Plan Reselection Period Begins in Early 2021 for Eligible Members
STRS Ohio members who are enrolled in the Defined Contribution Plan or Combined Plan and are in their fifth year of membership will soon have the option to reselect their retirement plan in early 2021. Members eligible for this reselection period were enrolled as new STRS Ohio members between July 1, 2016, and June 30, 2017.
Members who are eligible for reselection will be notified by early 2021. About four-to-six weeks later, those members will receive personalized reselection materials that include individual account balances, plan options and enrollment instructions. The deadline for making an election is June 1, 2021. The retirement plan selected during this period will be permanent. Members can choose between STRS Ohio’s Defined Contribution Plan, Combined Plan or Defined Benefit Plan.
Eligible members who do not make an active choice during the reselection period will, by law, remain enrolled in their current plan. Plan selection and account transfers are effective July 1, 2021.
If you have questions regarding the reselection option or about your eligibility for this choice, please call STRS Ohio’s Member Services Center toll-free at 888‑227‑7877. Plan reselection details will also be available on the STRS Ohio website in mid-March.
Target Choice 2020 to Close in December
The STRS Target Choice 2020 allocation option reaches its target date at the end of this calendar year. If you are invested in the STRS Target Choice 2020, you will need to reallocate those assets to other STRS Ohio investment options. If no other option is chosen by the end of December 2020, your accumulated value in the Target Choice 2020 will automatically roll into the Target Choice that immediately precedes your 60th birthday. You can manage your allocation options through your online account at www.nrsstrsoh.org or by calling Nationwide Retirement Solutions toll-free at 866‑332‑3342.
Investments Annual Report to Arrive Soon
STRS Ohio’s Defined Contribution Investment Annual Report for fiscal year 2020 will be sent in the coming weeks to all members participating in the Defined Contribution Plan or the Combined Plan. The report will also be available to view or print from the system’s website.
The annual report includes an economic overview section that describes the forces that shaped the markets during the past year, along with performance highlights and analysis for each allocation choice available in fiscal year 2020. You will also find a breakdown of defined contribution holdings and a percentage of total defined contribution assets by allocation choice. The report also includes a disclosures section featuring important rules and concepts, as well as a glossary of frequently used investment terms.
Defined Contribution Plan and Combined Plan participants have several online tools available to help manage their account. Using the NRS/STRS Ohio website and a secure Online Personal Account, members can:
- See daily account balance (total and by investment choice)
- Set current allocation for future contributions
- Exchange existing balances from one investment choice to another
- Obtain current unit values of the available allocation choices, as well as past performance results
In addition, members will receive quarterly account statements providing additional details. You can register for your NRS/STRS Ohio online account by completing just a few steps.
Investment Choice Profile
This quarter’s SmartTALK profiles the STRS Target Choice options.
STRS Ohio offers eight continuing Target Choice allocation options that target a year in the future that would roughly match a participant’s expected retirement date. The Target Choice options do not provide guaranteed income or payouts. The asset allocation for these choices are geared toward the average investor. As the target date approaches, the more conservative the investment mix becomes — moving from a substantial allocation to stocks in the early years (for greater growth opportunities) toward a more balanced mix of stocks and bonds (to reduce volatility) as the target date nears. These allocation options consist of blends of domestic and international equities, fixed income and real estate investments. Glidepaths for each of these allocation choices indicate how STRS Ohio expects the asset allocations to change over time. These glidepaths are available on the STRS Ohio website.
Are there resources available to help me manage my defined contribution account?
STRS Ohio has contracted with Nationwide Retirement Solutions (NRS) in administering the defined contribution aspects of the STRS Ohio retirement plan options. NRS retirement specialists can discuss your allocation choices with you by phone. Just call toll-free 866‑332‑3342, Monday–Friday, 8 a.m.‑11 p.m. or Saturday, 9 a.m.‑6 p.m., to talk with an NRS representative. Additional investment information from NRS can be accessed through the NRS/STRS Ohio website. You may also want to consult with a financial planner or advisor concerning your retirement planning needs.