Ohio University Retirement

As a new employee, you must make a choice between the state pension system (OPERS or STRS) and the Alternative Retirement System (ARP). This is an important decision that must be made within your first 120 days of employment. It is important because once you make your election, you cannot change it.

There are several important factors to consider when making your decision such as how long you plan to be in Ohio and which system you were in prior to moving here.  If you have prior service credit in Social Security then you may be susceptible to the Windfall Elimination Provision (WEP) which should be factored into your decision.

We have years of experience helping Ohio University employees decide which system is best for each unique situation.  Best of all, this help is without cost or obligation.

In addition to the pension system, you also have the ability to supplement your retirement savings through a 403b or 457 deferred compensation plan. Both are tax-deferred and are deducted straight from your paycheck making it very easy to use. Simply decide one time to save and it happens each pay day automatically.

Retirees who were able to accumulate tax-deferred savings while employed have other issues to consider. Once retired, consolidation generally makes the most sense because of required minimum distributions (RMD) and estate planning. Some of the 403b providers offer attractive fixed accounts that may be appropriate in your retirement years.

OUCU Financial Services, available through CUSO Financial Services, L.P., is an approved provider of the:

• Alternative Retirement Plan (ARP)
• 403b Plan
• 457 Deferred Compensation Plan