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).
|SERVICE RETIREMENT ELIGIBILITY REQUIREMENTS|
|Current Elibibility||Eligibility Changes|
|Retire with Full Benefits||
Age 65 with 5 years, or Any age with 30 years
|Age 67 with 10 years,or Age 57 with 30 years|
|Retire Early with Reduced Benefits||Age 60 with 5 years, or Age 55 with 25 years||Age 62 with 10 years, or Age 60 with 25 years|
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