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ohio Rev. Code Ann. § 5505.54 (2026).

Text

(A)During the period beginning on the effective date of an election to participate in the deferred retirement option plan and ending on the date participation ceases, a member's monthly pension amount determined under section5505.53of the Revised Code shall accrue to the member's benefit. To this amount shall be added any benefit increases the member would be eligible for under section5505.174of the Revised Code had the member, on the effective date of the member's election, retired under section5505.16of the Revised Code.

(B)(1) The amounts contributed under division (A) of section5505.15of the Revised Code by a member participating in the deferred retirement option plan shall be credited as follows:

(a)Ten per cent of the member's annual salary shall accrue to the member's b

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(A) During the period beginning on the effective date of an election to participate in the deferred retirement option plan and ending on the date participation ceases, a member's monthly pension amount determined under section5505.53of the Revised Code shall accrue to the member's benefit. To this amount shall be added any benefit increases the member would be eligible for under section5505.174of the Revised Code had the member, on the effective date of the member's election, retired under section5505.16of the Revised Code.

(B)(1) The amounts contributed under division (A) of section5505.15of the Revised Code by a member participating in the deferred retirement option plan shall be credited as follows:

(a) Ten per cent of the member's annual salary shall accrue to the member's benefit.

(b) Any amount of the member's annual salary that is in excess of ten per cent shall be credited to the employer's accumulation fund.

(2) The state highway patrol retirement system shall credit to the employer's accumulation fund the amounts contributed by the state under section5505.15of the Revised Code on behalf of a member participating in the deferred retirement option plan.

(C) During the period beginning on the election's effective date and ending on the date the member ceases participation in the plan, the amounts described in divisions (A) and (B)(1)(a) of this section shall earn interest at an annual rate established by the state highway patrol retirement board and compounded annually using a method established by rule adopted under section5505.50of the Revised Code.