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.
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.
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.