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Employers Manual
Retirement Incentive Plan for Defined Benefit Plan Members
Forms
STRS Ohio has forms to facilitate the administration of Retirement Incentive Plans and communication among STRS Ohio, plan administrators and plan participants. Following are brief descriptions and a sample of each form.
Employer Notification to STRS Ohio of Adoption of Retirement Incentive Plan
An employer should use the Employer Notification to STRS Ohio of Adoption of Retirement Incentive Plan form to notify STRS Ohio that a Retirement Incentive Plan has been adopted. The form should be submitted as soon as possible after adopting the plan.
Along with the employer identification information, the form should include the effective and termination dates of the plan and the number of years being offered.
Please note that the effective date of the plan may not be earlier than the date of the authorizing board action, and the termination date must be at least one year following the effective date. However, extensions must be submitted to STRS Ohio on the form prior to the original termination date. Only whole years of service credit may be purchased.
Notice to Employer of Intent to Participate in Retirement Incentive Plan
The Notice to Employer of Intent to Participate in Retirement Incentive Plan form, included in the Member Information Packet, is initiated by the individual member who then submits the completed form to the employer.
The member must specify an anticipated retirement date on the form. The employer should then complete the bottom section and submit the form to STRS Ohio.
Note: STRS Ohio must receive the form before the member’s effective date of retirement. If the member’s retirement date changes after the form is submitted, a new form must be completed and sent to STRS Ohio.
The member must also complete and submit a Service Retirement Application directly to STRS Ohio. This form is included in the Member Information Packet.
Employer Cost Notification
The Employer Cost Notification for each Retirement Incentive Plan participant will be prepared and mailed to the employer after a completed Deposit and Service Report has been received by STRS Ohio. All cost calculations are subject to audit upon receipt of the Annual Report of Member Contributions.
Payment should be made in accordance with the options specified under the “Cost to Employers” information.
Notice to Member Regarding Establishment of Service Credit
The Notice to Member Regarding Establishment of Service Credit form is completed by STRS Ohio and mailed to the participant. The member must retire within 90 days after receiving this form or forfeit the additional service credit. If the member elects not to retire, the employer will be notified and any payments made to date will be refunded.
Waiver of Retirement Incentive Credit
Even though the number of years being purchased must be uniformly offered, a member and employer may agree to waive a portion of the credit.
To waive credit, the Waiver of Retirement Incentive Credit form must be completed and signed by both the member and the employer’s authorized representative. Upon receipt of the completed form by STRS Ohio, the waiver is permanent and irrevocable. Only the member may request the form for waiving credit from STRS Ohio. Before the form is sent, STRS Ohio will advise the member of the effect of the waiver on retirement benefits.
