| New full-time faculty in Ohio’s
public institutions of higher education have a one-time opportunity
to choose between participating in the State Teachers Retirement
System of Ohio (STRS Ohio) or electing an alternative retirement
plan (ARP). STRS Ohio has been providing comprehensive benefits for
Ohio’s educators since 1920 — long before the creation
of Social Security — and is nationally recognized as one
of the nation’s premier retirement systems. STRS Ohio offers a choice among three different retirement plans to fit your personal situation — a Defined Benefit Plan, a Defined Contribution Plan and a Combined Plan. New full-time
faculty also have the option of participating in a defined contribution ARP provided by your employer through a private vendor.
You Now Have Several Choices
To Make
When you were hired, you received a Retirement Plan Election
Form from your employer. On the election form, you will indicate
whether you want to participate in STRS Ohio or an ARP. You
have 120 days from your first day of paid service to complete and
return the election form to your employer. If you do not
return the form during this time period, you will participate in
STRS Ohio.
New STRS Ohio members have a second decision to make. A brief
description of the three retirement plan options available to you
if you elect STRS Ohio are below. More information on the plans is available from the links listed below or refer to your plan selection
packet.
STRS Ohio Defined Benefit
Plan
As its name implies, your retirement income is “defined”
by a calculation that uses your age, your years of service and
your final average salary. You also have
survivor and disability protection while you teach. Access to optional health care coverage* is provided
to retirees who meet the necessary qualifications — currently,
15 years of service credit.
STRS Ohio Defined Contribution
Plan
In this plan, your retirement income is based on the performance
of investment choices you select for the contributions made by you
and your employer. You may allocate your contributions among various
investment options managed by STRS Ohio. Retirement, survivor and
disability benefits are limited to the value of your account. Access
to STRS Ohio optional health care coverage upon retirement is not provided.
This plan is comparable to the ARPs offered by private vendors.
STRS Ohio Combined Plan
This plan allows you to create a portion of your retirement income
through the performance of investment choices you select for your
contributions, while contributions from your employer pay for
a combination of service retirement, disability and survivor benefits.
Access to optional health care coverage* is provided to retirees
who meet the necessary qualifications — currently, 15 years
of service credit.
The links below provide additional information to help you make
the best selection for you and your family:
|
