Changing Your Retirement Plan
Below you will find answers to a set of some of the most frequently asked questions about the OPERS' pension plans. Click on the arrows beside the questions to either reveal or hide the answers.
After I select an OPERS retirement plan, will I be able to change my retirement plan?
Each eligible member actively contributing to OPERS has one plan change opportunity which can be done at any time during their career, regardless of how many times they've changed plans prior to July 1, 2015, and regardless of their amount of total service credit.
The change is irrevocable and members are not permitted to change retirement plans again.
A plan change takes effect on the first day of the month following the month the change is received by OPERS. Member and employer contributions with pay period ending dates after the effective date of change will be credited to the member's new retirement plan.
If I change my retirement plan, will I be able to transfer contributing service from my prior plan to my new retirement plan?
In certain instances, yes. Members participating in the Member-Directed Plan who change their retirement plan to either the Traditional Pension or Combined Plan may transfer to the new plan their contributing service from their prior plan. In addition, members participating in the Combined Plan who change their retirement plan to the Traditional Pension Plan also may transfer to the new plan their contributing service from their prior plan.
For each member who chooses to purchase service credit in the member's new plan, the cost of the service credit will be determined based on a calculation by the OPERS actuary. The member may transfer the vested portion of the member's individual OPERS account to the new plan to pay the cost of the service credit.
If the amount in the member's OPERS account is less than the cost of the service credit, the member may receive a pro-rated amount of service credit in the new plan - or, to receive the total amount of service credit, may pay the difference by direct payment or by payroll deduction.