Retirement Benefits for New Full-Time Faculty
As a new full-time faculty (75% FTE or greater) or existing faculty who moved to a full-time role, you have the opportunity to select between State Teachers Retirement System of Ohio (STRS Ohio) and the Alternative Retirement Plan (ARP) for your mandatory retirement contributions. Earnings from your Ohio State employment are not covered under Social Security. Instead, you contribute to a mandatory retirement plan. Your retirement contributions will be sent to the STRS defined benefit plan until an election is made.
Step 1: Learn About Your Plan Options
As an eligible faculty member, you may elect one of the three STRS plan options or the university-sponsored ARP.
Review key plan features of your retirement plan options
ARP Defined Contribution Plan
University-sponsored plan
Eligibility: 75-100% FTE
- Investments selected by you
- You choose a provider from an approved list
- Immediate vesting
- Portable upon termination
- Potential for gain and loss
STRS Ohio Defined Benefit (DB) Plan
State-sponsored plan
Eligibility: 1-100% FTE
- Predictable monthly pension benefit
- May have survivor and death benefits during career
- Least portable option
- May have access to health care in retirement
STRS Ohio Defined Contribution (DC) Plan
State-sponsored plan
Eligibility: 1-100% FTE
- Investments selected by you
- Portable upon termination
- Phased vesting on employer contributions
- Potential for gain or loss
STRS Ohio Combined Plan
State-sponsored plan
Eligibility: 1-100% FTE
- Investments selected by you (DC portion)
- Predictable monthly retirement benefit (DB portion)
- May have survivor and death benefits during career
- May have access to health care in retirement
Step 2: Compare the Plans
When choosing your plan, review the differences between these four options.
Review the below summary and access the STRS side-by-side comparison of key plan features.
Alternative Retirement Plan
You may consider this plan if:
- Are uncertain about teaching in Ohio their entire career or long enough to qualify for a STRS benefit.
- Want to direct investments and select a provider from an approved list.
- Seek flexibility and choice.
- Desire plan portability.
- Do not need potential retirement benefits through STRS (i.e. access to health care in retirement, if eligible and available).
STRS Defined Benefit Plan
You may consider this plan if:
- Intend to contribute over a career to STRS or long enough to be eligible for a STRS benefit.
- Want predictable monthly retirement benefits.
- Desire potential retirement benefits through STRS such as access to health care, if eligible and available.
STRS Defined Contribution Plan
You may consider this plan if:
- Are uncertain about teaching in Ohio their entire career or long enough to qualify for a STRS benefit.
- Want to direct investments.
- Seek flexibility and choice.
- Desire plan portability.
- Do not need potential retirement benefits through STRS (i.e. access to health care in retirement, if eligible and available).
STRS Combined Plan
You may consider this plan if:
- Want a predictable benefit.
- Want to direct their own investments.
Step 3: How and When to Make Your Decision
You have 120 days from, and including, the effective date of your eligible appointment to make your selection between STRS and the ARP, if eligible. If you decide to contribute to STRS, you will have an additional 60 days (a total of 180 days) to select one of the three retirement plans at STRS. If STRS does not receive your plan selection within 180 days, you will remain in the defined benefit plan, and this will be your retirement plan for the duration of your STRS membership.
Select between STRS and the ARP
Full-time faculty members have 120 days from, and including, the effective date of your eligible appointment to make your selection between STRS and the ARP. Your enrollment will remain in place until you have a 365-day break in service at which time you may be eligible (based on appointment and FTE) to make a new mandatory retirement plan selection.
To make your election, review the ARP deadline calendar and complete the Retirement Program Election form within 120 days of your eligibility date and submit it using the submission instructions on the form.
If you choose the ARP:
Your account will be opened for you after your election is processed by Ohio State. You may open your account early by contacting your provider directly (note: this is not available to Fidelity participants).
After your account is opened, choose your investments and name your beneficiaries directly with your provider. If no investment selection is made, you will default to an age-appropriate Target Retirement Date fund based on your date of birth.
Retirement contributions will be taken as early as your first check and will be sent to STRS and applied to the defined benefit plan. Any contributions sent to STRS during your election period, minus the mitigating rate, will automatically be transferred to your ARP account by STRS. No action is required by you.
If you choose or default to STRS:
Make your STRS Ohio plan choice online via the STRS website. Click Login. If you have not established an account, click “Register” to begin.
If STRS does not receive your plan selection within 180 days, you will remain in the defined benefit plan, and this will be your retirement plan for the duration of your STRS membership.
Step 4: Explore Additional Plans
In addition to the mandatory retirement plans, Ohio State offers supplemental savings options to help faculty and staff plan for retirement.
All 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 two available contribution types (pretax and Roth) to a 403(b) plan and/or 457(b) plan account. Learn more about the SRA.
Step 5: Education and Support
Ohio State recognizes the importance of your retirement plan choice. Additional resources are available to assist in your decision.
Webinars
Register for a live retirement webinar with Human Resources staff. Recorded presentations are also available if you are unable to attend one of the monthly live webinars.
Phone
Connect by phone to discuss plan features or your specific questions with a STRS Member Services representative and/or an approved retirement provider.
Frequently Asked Questions
How do I enroll in STRS?
Faculty employees are automatically enrolled in the STRS defined benefit plan, if eligible, from your date of hire. You may remain in STRS and select one of their three retirement plans within 180 days from your date of hire. Contact STRS to select a plan or you can do so from your STRS online account. Log in to your Online Personal Account and click on “Member Information” in the top menu and then “Retirement Plan Selection” under Useful Links.
What happens if I don’t select a STRS plan?
Under Ohio law, members who do not select a plan within 180 days will automatically be placed in the STRS Defined Benefit Plan. There is no reselection option, and you will remain in this plan for the duration of your STRS membership.
I haven’t elected a retirement plan yet. Why do I have a STRS deduction on my paycheck?
Upon hire, you were automatically enrolled in STRS based on your appointment classification. If the ARP is elected, contributions as of your ARP eligibility date will be transferred automatically to your chosen ARP provider by STRS. Please allow 2-4 weeks for STRS to transfer your applicable contributions. The contributions that are sent to your ARP provider are subject to the mitigating rate.
Can I change the amount I contribute to STRS?
No. The contribution rates are based on state retirement system mandates. If you wish to contribute additional funds to retirement, Ohio State employees are eligible to participate in the 403(b) and 457(b) Supplemental Retirement Accounts.
What is the maximum amount I can contribute to STRS?
Your retirement limit is determined by your retirement plan and/or date of hire. Review the STRS page for limit information.
How do I contact STRS?
See our list of providers for contact information.
Can I borrow against my STRS account?
No, a loan feature is not available.
What can I do with my STRS account after I leave Ohio State employment?
Please visit the STRS website for more information.
How do I elect the ARP?
You have 120 days from, and including, your eligible appointment date to select between ARP and STRS. See the ARP Deadline Calendar and research ARP providers. Complete and submit the Retirement Program Election form.
After electing ARP, how do I establish my account, select investments, and name my beneficiaries?
The account at your selected provider will be opened for you after your election is processed by Ohio State. If you select Fidelity, your account will be created after your election is process and the daily file is sent. If any other approved provider is selected, you may open your account by contacting your provider directly.
After your account is opened, choose your investments and name your beneficiaries directly with your provider. If no investment selection is made, you will default to an age-appropriate Target Retirement Date fund based on your date of birth.
Can I change the amount I contribute to the ARP?
No. The contribution rates are based on state retirement system mandates. If you wish to contribute additional funds to retirement, Ohio State employees are eligible to participate in the 403(b) and 457(b) Supplemental Retirement Accounts.
What is the maximum amount I can contribute to the ARP?
Your retirement limit is determined by your retirement plan and/or date of hire. Review the ARP page for limit information.
How do I contact ARP providers?
See our list of approved providers for contact information.
Can I borrow against my ARP account?
No, a loan feature is not available.
Can I rollover funds from another qualified plan to my ARP account?
Yes, you may rollover funds from an eligible retirement account to your ARP account.
What can I do with my ARP account after I leave Ohio State employment?
You may rollover, transfer, or take a distribution from your account. You will be required at age 73 to take a Required Minimum Distribution (RMD) from your account.
I’m enrolled in an ARP, what happens if my appointment decreases below 75% FTE?
Once enrolled in an ARP, the enrollment shall apply to your employment in all positions/appointments at Ohio State unless you terminate employment and do not return in any position at Ohio State prior to one year after your date of termination. If you return to employment after one year, you will then have the opportunity to make a new retirement selection.
As a student employee, can I elect the ARP?
No. Students are not eligible to elect the ARP. The plan is available to 75% or greater full-time employees.
See Mitigating Rate and Employer Contributions for detailed information.
What is “service credit”?
Service credit is the number of years earned through contributing service or purchased under STRS plan provisions. Service credit is one of the factors used to determine the amount of the monthly service retirement benefit in the Defined Benefit and Combined Plans and is calculated by your employer according to the rules established by the State Teachers Retirement Board.
I contributed to another state retirement system, what do I need to know about combining my service credit?
Combining the accounts is optional. The choice to combine (or not combine) the accounts is made at retirement. The Defined Benefit plan is the only plan that allows service credit to be combined at the time of retirement. If the accounts are combined no more than one year of total credit may be granted for each fiscal year. The system with the greatest credit calculates and pays the monthly retirement benefit.
Am I required to contribute to Social Security?
Employees of Ohio public colleges and universities do not participate in the federal Social Security system, other than contributions to Medicare.
If I previously contributed to social security are there any impacts to my retirement plan?
Employees of Ohio public colleges and universities do not participate in the federal Social Security system, other than contributions to Medicare. If you are eligible for a Social Security benefit from other employment in addition to your STRS benefit, there may be a reduction in your Social Security benefit. Learn more about the impacts to your Social Security benefit.
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.
The materials contained in this section are a summary and are not intended to provide complete information about the retirement plans. Consider your plan selection carefully. You may want to consult with a financial planner before determining which plan is right for you.