Retirement Plans

OPERS offers new members hired on or after Jan. 1, 2003, the choice of the following three retirement plans:

Traditional Pension Plan

A defined benefit plan under which a member's retirement benefit is calculated on a formula based on age and years of service. members who retire through the Traditional Pension Plan receive a monthly age and service benefit.

Member-Directed Plan*

A defined contribution plan under which employee and a portion of the employer contributions are deposited into a member’s individual defined contribution account and invested as directed by the member.

Combined Plan*

This is made up of two components. OPERS manages employer contributions used to fund the defined benefit portion. The retirement benefit for the defined benefit component is determined by a formula based on age and years of service.

The member chooses the investment options for employee contributions in the defined contribution portion. The retirement benefit for this portion is based on the employee contributions and the gains and losses on those contributions.

Members who retire through the Member-Directed and/or the Combined Plan may choose to receive a monthly retirement benefit paid by OPERS for their Member-Directed account or the defined contribution portion of their Combined Plan account.

Or, they may choose one of the benefit payment options offered through OPERS’ third party administrator (TPA). If you chose one of the payment options administered by our TPA, and you have questions regarding your payment option, you should contact the TPA at the number that was given to you in your service termination packet.

* Note

Members who retire through the Member-Directed and/or the Combined Plan may choose to receive a monthly retirement benefit paid by OPERS for their Member-Directed account or the defined contribution portion of their Combined Plan account.

Or, they may choose one of the benefit payment options offered through OPERS’ third party administrator (TPA). If you chose one of the payment options administered by our TPA, and you have questions regarding your payment option, you should contact the TPA at the number that was given to you in your service termination packet.