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Ohio law requires all Ohio public institutions of higher education to offer an alternative retirement plan (ARP) to eligible faculty members hired after the plan is established.
As of Aug. 1, 2005, all full-time employees are eligible to elect an ARP if:
- They are hired on or after Aug. 1, 2005; or
- They have accrued less than five years of service credit as of Aug. 1, 2005, and did not have a previous opportunity to elect an ARP. For STRS Ohio purposes, this group of employees consists of full-time reemployed faculty members.
New Law Grants ARP Eligibility to Reemployed
Retirees
Once your institution has adopted an ARP you are required to complete
a
Notification to STRS Ohio of Modification
to Alternative Retirement Plan or Plan Providers form and send
it to STRS Ohio.
Employees who do not make an election within 120 days of their hire date automatically become contributing members of STRS Ohio.
ARP participants who terminate employment in an ARP-eligible position must remain in the ARP plan as long as there is not more than a one year break in employment with their college or university. This- rule affects both ARP participants who:
-
move from a full-time to a part-time position, and
-
have a break in service with their college or university that is less than one year.
Ohio Revised Code Section
3305
Click
here to view the Ohio Revised Code that deals with ARPs (Section 3305).
(Opens in a new window. Click on "TITLE XXXIII EDUCATION - LIBRARIES"
and choose 3305 Alternative Retirement Plans.)
