Am I eligible to withdraw my account?
You cannot withdraw your STRS Ohio account if you are:
- Under any form of written or verbal teaching contract now or in the future, including substitute teaching with an STRS Ohio contributing employer. If STRS Ohio verifies that you have not resigned from covered employment, your application will be canceled;
- On a leave of absence;
- In the DB Plan and terminated your employment in an STRS Ohio-covered position, but are now working with the same employer in an Ohio Public Employees Retirement System (OPERS) or School Employees Retirement System (SERS) position;
- Receiving service retirement or disability benefits from STRS Ohio; or
- Currently contributing to a college or university alternative retirement plan (ARP). Only a transfer of STRS Ohio funds to the ARP is permitted.
How much will I receive?
DB Plan
Your refundable account balance consists of your contributions plus an additional amount payable depending on years of qualifying service. To learn more about withdrawal calculations, check out our Account Withdrawal page. To obtain a refund estimate, log in to your Online Personal Account, click the “Member Information” tab and then click “View Account Withdrawal Value” under the Useful Links section.
DC Plan
Your refundable account balance consists of your contributions plus any gains or losses on those contributions. Your balance may also include the employer portion of the account (consisting of the employer contributions plus any gains or losses) according to the following vesting schedule:
- If your membership began before July 1, 2013, you are 100% vested in the employer portion of the account after one year of membership.
- If your membership began on or after July 1, 2013, you are vested in 20% of the employer portion of the account for each full year of membership.
To obtain a refund estimate, you must log in to your account with Nationwide Retirement Solutions.
CO Plan
For the defined contribution portion of the account, the refundable account balance consists of your contributions plus any gains or losses on those contributions. To obtain a refund estimate for the defined contribution portion of your plan, you must log in to your account with Nationwide Retirement Solutions.
For the defined benefit portion of your account, you are eligible for the greater of:
- The present value of the future benefits if you have more than 5.00 years of qualifying service credit; or
- Your total contributions to the defined benefit portion of the account.
To obtain an estimate for the defined benefit portion of your account, call us toll-free at 888‑227‑7877 or send us an email.
Can I withdraw only a portion of my account?
No, partial withdrawals or loans are not permitted. Exceptions due to hardship are also not allowed.
How do I withdraw my account?
Log in to your Online Personal Account, click the “Member Information” tab and then click “Apply for Account Withdrawal” under the Useful Links section.
What are my payment options?
You may have your balance paid to you directly, rolled over to a qualified plan or a combination of the two. To qualify for a rollover, your refundable account balance must be more than $200.
Will you withhold taxes on a payment paid directly to me?
STRS Ohio will automatically withhold a mandatory 20% in federal taxes for a lump-sum payment not rolled over. You may withhold more than 20%, but not less. Ohio taxes can also be withheld upon request. For additional tax information, check out our Account Withdrawal page.
Is there a penalty for withdrawing my account?
If you are under age 59-1/2 and choose not to roll over the payment, you will also have to pay a 10% additional income tax on early distributions unless an exception applies. This tax is in addition to the regular income tax on the payment not rolled over.
The 10% additional income tax does not apply to the following payments from STRS Ohio:
- Payments made after you separate from service if you will be at least age 55 in the year of the separation;
- Payments that start after you separate from service if paid at least annually in equal or close to equal amounts over your life or life expectancy (or the lives or joint life expectancy of you and your beneficiary);
- Payments after your death;
- Payments made directly to the government to satisfy a federal tax levy;
- Payments made under a division of property order (DOPO);
- Payments up to the amount of your deductible for medical expenses (without regard to whether you itemize deductions for the taxable year); or
- Certain payments made while you are on active duty if you were a member of a reserve component called to duty after Sept. 11, 2001, for more than 179 days.
Will I receive a 1099?
Yes, you will receive a 1099 in January following the withdrawal.
When will I receive my payment?
Payment is typically made within 30 days after receipt of the valid, properly completed application or your last payroll date, whichever is later. STRS Ohio cannot expedite this process for any reason.
Will my check be direct deposited?
Payments made directly to you will be direct deposited into the account specified on your online withdrawal application. If you are rolling your funds to a qualified plan, a check will be mailed directly to the qualified plan.
Could I be forfeiting benefits when I withdraw my account?
If you are a DB or CO Plan member, a withdrawal of your account cancels your service credit and potential benefits for you and your family. If you have five or more years of service credit, we strongly recommend reviewing your account with a benefits counselor to learn about potential benefits. If you are a DC Plan member who began membership after July 1, 2013, you are vested in 20% of the employer portion of the account for each full year of membership. This could impact your total withdrawal amount if you have been a member of the DC Plan for less than five years.
Is spousal consent required?
For the DB Plan, spousal consent is required if you are eligible for a service retirement benefit. For the DC and CO Plans, spousal consent is required if you are age 50 or older and your account value is $5,000 or more. A spousal affidavit section is included with the withdrawal application.