A "defined benefit" pension providing fixed retirement benefits every month of life based on a formula that rewards years of service.
The formula includes your years of service credit and the your final average salary (FAS).
OPERS manages the investment of employee and employer contributions to ensure that funds are available to pay the formula benefit.
For specific information about retiring from the Traditional Pension Plan, please refer to the Retiring From Public Employment - The Traditional Pension Plan leaflet. Some of the information found in the leaflet includes: