Alternative Retirement Plans for Colleges & Universities

Since you work for a public institution, you are being offered the option of making a decision to choose your retirement plan provider. This is an important decision, and one you should take seriously. We understand that each one of you has unique and changing needs when it comes to planning for your retirement.

Keeping your best interests in mind, Ohio PERS offers you a choice of retirement plans with valuable and flexible benefits at very little or no cost to you. Read on to find out more.

Eligibility

Beginning August 1, 2005, Senate Bill 133 (SB 133) extended eligibility for participation in an alternative retirement plan (ARP) to:

Remember, the college or university determines the definition of full-time employment.

Prior to SB 133, only full-time academic or administrative employees in the unclassified civil service with less than five years of service credit at the time the alternative retirement plan (ARP) was established and new employees in that category who were hired or reclassified were eligible to participate in an ARP.

Enrollment

Eligible employees have 120 days in which to make the decision to choose an ARP. For those with less than five years of service credit on August 1, the deadline for enrollment is Nov. 28, 2005. For all others, their deadline will be 120 days from their employment start date or date they transferred to an eligible position.

Election forms are available from the college or university or by clicking here. Be sure to talk with your employer to learn which ARP vendors your institution has a relationship with. The completed form must be returned to the college or university human resources department within the 120-day election period - do not return these election forms to Ohio PERS.

Remember, if you do decide to choose an ARP, that choice is irrevocable. You will not be able to change plans to Ohio PERS unless you quit your job and then start over in another Ohio PERS-covered position and meet certain eligibility requirements.

How to Learn More

Special Note on Employer Contributions

The Ohio Retirement Study Council (ORSC) is conducting an actuarial review to determine whether a portion of the employer contributions will be remitted to Ohio PERS. Ohio PERS will inform employers once this has been determined.