Executive Retirement Plans Overview
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.
Those eligible to participate in the RCP/415(m) are:
- Faculty and staff whose retirement contributions to OPERS, STRS, or ARP are limited by the maximum amount allowed by law.
- Faculty and staff whose base salary and physicians whose total salary has reached certain income levels. Note: When determining base salary, bonuses and additional pay are not included.
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 sent to the employee upon eligibility for the plan.
Manage Plan Elections
The NetBenefits portal allows employees to view plan balances. Fidelity participants may also elect/update their 415(m) distribution election, select and manage investments and name beneficiaries.
Trouble with the NetBenefits site? Contact the Fidelity Service Center at (800) 343-0860 or HR Connection at (614) 247-myHR (6947).
Limits
Your retirement limit is determined by your mandatory 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.
| Retirement Plan | Date of Hire | Limit |
|---|---|---|
| OPERS (Traditional and Combined Plans) | Prior to 1994 | $520,000 in retirement eligible earnings |
| 1994 + | $350,000 in retirement eligible earnings | |
| STRS-OH (Defined Benefit and Combined Plans) | Prior to July 1, 1996 | $520,000 in retirement eligible earnings |
| July 1, 1996 + | $350,000 in retirement eligible earnings | |
| ARP and OPERS/STRS Defined Contribution Plans | All participants | $70,000 in employee and employer contributions to the account |
| The limits noted above apply to the 2025 calendar/fiscal year and are subject to change as determined by the IRS. | ||
| Date of Eligibility | Employee Contribution | University Contribution |
|---|---|---|
| Eligible prior to April 30, 2025 | Elected percentage on eligible compensation (up to $350,000) after IRS limits have been reached to your mandatory retirement plan | Discretionary |
| Eligible on or after May 1, 2025 | 10% on eligible compensation (up to $350,000) after IRS limits have been reached to your mandatory retirement plan | Discretionary |
How it works
If you are eligible to participate in the RCP/415(m) based on your salary, you are required to make contributions to the RCP/415(m), contributions from your paycheck equal to 10% of eligible compensation.
Your pre-tax and university contributions will automatically begin 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 will be in effect for all future years in which the IRS plan limit to your mandatory retirement plan is reached. Both employee and university contributions vest immediately.
Fidelity is the provider for the RCP/415(m) plan. Information will be sent with additional plan detail when your reach the IRS limit to your mandatory retirement plan, including how to select your investments and name your beneficiaries.
Distribution Elections
Contributions may be divided between the RCP and 415(m) plans depending on your mandatory retirement plan and annual compensation.
Note: The 415(m) plan may not apply to all participants. It acts as a “spillover” plan. Once IRS contribution limits under a 401(a) plan are filled, contributions “spill over” to the 415(m).
All benefit commencement date and distribution options must be elected when you are eligible for the RCP/415(m). RCP/415(m) participants who do not elect a commencement date will begin distributions after employment terminates. If no distribution option is elected, a lump sum payment of the 415(m) account balance will occur after employment terminates. After the initial election, any changes must be made at least one year prior to the last valid commencement date and are not effective until one year after the date the election is made. If your new election does not comply with these requirements, the new election is invalid and your distribution date will revert to your last valid election.
Frequently Asked Questions
What is the Required Minimum Distribution (RMD)?
The RMD is a portion of your account, determined by the account value and IRS life expectancy factors, that must be withdrawn from your account beginning at age 73. It ensures that account holders begin taxable distributions of a minimum percentage.
Are RMDs required from Roth balances?
With the passage of SECURE 2.0 and effective January 1, 2024, RMDs are no longer required from Roth account balances within the 403(b) and 457(b) plans.
When does the RMD need to occur?
The IRS requires the first RMD be taken by April 1 of the year following the calendar year in which you reach age 73. The second RMD must be taken by December 31 and each year thereafter.
What plans have an RMD requirement?
The Alternative Retirement Plan (ARP), 457(b), and Retirement Continuation Plan (RCP), require an RMD is taken at age 73 regardless of employment status. An RMD from the 403(b) plan is not required while actively employed.
Who is responsible for calculating the RMD?
Your provider is responsible for calculating your RMD amount. Contact your provider directly to begin your RMD and with any questions related to the RMD calculation and/or distribution.
How can I know what plans will require an RMD?
Look at the section for Distributions, Transfers and Rollovers. Look at the applicable accordion drop-down regarding employment status and find the section of the chart for RMD.
Key Plan Information
Explore important aspects of the plans, your provider and investment choices, fees and when you have access to your account(s).
Plan Fees
Understand the fees that you are paying.
Investments
Learn about your investment options and how to manage them.
Distributions
Understand when you can request a withdrawal, how to apply for one and at what age you are required to take one.
Providers
Fidelity is the approved provider for this plan.
Legacy Accounts
Consider your account options and understand the fees you may be paying for balances held in accounts prior to January 1, 2021.