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Elections
Eligibility
Only full-time eligible employees are allowed to elect
between STRS Ohio and an alternative retirement plan.
Full-time faculty have 120 days from their hire date to select a retirement plan. Once an employee elects to contribute to an alternative retirement plan or STRS Ohio, the choice cannot be changed. The election is final, and the election period is closed. Faculty who do not make an election will automatically become members of STRS Ohio.
New STRS Ohio members who do not choose an ARP within the 120-day election period, will have an additional 60 days (a total of 180 days from the first day of paid service) to select one of the three STRS Ohio retirement plans.
If the employee does not select an STRS Ohio plan during this 180-day period, they will automatically join the Defined Benefit Plan and remain in it as long as they are an STRS Ohio member.
An election made by a newly hired faculty member is irrevocable and is effective back to the first day of employment.
Example
You hire a new full-time faculty member who begins employment on January 5th. The new faculty member elects an ARP on February 5th. The election of the ARP is irrevocable on February 5th.The new faculty member’s effective date of his/her ARP election is the first date of employment (January 5th).
All earnings beginning on January 5th are subject to the 3.5% employer contribution rate.
Election Form Reporting
ARP Election forms for new hires must
be certified by the employer and returned to STRS Ohio within 10 days
of the participants election. Election forms should be sent to:
STRS Ohio Finance Department
275 E. Broad St.
Columbus, OH 43215-3771
Elections can also be faxed to the STRS Ohio Finance Department at (614) 227-7893.
Certified ARP election forms should include the amount of employee and employer contributions already remitted to STRS Ohio via payroll reporting since the ARP effective date and the last date the employee was included on an STRS Ohio payroll report.
STRS Ohio will forward contributions to the employee’s selected vendor within 30 days of receiving the completed certified ARP election form. Any underpayment or overpayment to the vendor as a result of an employer’s certification error will be the responsibility of the employer.
If a new college or university employee has an active ARP election with another state retirement system (OPERS or SERS) the employee must remain in the ARP and is not eligible to make a new election switch to STRS Ohio.
Employees participating in ARPs 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.
