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How Your Benefit is Determined in the Traditional Pension Plan. Your benefit is determined by a formula. The formula is based on retirement group and includes your years of service and your final average salary.
To apply for retirement from the Traditional Pension Plan you need to complete the Traditional Pension Plan Retirement Application. You can do this yourself through your OPERS online account, or with an OPERS counselor who can walk you through each step of the application.
You pay 10% of every paycheck into OPERS (but you don't pay FICA), and your employer puts in 14%. To pension is calculated based on your years of service and will be at most something like 70% of your final salary. The contributions are very good, over 10% of your salary but you don’t pay into social security.
Need an Account? Forgot Username or Password? Log In. Ohio Public Employees Retirement System. 277 E. Town Street, Columbus, OH 43215 | 1-800-222-PERS (7377)
The Ohio Public Employees Retirement System (OPERS) offers two plans to new hires: a Traditional pension plan (defined benefit) and a Member-Directed plan (defined contribution). A third plan, the Combined Plan, remains for those already enrolled.
Compare your working and retirement income using our Retirement Planner. You also can compare your employer’s health care costs to your projected retiree health care costs. Obtain an estimate of your pension through your online account.
All Ohio pension benefits are typically based on years of service, salary, your age at retirement, and the payout option you select. For example, here’s how OPERS benefits are calculated, based on Final Average Salary. FAS is the average of the highest 3 or 5 years of salary: Retirement benefit = (2.2% of FAS) X (Years of Service) + (2.5% of FAS)
The Traditional Pension Plan is a defined benefit plan that provides fixed, monthly lifetime retirement benefits. Your benefit is determined by a formula that rewards you for working longer – the more years you work, the bigger your monthly payment.
How to Select your Plan. 180-Day Deadline. New OPERS members have 180 days from their hire date to select a plan. New members, you have 180 days from your start date to select one of the OPERS' retirement plans: Traditional Pension Plan. Member-Directed Plan.
The OPERS retirement plans and how to select and enroll in one. Various types of service credit OPERS members can earn. The process for naming and changing beneficiaries. Claiming refunds of your OPERS account.