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
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.
Manage Plan Elections
The NetBenefits portal allows employees to enroll/manage and change provider(s) for their Executive Retirement Plans (Retirement Continuation Plan/415(m)).
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 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.
| Retirement Plan | Date of Hire | Limit |
|---|---|---|
| OPERS (Traditional and Combined Plans) | Prior to 1994 | $505,000 in retirement eligible earnings |
| 1994 + | $345,000 in retirement eligible earnings | |
| STRS-OH (Traditional and Combined Plans) | Prior to July 1, 1996 | $505,000 in retirement eligible earnings |
| July 1, 1996 + | $345,000 in retirement eligible earnings | |
| ARP and OPERS/STRS Defined Contribution Plans | All participants | $69,000 in employee and employer contributions to the account |
| The limits noted above apply to the 2024 calendar/fiscal year and are subject to change as determined by the IRS. | ||
| 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 (Traditional 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. | ||
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).
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.