All full-time faculty, classified and unclassified staff members who are appointed to work at least 75% Annual Full-time Equivalency (FTE) are eligible to enroll in the Alternative Retirement Plan (ARP). Eligible faculty and staff members select and establish an ARP account with one of seven approved ARP vendors. Enrollment in the ARP must be indicated within the first 120 days of eligible employment. ARP enrollment takes place of participation in the State Teachers Retirement System of Ohio (STRS) or the Ohio Public Employees Retirement System (OPERS).
The Alternative Retirement Plan is a defined contribution retirement plan. An employee’s retirement benefit is determined by the amount of money, including investment earnings, which accumulates in the ARP annuity account. Disability and survivor benefits are equal to the lump sum balance in the employee’s ARP account.
An employee contribution to the ARP (13% of a faculty member’s pay and 10% of the staff member's pay) is deducted on a pre-tax basis from the employee’s earnings and deposited into the employee’s approved ARP account. The university makes an employer contribution to the ARP (in an amount equal to 9.5% of a faculty member’s pay and in an amount equal to 13.23% of a staff member’s pay). This contribution is also deposited into the employee’s approved ARP account.
In order to fund past service liabilities, the university makes an employer contribution to STRS in an amount equal to 4.5% of earnings for faculty members electing the ARP; or an employer contribution to OPERS in an amount equal to 0.77% of earnings for staff members electing the ARP. STRS and OPERS do not provide additional benefits for employees electing participation in ARP.
ARP participants are eligible to change ARP vendors to another Wright State approved ARP vendor at any time. Participants can change vendors via an ARP Vendor Change Form (PDF). It is the responsibility of the ARP participant to contact the selected vendor to open an account prior to submitting the form. It is also the participant's responsibility to arrange any desired transfer of existing account balances between the vendors. Forms will be processed based upon receipt in Human Resources and payroll deadlines.
Important Changes to Contributions for Faculty Members in the ARP:
Effective July 1, 2013, faculty contributions to the ARP will be increasing by 4%. The increase in employee contributions will be phased in by 1% beginning July 1, 2013. Members will contribute 11% beginning July 1, 2013; 12% beginning July 1, 2014; 13% beginning July 1, 2015; and ending at 14% beginning July 1, 2016.
Listed below are the ARP vendors currently available to eligible faculty and staff members.
Lincoln National Life Insurance Company
Nationwide Life Insurance Company
Voya Insurance and Annuity Company (formerly ING)
Representative: Brian Link, CRPC®
Representative: Laurel Link
Representative: Jeffrey Rankin
Representative: Donnie Bell
(937) 353-5495 or (800) 451-4702 Ext. 4025495
Plan ID# VF2233