Alternative Retirement Plan (ARP)
An ARP is a defined contribution plan, which means the retirement benefit will be based on the amount contributed to the employees' account plus any income, expenses, gains and losses allocated to the account.
STRS - Each pay period, the employee contributes
10% (the contribution will increase by 1% each year starting on July 1, 2014
until it reaches 14%) of their wages into their ARP account and North Central State College
contributes 14% on behalf of the employee (14% = 10.5% to ARP and 3.5% to STRS Unfunded Liability account
- this will change to 9.5% and 4.5% on July 1, 2014)
SERS - Each pay period, the employee contributes 10% of their wages into their ARP account and North Central State College contributes 14% on behalf of the employee (14% = 8% to ARP and 6% to SERS Unfunded Liability account)
The employee is 100% vested on both the employee and employer contributions regardless of length of employment with North Central State College. This means that at whatever time an employee terminates employment with the college, the employee is entitled to the entire amount of their ARP account.
There are a number of ARP providers who offer a variety of investment options to suit every individual's needs:
AIG SunAmerica Life Assurance Co.
AXA Equitable Life Insurance Co.
Great American Life Insurance Co.
ING Life Insurance and Annuity Co.
Lincoln National Life Insurance Co.
Metropolitan Life Insurance Co.
Nationwide Life Insurance Co.
The Travelers Companies, Inc.
Contact information is available from the Human Resources department
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