New Full-time Hires: Timetable for Making a Decision

Higher Education — New Full-time Hires

Timetable for Making a Decision

Newly Hired Full-time Faculty Member Who is Participating in the STRS Ohio Defined Contribution Plan or Combined Plan, but has not Made a Final Election in the Fifth Year of Membership
You are eligible to remain in the STRS Ohio Defined Contribution Plan or Combined Plan in which you are currently enrolled or to choose one of the ARPs offered by your new employer through a private vendor. You will have 120 days from your first day of paid service with the new employer to make your decision.

To choose your plan, just complete the Retirement Plan Election Form provided by your employer. Unless you elect an ARP, you will remain in your current STRS Ohio retirement plan. However, you will still have the opportunity to reevaluate your decision and choose another STRS Ohio plan before completing your fifth year of membership.

At that time, you can choose to remain in the same plan or transfer to another STRS Ohio plan. You will receive information about the opportunity to change plans several months before your decision date. At that time, you must actively elect to remain in the STRS Ohio Defined Contribution or Combined Plan; otherwise, you will automatically be moved to the STRS Ohio Defined Benefit Plan, with an account and service credit created as if you had been in the plan from your first date of membership. Your STRS Ohio Defined Contribution or Combined Plan account — and any accompanying gains or losses — will be absorbed by the STRS Ohio Defined Benefit Plan.

ARP
If you choose an ARP within the 120-day election period, your decision is final and remains in effect as long as you are continuously employed at your current college or university. Faculty who do not complete the Retirement Plan Election Form for any of the ARPs will become STRS Ohio members.

Newly Hired Full-time Faculty Member who is Participating in STRS Ohio with no Reselection Option
You are eligible to choose between the STRS Ohio retirement plan in which you are currently enrolled or one of the ARPs offered by your new employer through a private vendor. You will have 120 days from your first day of paid service with the new employer to make your decision.

To choose your plan, just complete the Retirement Plan Election Form provided by your employer. Unless you elect an ARP, you will remain in your current STRS Ohio retirement plan.

Newly Hired Full-time Faculty Member who is Participating in an Alternative Retirement Plan and has Never Been an STRS Ohio Member
You are eligible to choose between the STRS Ohio Defined Benefit Plan, Defined Contribution Plan and Combined Plan; or one of the ARPs offered by your new employer through a private vendor. You will have 120 days from your first day of paid service to elect participation in STRS Ohio or an ARP.

To choose your plan, just complete the Retirement Plan Election Form provided by your employer. If you choose STRS Ohio, you will have an additional 60 days (180 days from your first day of paid service) to select one of the three retirement plans offered by STRS Ohio.

If you select the STRS Ohio Defined Contribution or Combined Plan, you will have the opportunity to reevaluate your decision and choose another STRS Ohio plan before completing your fifth year of membership. At that time, you can choose to remain in the same plan or transfer to another STRS Ohio plan. You will receive information about the opportunity to change plans several months before your decision date. At that time, you must actively elect to remain in the STRS Ohio Defined Contribution or Combined Plan; otherwise, you will automatically be moved to the STRS Ohio Defined Benefit Plan, with an account and service credit created as if you had been in the plan from your first date of membership. Your STRS Ohio Defined Contribution or Combined Plan account — and any accompanying gains or losses — will be absorbed by the STRS Ohio Defined Benefit Plan.

ARP
If you choose to remain in an ARP offered by your new employer through a private vendor within the 120-day election period, your decision is final and remains in effect as long as you are continuously employed at your current college or university. Faculty who do not complete the Retirement Plan Election Form for any of the ARPs will become STRS Ohio members.