Traditional Pension Plan
The Traditional Pension Plan is a defined benefit plan that provides fixed, monthly lifetime retirement benefits.
Your benefit is determined by a formula that rewards you for working longer – the more years you work, the bigger your monthly payment.
You have 180 days to choose a plan. To select the Traditional Pension Plan, visit the How to Select Your Plan page.
Key Aspects of the Traditional Pension Plan
No investment surprises
A defined benefit plan offers security because your retirement income is based on a formula that includes your final average salary and years of service and is not subject to investment gains and losses.
OPERS investment professionals manage the investment of both your member and employer contributions.
The Traditional Pension Plan delivers a retirement income with very little effort on your part. You don’t have to make any investment decisions – OPERS will do that for you. And your monthly payment will last throughout yourlifetime, which can make budgeting for retirement a whole lot easier.
You can even take a reduced payment to provide for your spouse if you pass away.
Disability and survivor benefits
If you get hurt on the job or become unable to work, the Traditional Pension Plan offers disability benefits and a Rehabilitative Services Program. The Rehabilitative Services Program is designed to help you return to wellness and seek employment. Survivor benefits are available through the Traditional Pension Plan to provide income for your family should you pass away.
- Disability Benefits (PDF opens in new tab)
- Rehabilitative Services Program (PDF opens in new tab)
- Survivor Benefits (PDF opens in new tab)
Additional Things to Keep in Mind About the Traditional Pension Plan
When you retire you may have access to the OPERS health care program, although this is not a guaranteed benefit.