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Bulletins
The STRS Ohio Bulletin to Employers discussing the changes to the ARP program in 2001 appears below. To view other bulletins related to ARP see the bulletin archive.
Bulletin to Employers January 2001
Print a copy of this bulletin.
Substitute House Bill 535 Amends Alternative Retirement Plan
Law
Gov. Bob Taft recently signed Substitute House Bill 535. Certain provisions
in the bill affect alternative retirement plans (ARP).
Changes to ARP laws effective April 1, 2001, include the following:
- Newly hired faculty who qualify to choose between contributing to an ARP or STRS Ohio will have 120 days in which to make their choice. The law extends the new hire election period from 90 days to 120 days.
- Once an employee elects to contribute to an ARP or STRS Ohio, the choice cannot be changed. The election is final, and the election period is closed.
- Employees who make an election remain in the retirement plan chosen as long as they are employed with that employer and there is no more than a 12-month break in employment. This most noticeably will affect employees who move from a full-time eligible position to a part-time position. They will remain in the plan selected unless there is more than a 12-month break in employment.
- STRS Ohio will forward member and employer contributions, less contributions required under Section 3305.06 of the Revised Code, to the selected vendor within 30 days of receiving a certified election form. The election form must include certification, by the employer, of earnings and contributions remitted during the election period.
Revised election forms reflecting these changes will be available from STRS Ohio in March 2001.
If you have questions about these changes, please contact your employer advisor toll-free at 1-888-535-4050, or e-mail them at report@strsoh.org.
