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Alternative Retirement Plan (ARP)Faculty and unclassified administrative staff members who are appointed to work on at least a 75% Annual Full-time Equivalency basis are eligible to enroll in the Alternative Retirement Plan (ARP) during the first 120 days of their eligible employment. Enrollment in the ARP is in place of enrollment in the State Teachers Retirement System of Ohio (STRS Ohio) for eligible faculty members and in place of enrollment in the Ohio Public Employees Retirement System (OPERS) for unclassified administrative staff members. The Alternative Retirement Plan is a defined contribution retirement plan in which the employee’s retirement benefit is determined by the amount of money, including investment earnings, which the employee accumulates in an ARP annuity account. With the ARP, disability and survivor benefits are equal to the lump sum balance in the employee’s ARP account. An employee contribution to the ARP (10.00% of a faculty member’s pay and 9% of an unclassified administrative staff member’s pay) is deducted on a pre-tax basis from the employee’s earnings and is deposited in the employee’s ARP account with an approved annuity vendor which the employee selects. The university makes an employer contribution to the ARP (in an amount equal to 10.50% of a faculty member’s pay and in an amount equal to 13.54% of an unclassified staff member’s pay. This contribution is also deposited in the employee’s ARP account. In addition, the university makes an employer contribution in an amount equal to 3.50% of earnings to the State Teachers Retirement System of Ohio (STRS Ohio) for faculty members electing the ARP. This 3.50% of earnings employer contribution is made to STRS Ohio to fund the system’s past service liabilities and does not provide an additional benefit for an employee electing ARP participation. Listed below are the seven ARP vendors currently available to eligible faculty and staff members. AIG VALIC Equitable Life Assurance Company Great American Life Insurance Company ING Life Insurance and Annuity Company Lincoln National Life Insurance Company Nationwide Life Insurance Company TIAA-CREF Further information about the choice between the ARP and STRS Ohio or OPERS can be obtained from Richard Johnson, Employee Benefits Manager, at 775-2567 or at richard.johnson@wright.edu.
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