The 2023 Annual Statement as of June 30, 2023, is now available in member Online Personal Accounts for Defined Benefit Plan and Combined Plan participants as well as Reemployed Retirees. Those members who receive a paper statement will not be able to view it online until late September. This document is an important resource for retirement planning.
To access the statement, log in to your account, select “My Documents” (under Useful Links) and then “Annual Statement.” For the Defined Benefit Plan, the benefit projections included in the Annual Statement and online benefit calculators reflect the extension of the current retirement eligibility rule requiring 34 years of service for an unreduced retirement benefit through July 2028 (previously set to increase to 35 years in 2023).
Annual Statements for Defined Benefit Plan and Combined Plan participants include details about:
- Service credit, earnings and contributions, and account value information;
- Retirement date and age eligibility and projected benefit amount;
- Survivor and disability benefit estimates; and
- Service credit eligible for purchase.
Annual Statements for reemployed retirees include details about:
- Contributions and reemployed retiree benefits;
- Items of note regarding the account;
- Beneficiary information; and
- Benefit eligibility, payment and required minimum distribution information.
Defined Contribution Plan participants do not receive the Annual Statement, but do receive quarterly account statements with details pertaining to their defined contribution account. Combined Plan participants also receive these quarterly account statements.
In addition to the Annual Statement, STRS Ohio offers the following retirement-planning tools and resources:
- Benefit Estimate Calculator: Defined Benefit and Combined Plan annual statements include projected benefit amount information based on selection of a Single Life Annuity plan of payment. You can generate additional benefit estimates based on other plan of payment options and retirement dates using the calculator in your Online Personal Account, which populates with your account information
- Benefits Counseling: It is advisable to schedule a benefits counseling session at least three years before you plan to retire and again six to 12 months from retirement. These sessions are available by videoconference, teleconference or in person.
- Service Retirement and Plans of Payment brochure: This publication offers an overview of retirement eligibility criteria, how benefits are calculated and plans of payment options. Access the brochure specific to your STRS Ohio retirement plan here.