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Employers Manual
Membership
Retirement Plan Accounts
STRS Ohio establishes and maintains individual accounts for each member
based upon the plan selected by the member.
- Defined Benefit Plan — the member’s accumulated contributions will be combined with sufficient employer contributions and investment earnings to fund benefits when they are granted. Member contributions are credited to accounts each September based on each district’s Annual Report of Member Contributions. Annual statements are mailed to each Defined Benefit Plan member in the fall showing account value, service credit and projected benefits.
- Defined Contribution Plan — the member allocates his or her member and employer contributions in accordance with the provisions of the plan. Benefits are based on the performance of investment choices the member selects for these contributions. Member contributions and the related employer contributions are deposited in the member’s defined contribution account upon receipt of contributions and payroll reports. Defined Contribution Plan account statements are mailed out quarterly.
- Combined Plan — contributions are used to
provide two different types of benefits:
Defined contribution portion: the member allocates his or her member contributions in accordance with the provisions of the plan, and retirement benefits for this portion of the account are based on the performance of investment choices the member selects for these contributions. Member contributions are deposited in the defined contribution portion of the account upon receipt of contributions and payroll reports from the employer.
Defined benefit portion: employer contributions fund disability benefits, survivor protection and service retirement benefits equal to 1% of final average salary at age 60. These contributions will be combined with sufficient investment earnings to pay benefits when granted. Earnings and service credit will be credited to the defined benefit portion of a member’s account each September based on each district’s Annual Report of Member Contributions. Employer contributions will not be credited to individual member accounts.
Members enrolled in the Combined Plan receive quarterly statements for the defined contribution portion of their account and annual statements in the fall for the defined benefit portion of their account.
