As a new full-time staff (75% FTE or greater) member or existing staff member who moved to a full-time role, you have the opportunity to select between Ohio Public Employees Retirement System(OPERS) 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 OPERS defined benefit plan until an election is made.
Step 1: Learn About Your Plan Options
As an eligible staff member, you may elect one of the two OPERS plan options or the university-sponsored ARP.
Review key plan features of your retirement plan options
Step 2: Compare the Plans
When choosing your plan, review the differences between these three options.
Review the below summary and access the OPERS 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 an OPERS 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 OPERS (i.e. access to health care in retirement, if eligible and available).
OPERS Traditional Pension (Defined Benefit) Plan
You may consider this plan if:
- Intend to contribute over a career to OPERS or long enough to be eligible for a OPERS benefit.
- Want predictable monthly retirement benefits.
- Desire potential retirement benefits through OPERS such as access to health care, if eligible and available.
OPERS Member-Directed (Defined Contribution) Plan
You may consider this plan if:
- Are uncertain about working in Ohio their entire career or long enough to qualify for an OPERS benefit.
- Want to direct investments.
- Seek flexibility and choice.
- Desire plan portability.
- Do not need potential retirement benefits through OPERS (i.e. access to health care in retirement, if eligible and available).
Step 3: How and When to Make Your Decision
120 days
to choose between the ARP and OPERS
180 days
to choose between the two OPERS plan options
You have 120 days from, and including, the effective date of your eligible appointment to make your selection between OPERS and the ARP, if eligible. If you decide to contribute to OPERS, you will have an additional 60 days (a total of 180 days) to select one of the two retirement plans at OPERS. If OPERS 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 OPERS membership.
Select between OPERS and the ARP
Full-time staff members have 120 days from, and including, the effective date of your eligible appointment to make your selection between OPERS 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 OPERS and applied to the defined benefit plan. Any contributions sent to OPERS during your election period, minus the mitigating rate, will automatically be transferred to your ARP account by OPERS. No action is required by you.
If you choose or default to OPERS:
Make your OPERS plan choice online via the OPERS website. Click Account Login. If you have not established an account, click “Need an Account?” to begin.
If OPERS 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 OPERS 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 an OPERS representative and/or an approved retirement provider.
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.