Employees are enrolled (mandatory) in either Ohio Public Employees Retirement System (OPERS) or State Teachers Retirement System (STRS) depending on their appointment. Administrative and Classified Civil Services staff pays 10 percent of salary into OPERS; the University pays 14 percent of your salary into this system. Faculty pays 14 percent of salary into STRS; the University pays 14 percent. The retirement system vests in five years.
Within a 120-day period from the first date of employment, an employee may choose to remain in the Public Retirement Plan or select a company from the Alternative Retirement Plan (ARP).
If the employee selects the ARP, previous contributions to the Public Retirement Plan and contributions to the new provider will begin after your election. No changes can be made after the 120-day period. This election is irrevocable.
Supplemental Retirement Benefits
Annuities & Deferred Compensation Programs
As an employee of NEOMED, you have the option of participating in a tax sheltered annuity or a deferred compensation program as authorized by the Internal Revenue Code Section 403(b) and Section 457(b). The 457(b) plan is available in addition to the 403(b) plan, with contribution maximums for each plan. Through these programs, you can shelter a portion of your compensation from federal and state income taxes to purchase supplemental retirement benefits. These benefits are taxable when withdrawn (usually at retirement) and there are restrictions and/or penalties on early withdrawals.