Ohio Administrative Code Title 148 - Ohio Public Employees Deferred Compensation
Ohio Administrative Code Title 148 – Ohio Public Employees Deferred Compensation
Overview
Title 148 governs the Ohio Public Employees Deferred Compensation Program, a voluntary retirement savings plan for public employees. The program allows employees to defer a portion of their salary to be invested for retirement, often with tax advantages.
Key Provisions of Title 148
1. Program Administration
The Deferred Compensation Board administers the program under the Ohio Deferred Compensation Law.
Sets rules for enrollment, contributions, withdrawals, and investment options.
Ensures compliance with federal tax laws applicable to deferred compensation plans.
2. Eligibility and Enrollment
Public employees eligible include state, local, and certain other public workers.
Employees may elect to participate and specify contribution amounts, within limits set by law.
Enrollment procedures, including deadlines and forms, are specified.
3. Contributions and Account Management
Contributions are made through payroll deductions on a pre-tax basis.
Employees can change contribution amounts within specified periods.
Accounts are credited with earnings or losses based on selected investment options.
Rules govern minimum and maximum contributions consistent with IRS limits.
4. Withdrawals and Distributions
Withdrawals permitted upon retirement, separation from service, death, disability, or other qualifying events.
Specifies procedures for requesting distributions and required documentation.
Addresses tax implications and rollover options.
5. Board Powers and Responsibilities
The Board selects investment providers and funds.
Oversees program operations, audits, and reporting.
Can establish rules and policies to ensure prudent management.
6. Participant Rights and Protections
Participants have the right to receive account statements and information.
Procedures for complaints and dispute resolution are in place.
Confidentiality of participant information is protected.
Explanation of How Title 148 Functions
Title 148 creates a structured and regulated framework for public employees to save for retirement through salary deferral.
The Deferred Compensation Board ensures the program operates with transparency, fiscal responsibility, and compliance.
Employees gain flexibility in managing contributions and investments, with clear rules for accessing funds.
Protections and procedures ensure participant rights and program integrity.
Hypothetical Case Law Example
Anderson v. Ohio Deferred Compensation Board (Fictitious)
Facts: An employee sued the Board alleging improper denial of a withdrawal request due to administrative error. The Board argued it acted within its rules and procedures.
Issue: Whether the Board’s denial was consistent with Title 148 rules and whether the employee’s rights were violated.
Holding: The court found the Board followed proper procedures, but emphasized the importance of timely communication and fairness. The Board was ordered to reconsider the request with proper documentation.
Significance: Highlights the Board’s duty to apply rules fairly and maintain transparent communication with participants.
Summary
Ohio Administrative Code Title 148 governs the Ohio Public Employees Deferred Compensation Program, ensuring a regulated, transparent framework for employee retirement savings via salary deferral. The Deferred Compensation Board manages the program, with rules on enrollment, contributions, withdrawals, and participant protections. Case law supports the Board’s authority while stressing procedural fairness and participant rights.
RELATED Blog
0 comments