Retirement Benefits: Defined Benefit Plan

 
Retirement Benefits: Defined Benefit Plan · Video Script

The STRS Ohio Retirement Benefits Presentation provides an overview of the retirement benefits STRS Ohio makes available to its members upon retirement. There are three versions of this presentation — one for each of the three retirement plans offered by STRS Ohio. Each presentation includes information about the monthly benefit payment, death benefits, reemployment restrictions and other important information pertaining to your retirement plan. (See plan descriptions below if you are unsure about which plan you are enrolled in.) The presentation is highly recommended for members who will be attending an STRS Ohio counseling session and/or retiring in the near future.

STRS Ohio Defined Benefit Plan

STRS Ohio members who began their careers before July, 1, 2001, are enrolled in this plan. New STRS Ohio members July 1, 2001, and after, have the option to enroll in this plan. As its name implies, your retirement income is “defined” by a calculation that uses your age, your years of service and the average of your three highest salary years.

STRS Ohio Defined Contribution Plan

New STRS Ohio members July 1, 2001, and after, have the option to enroll in this plan. If you are enrolled in this plan, you have a defined contribution account and your retirement income is based on the performance of investment choices you select, contributions to your account and annuity rates in effect at retirement. You may allocate your contributions among various investment options managed by STRS Ohio.

STRS Ohio Combined Plan

New STRS Ohio members July 1, 2001, and after, have the option to enroll in this plan. Retirement benefits consist of an annuity from the defined contribution portion and an annuity from the defined benefit portion. The defined contribution annuity is based on the performance of investment choices you select, contributions to your account and annuity rates in effect at retirement. The defined benefit annuity is equal to 1% of your final average salary per year of service credit. Disability or survivor benefits and access to health care coverage are also provided to those meeting eligibility.

If you have questions about what retirement plan you are enrolled in, please contact the Member Services Center toll-free at 888‑227‑7877, Monday through Friday, 8 a.m.–5 p.m.

It is advisable to schedule an individual counseling session at least three years before you plan to retire and again six to 12 months from retirement. You may schedule an appointment online by logging into your Personal Account Information and clicking on “Schedule an Upcoming Meeting” under “Your Account and Benefits” or by calling STRS Ohio toll-free at 888‑227‑7877.