Retirement Plans

The Ohio Public Employees Retirement System (OPERS), one of two state-mandated retirement programs,  was established to provide a secure retirement for Ohio’s public employees and their families. Staff, post-doctoral researchers and interns are eligible to participate in an OPERS plan.  Student employees are encouraged to visit the Student Retirement Benefits webpage.

• OPERS website
• OPERS Board of Trustees Elections

The State Teachers Retirement System (STRS), one of two state-mandated retirement programs, was established to provide a secure retirement for Ohio’s public educators. STRS is available to all faculty members.

• STRS website

Full-time faculty and staff (75% or greater FTE) may elect the Alternative Retirement Plan (ARP) in lieu of one of the state plans.

• ARP Deadline Calendar
• ARP Plan Document

In addition to the mandatory retirement plans, Ohio State offers supplemental savings options to help faculty and staff plan for retirement. Most Ohio State employees are eligible to participate in the 403(b) and 457(b) Supplemental Retirement Accounts (SRA). These plans allow you to enhance your retirement savings through pre-tax (state and federal only) contributions to a Tax-Deferred Account (403(b) plan) and Deferred Compensation Program (457(b) plan).

SRA Election Calendars

• SRA Election Calendars

SRA Documents

• 403(b) Plan Document
• 403(b) Universal Availability Notice
• 457(b) Plan Document
• Ohio Deferred Compensation Plan Document

SRA Election Calendars

Online elections may be made through NetBenefits, or for Ohio Deferred Compensation (ODC) elections, visit ohio457.org.

Active faculty and staff can make Roth contributions to their 403(b) account through Corebridge Financial (formerly AIG Retirement Services), Fidelity, TIAA and Voya; and/or to their 457(b) account through Fidelity, ODC and TIAA. Roth contributions offer an alternate tax advantage than pretax contributions – they don’t reduce your current year’s taxable income like pretax contributions do.

• See more about Roth Retirement Options

SRA Election Calendars

Online elections may be made through NetBenefits, or for Ohio Deferred Compensation (ODC) elections, visit ohio457.org.

The Ohio State University offers an additional retirement program called the Retirement Continuation Plan (RCP)/415(m) for some employees whose salary exceeds IRS and Ohio retirement system limits under OPERS, STRS, or ARP

Ohio law limits each plan on the amount that can be sent to the mandatory retirement plans per year or the amount of compensation from which retirement contributions can be taken. The RCP/415(m) enables eligible participants to increase retirement savings.

This page provides an overview of the plan. Specific plan details will be mailed to the employee upon eligibility for the plan.

Limits

Your retirement limit is determined by your base retirement plan and/or date of hire. Contributions to your base retirement plan (OPERS, STRS, or ARP) will stop for the remainder of the calendar or fiscal year when the applicable limit has been reached:

The limits noted above apply to the 2024 calendar/fiscal year and are subject to change as determined by the IRS.

How it works

If you elect to make contributions to the RCP/415(m), contributions from your paycheck are made on a pre-tax basis. You may choose a contribution rate of 0%, 4%, 8% or 12%.

This is a one-time irrevocable election that must be made within 60 days of eligibility.

Your contributions will take effect as soon as administratively feasible after the signed RCP/415(m) election form is received and after your contributions to OPERS, STRS or ARP have reached the applicable limit. The RCP/415(m) contribution will continue for the remainder of that calendar/fiscal year and, if eligible, will be in effect for all future years in which you participate in the RCP/415(m) through Ohio State.

The university may contribute to the RCP/415(m) on your behalf. The employer contribution will begin when you may no longer contribute to OPERS, STRS or the ARP and will continue for the remainder of the calendar/fiscal year, at which time base retirement deductions will resume.

Note: It is not necessary for you to make employee contributions to receive the university contribution. Required Minimum Distribution is required for April 1 of the year following the 73rd birthday, and by 12/31 thereafter regardless of employment status for the RCP.

Additional information will be provided upon eligibility for the plan(s).

Earnings from your Ohio State employment are not covered under Social Security. Instead, you contribute to a mandatory retirement plan – OPERS, STRS or the ARP (if eligible).

If you retire or become disabled, you may receive a benefit based on contributions through your Ohio State retirement plan, if eligible.

You are entitled to Social Security benefits if you paid Social Security taxes for at least 10 years for employment outside of Ohio State. You may also be entitled to a Social Security benefit from employment outside of Ohio State by your spouse or former spouse.

However, your benefit from OPERS, STRS or the ARP may affect the amount of the Social Security benefit you receive. Under the Social Security law, there are two provisions that may affect your Social Security benefit amount if you are also entitled to receive a retirement benefit from a job where you did not contribute to Social Security. Those provisions are the Windfall Elimination Provision and Government Pension Offset.

While your Social Security benefit may be impacted, your OPERS, STRS, or ARP retirement benefit will not be. Additionally, your Medicare benefits will not be impacted by these provisions. If you paid Social Security taxes on 30 years of substantial earnings, the Windfall Elimination Provision will not apply to you.

Under the Windfall Elimination Provision, your Social Security retirement or disability benefit is calculated using a modified formula when you are also entitled to a retirement benefit from a job where you did not pay into Social Security. As a result, you will receive a lower Social Security benefit than if you were not entitled to a retirement benefit from this job. While your Social Security benefits are lowered under WEP, they cannot be eliminated.

Example:

• You were 62 in 2023, and you have 20 years of substantial social security earnings.
• The maximum monthly amount your benefit may be reduced due to the WEP is 40%. This amount is adjusted annually.

To learn more about the WEP and to view the WEP chart, visit Windfall Elimination Provision on the Social Security Administration website.

Under the Government Pension Offset, any Social Security spouse or widow(er) benefit to which you are entitled will be offset if you also receive a retirement benefit based on work where you did not contribute to Social Security. The GPO reduces the amount of your Social Security spouse or widow(er) benefit by two-thirds of the amount of your retirement benefit. Under the GPO, it is possible for a spouse’s or surviving spouse’s benefit to be eliminated.

Example:

• You receive monthly retirement income of $600 from OPERS. Two-thirds of that amount is $400.
• You are also eligible for a $500 Social Security widow(er) benefit.
• Your widow(er) benefit is reduced by $400 of your OPERS income, and you will receive $100 per month from Social Security.
• Your total monthly retirement income would be $700; $600 from OPERS and $100 from Social Security.

If two-thirds of your retirement benefit is more than your Social Security benefit, your benefit could be reduced to zero.

However, you are still eligible for Medicare at age 65. To learn more about the GPO, visit Government Pension Offset on the Social Security Administration website.

If you have additional questions concerning the two provisions or any other Social Security related questions, visit the Social Security Administration website or contact them at 800-772-1213.

75% FTE or greater

As a faculty member, you are automatically enrolled in STRS upon your hire, rehire or job change. Faculty who hold one or more appointments that, when combined, equal to 75% FTE or greater, also have the choice to elect the ARP within 120 days from, and including, the eligibility date. Faculty may also contribute to supplemental retirement plans.

Less than 75% FTE

As a faculty member, you are automatically enrolled in STRS upon your hire, rehire or job change. Faculty who hold one or more appointments that, when combined, are less than 75% FTE, are not eligible for the ARP but may contribute to supplemental retirement plans.

75% FTE or greater

As a staff employee, you are automatically enrolled in OPERS upon your hire, rehire or job change. Staff who hold one or more appointments that, when combined, equal to 75% FTE or greater, also have the choice elect the ARP within 120 days from, and including, the eligibility date. Staff may also contribute to supplemental retirement plans.

Less than 75% FTE

As a staff employee, you are automatically enrolled in OPERS upon your hire, rehire or job change. Staff employees who hold one or more appointments that, when combined, are less than 75% FTE, are not eligible for the ARP but may contribute to supplemental retirement plans.

Staff with Teaching Duties

Ohio State staff who teach a course outside of their regular duties receive a faculty appointment during the teaching period. For that period, staff who normally contribute 10% of their pay to OPERS will pay into STRS at the faculty contribution rate of 14%. Staff who normally contribute 10% of their pay to the ARP will contribute at the faculty rate of 14%. During non-teaching periods, staff retirement contributions go to OPERS or the ARP at the current rate of 10% of salary. Staff who teach as part of their staff job duties do not hold a faculty job and are not impacted by this practice.

Faculty and staff who have been rehired after retiring from The Ohio State University are eligible for the following programs.

Faculty (75% FTE or greater)

As a faculty returning retiree, you are automatically enrolled in STRS and pay into the STRS Money Purchase Plan. You may also have access to the ARP if you were never previously offered enrollment in the ARP prior to your retirement. If you were in the ARP and were rehired less than 365 days from retirement, you will automatically be re-enrolled in the ARP. Returning retirees also have access to supplemental retirement plans.

Faculty (less than 75% FTE)

As a faculty returning retiree, you are automatically enrolled in STRS and pay into the STRS Money Purchase Plan. Returning retirees also have access to supplemental retirement plans.

Staff (75% FTE or greater)

As a staff returning retiree, you are automatically enrolled in OPERS. You may also have access to the ARP if you were never offered enrollment in the ARP prior to your retirement. Returning retirees also have access to supplemental retirement plans.

Staff (less than 75% FTE)

As a staff returning retiree, you are automatically enrolled in OPERS and pay into the OPERS Money Purchase Plan. Returning retirees also have access to supplemental retirement plans.

As a student employee, you are eligible to participate and pay into a state retirement plan – OPERS or STRS – or you may choose to opt out of participating in retirement. You also have access to supplemental retirement plans.

Undergraduate Student Employees

• OPERS
• Supplemental Retirement Plans

Graduate Students

• OPERS
• STRS
• Supplemental Retirement Plans