Ohio Public Employees Retirement System (OPERS)
Membership in the Ohio Public Employees Retirement System (OPERS) is required for all hourly paid (classified) staff members and for all unclassified (administrative) staff members who are appointed to work less than 75% Annual Full-time Equivalency.
Unclassified (administrative) staff members who are appointed to work at least 75% Annual Full-time Equivalency can elect to be members of OPERS or to participate in the Alternative Retirement Plan.
OPERS offers staff members the option to select one of three plans. The plans are (1) the OPERS Traditional Pension Plan where retirement, disability, and survivor benefits are determined by formulas using the employee's age, service credit, and final average salary, (2) the OPERS Member-Directed Plan where retirement benefits are determined by the amount of money, including investment earnings, which the employee accumulates, and (3) the OPERS Combined plan which has some elements of the other two OPERS plans. The employee contribution to any of the three OPERS plans of 10% of pay is deducted on a pre-tax basis from the employee's earnings and is deposited in the employee's personal account at OPERS.
The amount of the 14% of earnings employer contribution which is deposited in the employee's OPERS account depends on which OPERS plan the employee elects. Currently an amount equal to 10% of the employee's earnings is deposited in the employee's OPERS Member-Directed Plan account. With the Member-Directed Plan an amount equal to 4.81% of the employee's earnings is allocated to a Retiree Medical Account. With the OPERS Traditional Pension Plan and the OPERS Combined Plan, the 14% of earnings employer contribution funds survivor, disability and health care benefits and is not deposited in the employee's account.
Further information about OPERS can be obtained by calling 800-222-7377 or by contacting the OPERS website at www.opers.org.
Attention New Employees:
Members of OPERS are given 180 days from the date of hire to select one of three retirement plans within OPERS: Traditional Pension Plan, Member Directed Plan, or Combined Plan. To help explain the three plans and aide in your selection, each quarter an OPERS representative conducts a "How to Select Your OPERS Retirement Plan" seminar on campus.
Please see below for a schedule of the 2013 seminars. Please note, registration is not required for these on-campus seminars.