Retirement Eligibility Changes Announced (Effective June 1, 2024)
The current retirement eligibility rule requiring 34 years of service for an unreduced retirement benefit under the Defined Benefit Plan has been made permanent. The requirement was previously scheduled to increase to 35 years of service on Aug. 1, 2028. Eligibility for a reduced retirement benefit has been lowered to 29 years from 30 years of service. The current eligibility for reduced retirement at age 60 with 5 years of service remains the same. This improvement of the retirement eligibility requirements means that some members will be eligible for a reduced benefit at an earlier age. Effective June 1, 2024, eligibility criteria for unreduced and reduced benefits are as follows:
| Retirement Dates | Unreduced Benefit (Minimum Age and Years of Service) |
Reduced Benefit (Minimum Age and Years of Service) |
|---|---|---|
| Aug. 1, 2023–May 1, 2024 | Any age and 34 years; or age 65 and 5 years | Any age and 30 years; or age 60 and 5 years |
| On or after June 1, 2024 | Any age and 34 years; or age 65 and 5 years | Any age and 29 years; or age 60 and 5 years |
When you retire, your benefit will be calculated using a salary-related benefit calculation based on your age at retirement, total years of service credit and final average salary (FAS). The FAS is the average of your five highest years of Ohio public earnings. The following tools are available in your Online Personal Account and populate with your account information:
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Retirement eligibility calculator: indicates when you will be eligible for unreduced and reduced retirement benefits based on your current age and years of service.
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Benefit estimate calculator: provides an estimate of your retirement benefits based on factors such as your account information and the retirement date you specify.
A benefit calculation table is also available and includes the factors needed to estimate a benefit under the Single Life Annuity plan of payment and can be accessed here.
Benefit estimates will reflect the new eligibility requirements and allow you to do your own projections. The reduction factors for early retirement were improved in some cases. Retirement projections will also be updated on your Annual Statement that you will receive in September.
The Retirement Board reviews benefits annually as part of its sustainable benefit enhancement plan. The board and its actuary will review benefits again, no later than spring 2025, to evaluate whether additional benefit plan design changes may be made in accordance with the laws in effect at that time. If you have questions, email STRS Ohio or call 888-227-7877 (toll-free), Monday-Friday, 8 a.m.–5 p.m.