Summer Higher Education Update

Newsletter for colleges and
universities contributing to STRS Ohio
SUMMER 2014
ONLINE RESOURCES
Member contribution rate
increases to 12% on July 1;
mitigating rate change is on hold
The STRS Ohio member contribution rate will increase to 12% on
July 1, 2014. Pension reform legislation passed in 2012 included
increasing the member contribution rate to 14%. The increase is being
phased in 1% per year; increasing to 13% in 2015 and 14% in 2016.
This change affects STRS Ohio’s Defined
Benefit, Defined Contribution (DC) and
Combined Plan members; reemployed
retirees; as well as higher education
faculty enrolled in an alternative
retirement plan (ARP) through a private
vendor. For DC or Combined Plan
participants, the 1% increase in fiscal
year 2015 will be directed to their DC
account.
The State Teachers Retirement Board
has put discussion on hold regarding
a mitigating rate increase for STRS
Ohio’s DC Plan. The Legislature passed
an amendment to Amended Substitute
House Bill 483 to place a moratorium
on the mitigating rate applied to ARPs
at 4.5% until July 1, 2015. Gov. John
Kasich signed this bill in June.
The mitigating rate, established by law,
is a portion of the employer contribution
used by the retirement system to offset
the negative impact of participation in
DC plans. STRS Ohio currently receives
4.5% of the 14% employer contribution
and the member’s account receives the
remaining 9.5%.
www.strsoh.org
Online retirement plan
selection presentation
now available
New higher education faculty
members seeking further details to
assist them with their retirement plan
selection can now view a Higher
Education Retirement Plan Options
video at www.strsoh.org (in the
multimedia section). The presentation
covers the plan selection timeline,
features of the three STRS Ohio
retirement plan options, ARP features
and considerations when making a
plan selection.
Violation of reemployment restriction
can impact retirement benefit
Employment in a public position in
Ohio is restricted during the first two
months following retirement from
a public position. Members employed
by only one public employer at the time of
retirement must wait two months after their
retirement date to return to public employment.
Violation of this restriction will result in the loss
of retirement benefits for the month(s) worked.
Defined Benefit Plan members who are
employed at the time of retirement by more
than one employer covered by STRS Ohio,
Ohio Public Employees Retirement System
or School Employees Retirement System,
may retire with the highest paying (primary)
employer and continue to work with one
or all of the lower paying (secondary)
employers with no waiting period. Beginning
July 1, 2014, the member must have held the
secondary position for at least 12 consecutive
months prior to retirement to be eligible to
continue working with the secondary employer
with no waiting period. For example, if a
member’s retirement date is July 1, 2014, that
individual must be working in the secondary
position in July 2013 and continue to work in
each of the next 12 months into July 2014.
Further information about employment after retirement can by found at www.strsoh.org.
individual
COUNSELING SESSIONS
help members get retirement ready
STRS Ohio recommends that members meet with a benefits counselor at least
three years before retirement and again six to 12 months from retirement. During
this session, the counselor will: review personal account information, discuss
purchasable service credit, provide a retirement estimate, explain STRS Ohio
benefits, and review application processes and deadlines.
Summer/Fall 2014 Counseling Schedule
First date
to schedule
July 2014
Advance registration
is required for an
individual counseling
session and can be
completed two ways:
July 14–17
Akron/Fairlawn ­— Holiday Inn
May 30
July 21–24
Cincinnati/Blue Ash — Crowne Plaza
June 6
August 2014
Aug. 11–14
Toledo — Toledo Federation of Teachers
June 27
Aug. 25–28
Ashtabula — Holiday Inn Express
July 11
Aug. 25–28
Elyria — Hampton Inn
July 11
September 2014
Online
www.strsoh.org
Log in to your
personal account and
click on “Schedule an
Upcoming Meeting.”
Sept. 8–11
Wooster — Hilton Garden Inn
July 25
Sept. 15–18
Cleveland/Westlake — Holiday Inn
Aug. 1
Sept. 22–25
Cincinnati/Sharonville — Holiday Inn
Aug. 8
Sept. 22–25
Toledo/Maumee — Holiday Inn
Aug. 8
Sept. 29–Oct. 2
North Canton — Holiday Inn
Aug. 15
October 2014
Oct. 6–9
Portsmouth — Holiday Inn
Aug. 22
Oct. 6–9
Youngstown/Boardman — Holiday Inn
Aug. 22
Oct. 20–23
Defiance — Hampton Inn
Sept. 5
Oct. 27–29
Zanesville — Muskingum County Conference
& Welcome Center
Sept. 12
Oct. 27–30
Cleveland/Beachwood — Embassy Suites
Sept. 12
Nov. 3–6
Strongsville — Holiday Inn
Sept. 19
Nov. 3–6
Upper Sandusky — Comfort Inn
Sept. 19
Nov. 10–13
Cleveland/Beachwood — Embassy Suites
Sept. 26
1-888-227-7877
Nov. 10–13
Cincinnati/Sharonville — Holiday Inn
Sept. 26
Call STRS Ohio toll-free
8 a.m. to 5 p.m.
Monday–Friday.
Nov. 17–20
Dayton/Englewood — Clarion Inn
Oct. 3
Nov. 17–20
Warren — Holiday Inn Express
Oct. 3
Nov. 24–25
Gallipolis — Quality Inn
Oct. 10
By
phone
November 2014
December 2014
20-750, 6/14/100
Dec. 1–3
Coshocton — Coshocton Village Inn & Suites
Oct. 17
Dec. 1–4
Dayton/Fairborn — Holiday Inn
Oct. 17
Dec. 8–10
Chillicothe — Quality Inn
Oct. 24
Dec. 8–11
Perrysburg — Holiday Inn Express
Oct. 24