~Dual Comp Staff Provider Onboarding Binder 06.26.20

University of Cincinnati

RETIREMENT PLAN COMPARISON CHART FOR STAFF

Feature

ARP Defined Contribution

OPERSMember-Directed Plan (Defined Contribution)

OPERS Traditional Pension Plan (Defined Benefit)

OPERS Combined Plan (Defined Benefit and Defined Contribution)

Eligibility

All staff

All staff

All staff

Eligible staff with appointments of at least 100% FTE

Plan Type

Defined Contribution • Account balance consists of contributionsmade by you andUC, aswell as any investment gains or losses you may have on these contributions. • The benefit amount is determined by your account balance and the payment option(s) you choose when you apply to receive benefits.

Defined Contribution • Account balance consists of contributionsmade by you andUC, aswell as any investment gains or losses you may have on these contributions. • The benefit amount is determined by your account balance and the payment option(s) you choose when you apply to receive benefits.

Defined Benefit • The benefit amount is based on a formula using your age, years of service credit, and final average salary.

CombinationofDefinedBenefit (DB) and Defined Contribution (DC) • DC portion: Account balance consists of your contributionsand your investment gains or losses. The DC benefit is determined by your account balance and the payment option(s) you choose when you apply to receive benefits. • DB portion: The DB benefit amount isbased ona formulausing your age, yearsof service credit, and final average salary.

• Your pre-tax contribution amount for any of these plans is 10% 1 of your eligible compensatio n

2 per pay.

Employee Contributions

• UC contributes an amount equal to 14% 1 of your eligible compensation 2 per pay to your selected retirement plan, allocated as follows:

University Contributions

• 11.56% 1 goes to your selected ARP account provider. • 2.44% 1 goes to theOPERS Traditional Pension Plan to help fund past service liabilities, as required by law.

• 7.5% 1 goes to your individual OPERS account. • 4% 1 goes to your OPERS Retiree Medical Account (RMA). • 2.% 1 goes to the OPERS Traditional Pension Plan to help fund past service liabilities, as required by law. • .5% Administrative Expense • Your contributionsare immediately vested. • University contributions are fully vestedafter fiveyearsof contributing service in the plan. You are vested in a percentage of university contributions based on years of service credit: 1 Year: 20%; 2 Years: 40%; 3Years: 60%; 4Years: 80%; 5 Years: 100% Retiree Medical Account vesting varies based on date of OPERS membership.

• 14.0% 1 goes to theOPERS Traditional Pension Plan to help fund your future OPERS retirement benefits.

• 12% 1 goes to theOPERS Traditional Pension Plan to help fund your future OPERS DB retirement benefits .(DB)

• 2% 1 goes to theOPERS Traditional Pension Plan to help fund past service liabilities, as required by law. (DC)

• Your contributionsare immediately vested. • University contributions generally are immediately vested.

• Your contributionsare immediately vested. • After 1.5 years of service credit, you are vested for survivor benefits. • After five yearsof service credit, you are vested for: – an age and service retirement benefit – disability benefits 3 – an additional a portion of your contributions are vested after the 5 and 10 year mark Your benefit amount grows by adding years of service credit (earnedor purchased) and with increases to your eligible compensation.

• Your contributionsare immediately vested. • After 1.5 years of service credit, you are vested for survivor benefits. • After five years of service credit, you are vested for: – an age and service retirement benefit – disability benefits 3 – an additional portion of your contributions are vested after the 5 and 10-year mark • The DC account consists of your contributions, as well as with any investment gains or losses you may have on those contributions. • The benefit amount from the DB portion grows by adding years of service credit (earned or purchased) and with increases to your eligible compensation. • DCportion: Contributions are invested with OPERS. You allocate the contributions among a variety of investment options. You assume all investment risk and pay any associated management fees. • DB portion: OPERS manages all assets to fund your benefits. You assume no investment risk and pay no associated management fees.

Vesting

How Your Benefit Grows

Your account consists of contributionsmade by you andthe university, aswell aswith any investment gains or losses you may have on those contributions.

Your account consists of contributionsmade by you and the university, aswell aswith any investment gains or losses you may have on those contributions.

• You choose an approved ARP provider throughwhich you invest and allocate contributions among a variety of investment options. • You assume all investment risk and pay any associated management fees.

• Contributions are invested with OPERS. You allocate the contributions among a variety of investment options. • You assume all investment risk and pay any associated management fees.

• OPERSmanages all assets to fund your benefits. • You assume no investment risk and pay no associated management fees.

Investment Management and Options

April 2018

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