OPERS and STRS announce Alternative Retirement Plan contribution changes
The mitigating rate for 91探花 employees who are enrolled in the Alternative Retirement Plan (ARP) will change beginning on July 1, 2022.
All employees who are enrolled in the ARP will receive an email from 91探花 Human Resources with additional information about the change.
OPERS Alternative Retirement Plan participants
The Ohio Public Employee Retirement System (OPERS) announced that the mitigating rate for the ARP will decrease from 2.44 percent to 2.24 percent effective July 1, 2022.
As a result of this decrease, University matching contributions to all administrator, AFSCME 3200, and AFSCME member ARP plans will increase by 0.2 percent, from 11.56 percent to 11.76 percent. The employee contribution rate will remain 10 percent.
Per State of Ohio law, OPERS periodically reviews and adjusts the mitigating rate. The mitigating rate applies to University contributions to the ARP plan and OPERS defined contribution plan. The mitigating rate reflects University contributions that are directed to OPERS instead of the ARP or OPERS defined contribution plan in order to offset the negative impact to OPERS funding liabilities created by the existence of the ARP and OPERS defined contribution plan.
STRS Alternative Retirement Plan participants
The State Teachers Retirement System (STRS) announced that the mitigating rate for the ARP will decrease from 4.47 percent to 2.91 percent effective July 1, 2022.
As a result of this change, University matching contributions to faculty ARP plans will increase by 1.56 percent, from 9.53 percent to 11.09 percent. The employee contribution rate will remain 14 percent.
Per State of Ohio law, STRS periodically reviews and adjusts the mitigating rate. The mitigating rate applies to University contributions to the ARP plan and STRS defined contribution plan. The mitigating rate reflects University contributions that are directed to STRS instead of the ARP or STRS defined contribution plan in order to offset the negative impact to STRS funding liabilities created by the existence of the ARP and STRS defined contribution plan.
For more information
For more information about the mitigating rate or the retirement plans, please contact the Human Resources Benefits Office at benefits@ohio.edu or call STRS at 1-888-227-7877 or OPERS at 1-800-222-7377.