Saving for Retirement

As workers prepare to make the transition to retirement, many issues emerge. Among the most significant uncertainties facing would-be retirees is the question of retirement income - will it be enough? As you consider your retirement situation, can you answer that question? If you're uncertain that you'll have enough in retirement, OPERS offers programs that may help alleviate your doubt.

As a public employee in Ohio you have a number of options to help ensure your financial security in retirement. Some of those options are mandatory; others are voluntary.

Public employees in Ohio are required to contribute to OPERS. In addition, you can supplement your mandatory contributions through programs offered by OPERS and the Ohio Public Employees Deferred Compensation Program. The following information is intended to educate and help you understand both the mandatory and voluntary ways you can save for your retirement.

Additional Ways to Save
Traditional Pension Plan Participants and Money Purchase Plan Contributors Member-Directed and Combined Plan Participants

The Additional Annuity Program

One option is the Additional Annuity Program, which is designed to supplement your retirement income. It provides an additional opportunity to invest money specifically for supplementing pension benefits. The program is an account, independent of your OPERS contributions, that allows you to deposit funds while you are a member of OPERS.

Voluntary Deposits

There is an additional opportunity to add to your income at retirement by making a rollover from another qualified plan or by making voluntary, after-tax contributions to your individual defined contribution account. This money is invested using the same investment election percentages you have on file for the allocation of your other ongoing contributions.