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Retirement Program Choices for Faculty The Ohio State University Office of Human Resources Overview

Retirement Program Choices for Faculty The Ohio State University Office of Human Resources Overview 2025

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The document outlines the retirement program choices available for faculty at The Ohio State University, specifically the Alternative Retirement Plan (ARP) and the State Teachers Retirement System (STRS). Faculty members must enroll in one of these plans within 120 days of their appointment date. Key details include enrollment procedures, contribution rates, plan characteristics, and deadlines. The document also provides information on additional benefits, investment options, and resources for further assistance.

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What retirement plan is best for teachers?

A 403(b) plan, the nonprofit equivalent of a 401(k), can be helpful, especially if your employer matches your contributions. Some teachers opt to work after they officially retire in some capacity, either as substitute teachers or tutors.

What happens to my Ohio STRs if I quit?

Members who leave public teaching in Ohio can withdraw the value of their account. Account withdrawal amounts consist of member contributions plus any gains or losses on those contributions.

Can I collect Ohio STRs and social security pension?

The Windfall Elimination Provision (WEP) passed by Congress in 1983, retirees who are eligible for both Social Security and an Ohio public pension may not receive their full Social Security benefit.

What are the three types of retirement?

SERS is a defined benefit (DB) public employee retirement system and a qualified plan under Section 401(a) of the Internal Revenue Code. As a DB plan, SERS provides pensions, disability benefits, and survivor benefits in a specified amount based upon three factors: age, final average salary, and years of service.

How does Ohio State Teacher retirement work?

Employers contribute 14% of their total faculty payroll to the Employers Trust Fund. At retirement, funds from this account are combined with the Teachers Savings Fund; the investment yield from both provides funding for all benefits.

What are the retirement options for Ohio STRS?

The State Teachers Retirement System of Ohio (STRS) offers three plans: a Defined Benefit Plan, a Defined Contribution Plan, and a Combined Plan. Benefits vary at retirement based on the plan selected. The Defined Benefit Plan provides fixed, monthly lifetime retirement benefits.

Can I switch from STRS to pers?

Can I belong to CalSTRS and CalPERS? You can keep your account with the old retirement system and have your new job under the new retirement system. In this case, you can retire from both systems at the same time for a concurrent retirement.

Retirement Program Choices for Faculty The Ohio State University Office of Human Resources Overview 2025

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