Retirement Benefits for New Part-Time Faculty

As a new part-time faculty (less than 75% FTE) member, you have the opportunity to select one of three plans through State Teachers Retirement System of Ohio (STRS Ohio) 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.

Review key plan features of your retirement plan options

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 three options.

Review the below summary and access the STRS side-by-side comparison of key plan features.

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

180 days
to choose between the three STRS plan options

You will have a total of 180 days from your appointment date 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.

Make your STRS Ohio plan choice online via the STRS website. Click Login. If you have not established an account, click “Register” to begin.

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.

Frequently Asked Questions

 


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.