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STRS is the state retirement system for faculty.
The State Teachers Retirement System (STRS) is the retirement plan system available to faculty. Eligible faculty will be enrolled in STRS unless they choose the Alternative Retirement Plan (ARP). Faculty who are not eligible to enroll in the ARP will automatically be enrolled in STRS.
Faculty contribute 14% of their salary to the retirement plan, which is deducted on a pre-tax basis. The university also contributes at a rate of 14% to the faculty member’s retirement plan based on his/her salary.
The Ohio Revised Code allows STRS to withhold a portion of the employer's contribution to offset any negative financial impact the STRS Traditional Plan may experience by the offering of alternative retirement plan options. This is called the mitigating rate. More information is available at the STRS site.
The university contributes 9.53% of the faculty member's salary to his or her retirement plan, and is required to contribute 4.47% 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.