University of Cincinnati
RETIREMENT PLAN COMPARISON CHART FOR FACULTY
Feature
STRS Defined Benefit Plan
STRSCombinedPlan (Defined Benefit and Defined Contribution)
ARP Defined Contribution
STRS Defined Contribution Plan
Eligibility
All faculty
All faculty
All faculty
Eligible faculty with appointments of 100%FTE
Plan Type
Defined Contribution
Defined Contribution (DC) Account balance consists of contributions made by you and UC, as well 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 (DB) The benefit amount is based on a formula using your age, years of service credit, and fina l averagesalary.
Combination of Defined Benefit (DB) and Defined Contribution (DC) DC portion: Account balance consists of your contributions and your investment gains or losses. The DC benefit is determined by your account balance and the payment option(s) y o u choose when you apply to receive benefits. DB portion: The DB benefit amount i s based on a formula using your a g e , years of service credit, and final averagesalary.
Account balance consists of contributions made by you and UC, as well 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.
Employee Contributions University Contributions
Your pre-tax contribution amount for any of these plans is 14% 1 of your eligible compensation 2 per pay.
UC contributes an amount equal to 14% 1 of your eligible compensation 2 per pay to your selected retirement plan, allocated as follows:
9.53% 1 goes to your selected ARPaccount provider. 4.47% 1 goes to the STRS
9.53% 1 goes to your individual STRS account. 4.47% 1 goes to the STRS Defined Benefit Plan to help fund past service liabilities, as required by law. Your contributions are immediately vested. University contributions are vested 20% per year.
14.0% 1 goes to the STRS Defined Benefit pension plan to help fund your future STRS retirement benefits and to help fund past service liabilities. Your contributions are immediately vested. After 5 years of service, you are vested for survivor benefits. After five years of service credit, you may be vested for: - an age and service retirement benefit After 10 years of service you may be eligible for disability 3 Your benefit amount grows by adding years of service credit (earned or purchased) and with increases to your eligible compensation.
14.0% 1 goes to the STRS Defined Benefit pension plan to help fund your futureSTRSDB retirement benefits and to help fund past service liabilities.
Defined Benefit Plan to help fund past service liabilities, as required by law. Your contributions are immediately vested. University contributions are immediately vested.
Vesting
Your contributions are immediately vested. After 5 years of service , you are vested for survivor benefits. After 5 years of service credit, you may be vested for: - an age and service retirement benefit After 10 years of service you may be vested for disability benefits 3 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. DC portion: Contributions are invested with STRS. You allocate the contributions among a variety of investment options. You assume all investment risk and pay any associated management fees. DBportion: STRSmanages all assets to fund your benefits. You assume no investment risk and pay no associated management fees.
How Your Benefit Grows
Your account consists of contributions made by you and the university, as well as with any investment gains or losses you may have on those contributions.
Your account consists of contributions made by you and the university, as well as with any investment gains or losses you may have on those contributions.
Investment Management andOptions
You choose an approved ARP provider through which 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 STRS. You allocate the contributions among a variety of investment options. You assume all investment risk and pay any associated management fees.
STRSmanages all assets to fund your benefits. You assume no investment risk and pay no associated management fees.
Retirement
June 2017
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