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Employers Manual
Defined Contribution & Combined Plans
Defined Contribution Plan
The Defined Contribution Plan offers a retirement income based on the
performance of investment choices the member selects for contributions.
Members contribute 10% of their annual salary to the defined contribution
account. An amount equal to 10.5% of the member’s salary is deposited
to the member’s account from employer contributions. The remaining
3.5% employer contributions are used to pay off STRS Ohio’s unfunded
liability. Members allocate contributions and earnings to investment
choices managed by STRS Ohio investment professionals. Members can adjust
their investment choices to meet their changing needs.
Withdrawal
Members may withdraw the value of their accounts upon termination of
employment. During the first year of membership in the Defined Contribution
Plan, members receive their contributions plus any gains or losses on
those contributions. After one year, members receive their contributions
and employer contributions plus any gains or losses on those contributions.
Click here for refund details.
Retirement benefits
Members are eligible to receive an annuity from their account balance
upon termination of employment after age 50. The monthly benefit is
calculated based on contributions plus investment earnings annuitized
over the member’s lifetime.
Disability and survivor benefits
If a member becomes disabled, he or she may withdraw their defined contribution
account after terminating employment. In the event of a member’s
death, a surviving spouse may withdraw the account or continue to manage
the investment portfolio. If there are multiple survivors, the account
must be withdrawn.
Health care
Defined Contribution Plan members do not
have access to health care through the STRS Ohio Health Care Program.
