Each year Ohio’s Public Employee Retirement System (OPERS) determines if the alternative retirement plans offered (OPERS Member-Directed Plan, OPERS Combined Plan and the Alternative Retirement Plan) have had a negative financial impact on the OPERS Traditional Plan. If a negative impact exists, then OPERS may require a percentage of the employer contributions be redirected to the OPERS Traditional Plan in order to compensate for the loss. This year, beginning in August, .54% of the University’s contribution will be redirected to OPERS.
Administrators, Classified and Bargaining Unit staff contribute 9.5% of their salary to the retirement plan. The university contributes 13.77%; 13.23% will to go ARP accounts and .54% to OPERS.
Please note: Faculty participating with the ARP or STRS defined contribution plan are not impacted by this change; contributions will continue as follows:
Faculty: 10%
The University: 14% (10.5% ARP or STRSDC plan and 3.5% to STRS to finance unfunded liabilities).
