Alternative Retirement Plan (ARP)

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The Alternative Retirement Plan (ARP) is an alternative to OPERS/STRS for eligible faculty and staff.  In order to be eligible to participate in the ARP, your appointment must be 100% FTE.  The ARP provides a retirement investment program but does not offer benefits after retirement like OPERS/STRS.

Staff contribute 10% of their salary each pay period to the retirement plan, which is deducted on a pre-tax basis.  The university also contributes to the staff member's retirement plan based on 14% of his or her salary. Law enforcement employees contribute 10.10% of their salary each pay period to the retirement plan, which is deducted on a pre-tax basis. The university contributes to the law enforcement employee's retirement plan based on 17.63% of his or her salary.

Faculty contribute 10% of their salary to the retirement plan.  The university contributes 10.5% of the faculty member's salary to his or her retirement plan, and is required to contribute 3.5% of salary to STRS to finance unfunded liabilities.

STRS and OPERS Unfunded Liability account

Of the 14%, the university contributes toward faculty members' retirement program, for those faculty members participating in the ARP, the university directs 10.5% to the faculty member's ARP account and the remaining 3.5% is directed to the STRS unfunded liability account. For staff members, the total contributed by the university is 14% (staff) and 17.63% (law enforcement). Of this amount, the university contributes 13.23% to the staff member's ARP provider and the remaining 0.77% is forwarded to OPERS unfunded liability account.  For law enforcement employees, these amounts are 16.86% to the participant's ARP provider and 0.77% to the OPERS unfunded liability account.  Learn more about the OPERS or STRS unfunded liability account see the information below.

• Alternative Retirement Program Vendor list
• STRS Ohio website
• STRS Plan Comparison Chart
• OPERS Member Handbook
• OPERS Plan Comparison Chart
• OPERS website

Ohio Public Employees Retirement System [OPERS]

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OPERS is the state retirement program for staff and librarians.

Staff contribute 10% of their salary each pay period to the retirement plan, which is deducted on a pre-tax basis. The university also contributes to the staff member's retirement plan based on 14% of his or her salary.  Law enforcement employees contribute 10.10% of their salary each pay period to the retirement plan, which is deducted on a pre-tax basis.  The university contributes to the law enforcement employee's retirement plan based on 17.63% of his or her salary.

Ohio Revised Code Section 3305.6(d) allows OPERS to withhold a portion of the employer's contribution to offset any negative financial impact the OPERS Traditional Plan may experience by the offering of alternative retirement plan options.  More information is available at the OPERS site. 

If enrolling in OPERS, you have 180 days from your eligible appointment date to elect enrollment in one of the three OPERS plan options:

• Traditional Pension Plan - Guaranteed pension plan where your retirement income depends on your age, years of service and final average salary.  This is the default plan.
• Member-Directed Plan - Defined contribution plan that gives the employee the responsibility of making the investment decisions.
• Combined Plan - This plan combines the Defined Benefit Plan option with the Defined Contribution Plan option.

OPERS Resources

• Ohio Public Employees Retirement System (OPERS)
• OPERS Member Handbook
• Plan Comparison Chart

State Teachers Retirement System [STRS]

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STRS is the state retirement system for faculty.

Faculty contribute 10% of their salary to the retirement plan.  The university contributes 10.5% of the faculty member's salary to his or her retirement plan, and is required to contribute 3.5% of salary to STRS to finance unfunded liabilities.  More information is available at the STRS site.

If enrolling in STRS, you have 180 days from your eligible appointment date to elect enrollment in one of the three STRS plan options:

• Traditional Pension Plan - Guaranteed pension plan where your retirement income depends on your age, years of service and final average salary.  This is the default plan.
• Member-Directed Plan - Defined contribution plan that gives the employee the responsibility of making the investment decisions.
• Combined Plan - This plan combines the Defined Benefit Plan option with the Defined Contribution Plan option.

STRS Resources

• State Teachers Retirement System of Ohio (STRS)
  
• Retirement Plan Comparison Chart

Supplemental Retirement Accounts (SRA)

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You can enhance your retirement plan savings through voluntary contributions to a Supplemental Retirement Account (SRA).  You can voluntarily save additional pre-tax funds toward your retirement through the following programs.  The benefit is determined by your account balance and the payment option(s) you choose when you apply to receive benefits:

• Deferred Compensation Program (DCP) - as allowed under Section 457 of the Internal Revenue Code
• Tax-Deferred Accounts (TDA) - as allowed under sections 403(b) 403(b)7 of the Internal Revenue Code

SRA Resources

• Grandfathered 403(b) Plan (pre-July 1, 1977 hires only)
• Ohio Deferred Compensation Program website
• SRA Participating Vendor List
• Tax Deferred Savings Programs