School Employees Retirement System (SERS)
Full and part-time non-faculty employees are enrolled in the School Employees Retirement System (SERS) upon hire. Newly hired full-time employees may choose an Alternative Retirement Plan (ARP) within 120 days of their date of hire.
SERS is a defined benefit plan, which means the retirement benefits an employee receives are set by a formula in the Ohio law. Each pay period, employees contribute 10% of their wages into their SERS account and North Central State College contributes another 14%. Your retirement allowance is based on your age, number of years of service (service credit), and final average salary (FAS).
A member who joined SERS before May 14, 2008, will be eligible for a guaranteed lifetime monthly pension with the following combinations of age and service credit:
5 years of service credit at age 60 or
Those who become SERS members on or after May 14, 2008 will be eligible for a guaranteed lifetime monthly pension with the following combinations:
10 years of service credit at age 62 or
An employees' pension is 2.2% of the average of the 3 highest years of earnings multiplied by the years of credit and reduced if under age 65, or less than 30 years. With 30 years, the pension is 66% of final average salary. The formula is 2.5% for each year over 30 years.
If an employee leaves employment before qualifying for a monthly benefit, the employee can request a refund of their own contributions (the 10% of wages deducted and sent to SERS every pay period). There is no interest paid on a refund.
Health Insurance - Currently, members retiring on service retirement with at least 10 years of credit have access to health insurance through SERS. Recipients will pay part, or all, of the monthly premium based on the number of years of service at the time benefits commence. Various choices of health plans are available in certain areas of the state; a managed care plan is available regardless of location. Benefits, eligibility and premiums are subject to change.
For complete information regarding SERS, go to www.ohsers.org