Membership in the Ohio Public Employees Retirement System (OPERS) is required for all classified and unclassified staff members who are appointed to work less than 75% Full-time Equivalency. Classified and unclassified staff members who are appointed to work at least 75% Full-time Equivalency can elect to be members of OPERS or to participate in the Alternative Retirement Plan.
Classified and unclassified staff members are given the option of participating in one of three plans within OPERS. The three plans are the:
- Traditional Pension Plan: Retirement, disability, and survivor benefits are determined by formulas using the employee's age, service credit, and final average salary
- Member-Directed Plan: Retirement benefits are determined by the value of the account, including investment earnings, which the employee accumulates
- Combined Plan: Retirement, disability, and survivor benefits are combined with some elements of the other two plans
OPERS has made available an online Plan Selection Workbook , a New Hire video and a Pension and Healthcare Eligibility Guide to give an overview of the benefits provided by each of the three plans. Employees are given 180 days to indicate their plan selection to OPERS.
Regardless of the plan selected within OPERS, an employee contribution of 10.00% is deducted on a pre-tax basis from the employee's earnings and is deposited into the employee's personal OPERS account. The university makes an employer contribution in an amount equal to 14.00% of a classified or unclassified staff member’s pay. The percentage of the employer contribution to be deposited into the employee's OPERS account depends on which plan is selected.
Additional information about the Ohio Public Employees Retirement System (OPERS) is available online at www.opers.org or via phone, (800) 222-7377.
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. If you would like assistance on deciding which OPERS retirement plan is best for your career and retirement goals, visit www.opers.org and select "New Hires: Pick a Plan" to watch the on-demand video presentation or sign-up for a live webinar.