Membership in the State Teachers Retirement System of Ohio (STRS Ohio) is required for all faculty members, including adjunct faculty members, who are appointed to work less than 75% Annual Full-time Equivalency. Faculty members who are appointed to work at least 75% Annual Full-time Equivalency can elect to be members of STRS Ohio or to participate in the Alternative Retirement Plan.
STRS Ohio offers faculty members the option to select one of three plans. The plans are:
- STRS Defined Benefit Plan: retirement, disability, and survivor benefits are determined by formulas using the employee's age, service credit, and final average salary
- STRS Defined Contribution Plan: retirement benefits are determined by the amount of money, including investment earnings, which the faculty member accumulates
- STRS Ohio Combined Plan: has some elements of the other two STRS Ohio plans
The employee contribution to any of the three STRS Ohio plans of 10.00% of pay is deducted on a pre-tax basis from the employee's earnings and is deposited in the employee's personal account at STRS Ohio.
The amount of the 14.00% of earnings employer contribution which is deposited in the employee's STRS Ohio account depends on which STRS Ohio plan the employee elects. Currently an amount equal to 10.50% of the employee's earnings is deposited in the employee's STRS Ohio Defined Contribution Plan account. With the STRS Ohio Defined Contribution Plan, the remaining 3.50% of earnings employer contribution is used to fund the STRS Ohio unfunded liability and does not provide a benefits for the Defined Contribution Plan participant. With the STRS Defined Benefit Plan and the STRS Ohio Combined Plan, the 14.00% of earnings employer contribution funds survivor, disability and health care benefits and is not deposited in the employee's account.
Further information about STRS Ohio can be obtained by calling 888-227-7877 or by visiting the STRS Ohio website.