Traditional Pension Plan
The Traditional Pension Plan is a defined benefit plan that provides fixed, monthly lifetime retirement benefits.
Your eventual 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 the ups and down of the market.
OPERS manages 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 your retirement, which can make budgeting for retirement a whole lot easier.
You can even take a reduced payment to provide for your family 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.
Additional Things to Keep in Mind in the Traditional Pension Plan
When you retire you may have access to health care, although this is not a guaranteed benefit. Traditional Pension Plan retirees age 60 or older with at least 20 years of qualifying service, and to all retirees with 30-32 years of qualifying service (depending on their retirement group) may qualify for health care.
Retiring from the Traditional Pension Plan
Once you’ve made the decision to retire, there are a few things to know about the retirement application process.
- Questions to ask yourself when considering retirement
- What steps do I need to take to apply for retirement?
- What documents will OPERS need to process my retirement application?
- Retirement application for the Traditional Pension Plan.
Refunding Your Account
If you leave your OPERS-covered job you have two options: Keep your account with OPERS (if you think you may return to public service), or refund 100% of your member contributions.
Register for, or log into, your online account to use the Benefit Estimator. This tool is pre-populated with your personal information from the OPERS database so you can run benefit estimate scenarios yourself, based on your specific situation.
If you’re just a few years away from retirement, use the Retirement Planner for Group A/Retirement Planner for Group B to estimate your pension and health care costs upon retirement. You can then compare those costs to your working income and health care.