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Employers Manual
Retirement Incentive Plan for Defined Benefit Plan Members
Employer Cost Notification
STRS Ohio will provide the Employer Cost Notification to the
employer for each Retirement Incentive Plan participant. The cost notification
is prepared and mailed to the employer after a completed Deposit and
Service Report (click here for information about completing this report) has been received by STRS Ohio. All cost calculations
are subject to audit upon receipt of the Annual Report of Member
Contributions.
Additionally, account statements will be mailed to employers on approximately June 1 of each year. The statements will show:
- All service credit purchases with an unpaid balance;
- The total amount outstanding for each participant;
- The amounts due by the following June 30; and
- Accumulated interest charges.
STRS Ohio must receive installment payments no later than June 30 of each year. Additional interest will be charged for payments received after that date. Intentional defaults are subject to penalties equivalent to STRS Ohio’s actuarial loss at its current investment return.
Employers may make early payments at other times during the year; the amount of accumulated interest charges is available at any time upon request. Interest is charged through the last day of the month in which payment is received.
