State Teachers Retirement System (STRS)
Full and part-time faculty are enrolled in the State Teachers Retirement System (STRS) upon hire. Each pay period, employees contribute 10% (the contribution will increase by 1% each year starting on July 1, 2014 until it reaches 14%) of their wages into their STRS account and North Central State College contributes another 14%. Newly hired full-time employees may choose an Alternative Retirement Plan (ARP) within 120 days of their first day of paid service. This election is irrevocable and applies to all employment with the current employer.
In addition to a defined benefit plan, STRS offers defined contribution retirement plan options for eligible faculty who elect participation in STRS. The options include:
|Defined Benefit Plan|
|With this professionally managed plan, retirement benefits are based on a member's age, years of service credit and final average salary. The Defined Benefit Plan also feature survivor and disability protection as well as access to optional health care coverage in retirement for those who meet the eligibility requirements.|
|Defined Contribution Plan|
|This plan is similar to ARPs. Members who select this plan allocate their contributions among eight investment choices managed by STRS Ohio to build their portfolio. Administrative fees compare favorably with those charges by ARP providers.|
|This plan features components of both the Defined Benefit and Defined Contribution Plans. Employer contributions fund a defined benefit account that offers retirement income as well as survivor and disability protection and access to optional health care coverage in retirement for those who meet eligibility requirements. Member contributions are deposited in a defined contribution account for the member to allocate among investment choices managed by STRS Ohio.|
Note: New members who choose the STRS Defined Contribution Plan or the Combined Plan will have another opportunity to reselect a permanent plan during their fifth year of membership.
For faculty who elect to participate in STRS, the deadline to select from among the three plan options listed above is 180 days from the first day of paid service.
For complete information regarding STRS, go to www.strsoh.org.