All full-time faculty and staff members who are appointed to work at least 75% full-time equivalency (FTE) are eligible to enroll in the Alternative Retirement Plan (ARP). The ARP is a defined contribution retirement plan and the retirement benefit is determined by the amount of contributions and investment earnings which accumulates in the ARP account over time. If elected, ARP enrollment is a replacement for your participation in either the State Teachers Retirement System of Ohio (STRS) or the Ohio Public Employees Retirement System (OPERS).
Enrollment in the ARP must be indicated within the first 120 days of eligible employment. To enroll, you will need to select and establish an ARP account with one of five active ARP vendors listed below. Once your account is established, you will need to complete the Retirement Plan Election Form (PDF) and return to Human Resources within 120 days of your hire date.
What are the ARP contributions?
An ARP participant and Wright State University is required to contribute the same amount under the ARP as they would to the state retirement systems (STRS or OPERS).
Employee WSU
OPERS 10% of salary 14%* of salary
STRS 14% of salary 14%* of salary
Ohio Revised Code Section 3305.06 requires, when an ARP is chosen, that a portion of the employer contribution be sent to the state systems (STRS or OPERS) to “mitigate” (lessen) any negative financial impact of the ARP enrollment on the state systems.
*Mitigating Fees:
ARP-STRS 4.47% to STRS, remaining 9.53% of WSU’s contribution to your ARP
ARP-OPERS 2.44% to OPERS, remaining 11.56% of WSU’s contribution to your ARP
ARP – Changes to Mitigating Rate Effective July 1, 2017 (PDF) – Emailed April 11, 2017
Vesting and Retirement
You are immediately vested in both your employee and Wright State University contributions to your ARP account. Should you leave Wright State for any reason at any time, the full balance is available to you for a withdrawal or a rollover to an IRA or another employer qualified account. You will need to consider all IRS tax laws when making a decision regarding a distribution or rollover.
Retirement occurs when you leave Wright State at age 59 ½ or later, regardless of your years of service.
Changing ARP Vendors
Once selected, ARP participants are eligible to change ARP vendors to another Wright State University approved ARP vendor at any time. To initiate a vendor change, your first step is to set-up an account with your chosen vendor. Once complete, you will need to submit an ARP Vendor Change Form (PDF) to Human Resources instructing Wright State University to send your new ARP contributions to your new vendor. NOTE: Your existing balance will remain with your existing vendor. If you desire to transfer your balance, your new vendor can assist you with the necessary paperwork which will need to be submitted to Human Resources for processing. Please allow sufficient time for these changes to occur in accordance with the Payroll processing timelines.
ARP Vendors
One of these approved ARP vendors can be selected for your ARP Contributions:
These are inactive ARP vendors who may still be handling prior ARP balances:
ARP – Changes to Mitigating Rate Effective July 1, 2017 (PDF) – Emailed April 11, 2017
