BASE RETIREMENT SAVINGS
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.
FACULTY
ALL EMPLOYEES ❖ Available to full-time and part-time employees ❖ Defined contribution plan
OPTION 1: STRS: STATE TEACHERS RETIREMENT SYSTEM ❖ Available to full-time and part-time employees ❖ Vesting schedule applies ❖ UC contribution: ❖ 11.09% - 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 ❖ UC contributes 11.09% of employee’s eligible pay ❖ Employee mandatory contribution – 14%
❖ UCP contribution: ❖ 8.5% of first
$350,000 (IRS limit) ❖ Max $29,750 annual contribution
❖ As part of the total
compensation package, UCP may contribute an
additional amount ❖ Annual limit of $70,000
PLAN INFORMATION
STAFF
❖ Immediate vesting
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 ❖ Employee mandatory contribution – 10% OPTION 2: ARP: ALTERNATIVE RETIREMENT PLAN ❖ Available to full-time (100% FTE) employees ❖ Defined contribution plan ❖ Immediate vesting ❖ UC contributes 11.76% of employee’s eligible pay ❖ Employee mandatory contribution – 10%
❖ No employee
mandatory contribution
STATE SYSTEM ❖ STRS ❖ OPERS
ARP ❖ AXA ❖ VOYA
PLAN ADMINISTRATORS
❖ FIDELITY
❖ FIDELITY ❖ TIAA
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