Account Withdrawal

You cannot withdraw your STRS Ohio account if you are:

• Under any form of teaching contract including substitute teaching with an STRS Ohio contributing employer;
• Under any type of verbal or written agreement for future teaching with an STRS Ohio employer under the retirement law;
• On a leave of absence;
• Receiving service retirement or disability benefits from STRS Ohio; or
• Currently contributing to a college or university alternative retirement plan. Only a transfer of STRS Ohio funds to the alternative retirement plan is permitted.

If you are married, at least age 50 and are eligible to withdraw a balance of at least $5,000, you can withdraw your account only if your spouse consents to the withdrawal by signing the spousal affidavit on the withdrawal application before a notary public. If your spouse does not consent, your application for withdrawal shall be considered an application for service retirement paid as a Joint and Survivor Annuity with one-half to beneficiary.

Plan Feature	Monthly Payments	Account Withdrawal
Lifetime monthly benefit	Yes	No
Survivor benefits	Yes	No
Access to health care coverage (defined benefit portion)*	Yes	No
Direct control over funds	No	Yes
Possible rollover to a qualified plan	No	Yes
Possible tax penalties	No	Yes
Optional death benefits***	Yes	No
Possible investment costs	No	Yes
Individual investment risk	No	Yes
Subject to reemployment guidelines for Ohio public positions	Yes	No**

Note: Any payments you receive from STRS Ohio may affect your eligibility for Social Security benefits. For more information, contact Social Security toll-free at 800‑772‑1213.

^*The STRS Ohio Health Care Program is not guaranteed. STRS Ohio may change or discontinue all or part of the program for all or a class of eligible benefit recipients and covered dependents at any time. Members retiring on or after Aug. 1, 2023, must have at least 20 years of service credit to qualify for coverage. At least 15 years of service credit is required for members retiring before Aug. 1, 2023.

^**Assumes both the defined benefit and defined contribution portions of the account are withdrawn.

^***Combined Plan retirees may purchase an optional death benefit of $1,000 or $2,000.

For the defined contribution portion of the account, the withdrawal amount consists of member contributions deposited to the account plus any gains or losses on those contributions.

The withdrawal amount may be affected by low balance fees or early withdrawal penalties.

For the defined benefit portion of the account, members with 5.00 or more years of service credit are eligible for the greater of: (1) the present value of the future benefits, or (2) the member's total contributions to the defined benefit portion of the account.

The defined benefit portion of the account consists of the member's total contributions to the defined benefit portion of the account if the member withdraws before accumulating 5.00 years of service credit.

If you choose to withdraw your STRS Ohio account, there are important tax implications.

If you choose to have your withdrawal paid directly to you:

• Your payment will be taxed in the year in which it is issued.
• STRS Ohio will withhold federal tax at a rate of 20%.
• If you receive the payment before age 59-1/2, you may have to pay a 10% tax penalty for an early withdrawal.

You may roll over your withdrawal amount to an eligible retirement account that will accept your rollover and:

• Your payment will not be taxed in the current year and no taxes will be withheld.
• The funds rolled over will be taxed when removed from the account to which they were deposited.

Beginning in the year you reach age 73 or terminate employment, whichever is later, a certain portion of your payment cannot be rolled over because it is a “required minimum distribution” that must be paid to you. STRS Ohio can tell you if your payment includes amounts that cannot be rolled over.

There are other tax implications if you withdraw your STRS Ohio account. Review our Account Withdrawal brochure and consult a professional tax advisor for more information. STRS Ohio cannot provide tax advice.

You can complete and submit your Application for Withdrawal Payment online through your Online Personal Account. Log in, select “Member Information” from the top menu and then select “Apply for Account Withdrawal” under Useful Links. Follow the instructions for completing the application. If you do not have an Online Personal Account, click here to register for one.

Your withdrawal payment will be made within 30 days of STRS Ohio's receipt of a properly completed application or your last payroll date, whichever is later. If you have questions about completing the application, please call STRS Ohio at 888‑227‑7877 (toll-free).

If you withdraw both portions of your account after permanently electing the Combined Plan and later return to STRS Ohio-covered employment, you will reestablish your defined benefit and defined contribution accounts.

If you withdraw only the defined benefit or defined contribution portion of your account and later return to STRS Ohio-covered employment, your contributions will fund a new account based on your status as a reemployed retiree.

If you did not make a permanent election, you will be able to select the Defined Benefit Plan, Combined Plan or Defined Contribution Plan upon your return to employment.