BASIC EMPLOYER CONTRIBUTIONS UC AND UCP OFFER THE FOLLOWING RETIREMENT CONTRIBUTIONS IN LIEU OF CONTRIBUTING TO SOCIAL SECURITY. AS STATE OF OHIO PUBLIC EMPLOYEES, EMPLOYEES WILL NOT CONTRIBUTE TO SOCIAL SECURITY. RETIREMENT SAVINGS
FACULTY OPTION 1: STRS: STATE TEACHERS RETIREMENT SYSTEM* AVAILABLE TO FULL-TIME AND PART-TIME EMPLOYEES VESTING SCHEDULE APPLIES UC CONTRIBUTION: • 9.53% - DEFINED CONTRIBUTION PLAN • 14% - DEFINED BENEFIT PLAN • 14% - COMBINED PLAN EMPLOYEE MANDATORY CONTRIBUTION – 14% OPTION 2: ARP: ALTERNATIVE RETIREMENT PLAN* AVAILABLE TO FULL-TIME (100% FTE) EMPLOYEES DEFINED CONTRIBUTION PLAN IMMEDIATE VESTING SCHEDULE UC CONTRIBUTES 9.53% OF EMPLOYEE’S ELIGIBLE PAY EMPLOYEE MANDATORY CONTRIBUTION – 14% STAFF OPTION 1: OPERS: OHIO PUBLIC EMPLOYEE RETIREMENT SYSTEM* AVAILABLE TO FULL-TIME AND PART-TIME EMPLOYEES VESTING SCHEDULE APPLIES UC CONTRIBUTION: • 11.5% - DEFINED CONTRIBUTION PLAN • 14% - DEFINED BENEFIT PLAN • 12% - COMBINED PLAN EMPLOYEE MANDATORY CONTRIBUTION – 10% OPTION 2: ARP: ALTERNATIVE RETIREMENT PLAN* AVAILABLE TO FULL-TIME (100% FTE) EMPLOYEES DEFINED CONTRIBUTION PLAN IMMEDIATE VESTING SCHEDULE UC CONTRIBUTES 11.56% OF EMPLOYEE’S ELIGIBLE PAY EMPLOYEE MANDATORY CONTRIBUTION – 10%
ALL EMPLOYEES
AVAILABLE TO FULL- TIME AND PART-TIME EMPLOYEES DEFINED CONTRIBUTION PLAN UCP CONTRIBUTES 8.5% OF FIRST $285,000 (IRS LIMIT) OF TOTAL UCP COMPENSATION • MAX $24,225 AS PART OF THE TOTAL COMPENSATION PACKAGE, UCP MAY CONTRIBUTE AN ADDITIONAL AMOUNT (NOT TO EXCEED ANNUAL LIMIT OF $57,000) IMMEDIATE VESTING NO EMPLOYEE MANDATORY CONTRIBUTION
PLAN INFORMATION
ARP AXA FIDELITY
PLAN ADMINISTRATORS
FIDELITY TIAA
TIAA VOYA
*MUST ELECT UC RETIREMENT OPTION IN FIRST 120 DAYS. ELECTION IS IRREVOCABLE.
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