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Saturday, Oct 25, 2014

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Upcoming state retirement plan changes will affect faculty


Upcoming changes in the State Teachers Retirement System (STRS) will have an impact on employee pension contributions of all Ohio University faculty and on the employer contributions to pensions of individuals in the Alternative Retirement Program (ARP) and the STRS Defined Contribution Plan.
 
Two important changes are outlined below but University Human Resources encourages faculty to learn more by accessing information that is available on the main STRS web page under the “Latest Pension Reform News” section and in STRS February Board News publication.
 
The following changes will take effect on July 1, 2013. Both of these changes stem from STRS mandates and as a result will be automatically implemented by the university.
 
The member (employee) contribution to all STRS pension plans and the ARP will increase from 10% to 11%.

The university (employer) contribution to the ARP and STRS Defined Contribution Plan will decrease from 10.5% to 9.5%. The university (employer) contribution to the STRS Defined Benefit will remain unchanged. The change in the university contribution concerns what is known as the mitigating rate. Faculty who want to know more about the purpose of the mitigating rate should consult the STRS February Board News publication under the heading “Board Approves Changes to the Defined Contribution and Combined Plans.” 

If you have questions regarding these changes, please contact STRS directly at 888-227-7877.