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Employees hired prior to the state transition (7/1/1977) made mandatory retirement contributions to either the City of Cincinnati Retirement System or the Teachers Insurance and Annuity Associate/College Retirement Equities Fund (TIAA-CREF). At conversion, all new staff employees contributed to the Ohio Public Employees Retirement System (OPERS) while new faculty participated in the State Teachers Retirement System (STRS). City and TIAA-CREF participants were given a one-time opportunity to change to the state systems. TIAA-CREF participants may still change to Vanguard or Fidelity.
In 1998 an Alternative Retirement Plan (ARP) was offered to new full-time faculty and exempt staff and those with less than five year' state service. In 2005 the ARP was extended to the non-exempt staff and students. The ARP, like the grandfathered TIAA-CREF, is a defined contribution plan--income only based on return of investment.
Income, disability, and health care are offered by the retirement systems. For information, contact:
CITY OF CINCINNATI RETIREMENT SYSTEM
OHIO PUBLIC EMPLOYEES RETIREMENT SYSTEM (OPERS)
STATE TEACHERS RETIREMENT SYSTEM (STRS)
The university offers retirees under the grandfathered TIAA-Cref (Fidelity, Vanguard) the opportunity to participate in a group medical and dental plan. Information on this plan may be obtained from the HR Service Center or the Retiree Workbook. To have your medical and/or dental premium deducted directly from your personal checking or savings account, sign up for BenAccount. It is a FREE and easy way to assure yourself that your premium is always paid on time. |
