Retirement Benefits: Defined Contribution Plan

 
Retirement Benefits: Defined Contribution Plan · Video Script

This Retirement Benefits presentation provides an overview of the retirement benefits STRS Ohio makes available to its members upon retirement. This presentation is highly recommended for members who will be attending an STRS Ohio counseling session and/or retiring in the near future. 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 or log in to your Online Personal Account if you are unsure about which plan you are enrolled in.)

Defined Benefit Plan

As its name implies, your retirement income under the Defined Benefit Plan is “defined” by a calculation that uses your age, years of service and final average salary.

Defined Contribution Plan

Under this plan, 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.

Combined Plan

Retirement benefits under the Combined Plan 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.

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 in your Online Personal Account (select “Schedule a Meeting” at the top of the page) or by calling STRS Ohio toll-free at 888‑227‑7877 Monday through Friday, 8 a.m.–5 p.m. You can also call STRS Ohio if you have questions about your retirement plan.