Higher Education Faculty Member
Congratulations on your new position
New full-time faculty will have a one-time opportunity to chose between participating in STRS Ohio or electing an alternative retirement plan (ARP). You can choose one of the three STRS Ohio retirement plans available to you or particpate in an ARP provided by your employer through a private vendor.
Step 1
Review the basics
How and when to make your choiceStep 2
Review the plans
Key features of your three STRS Ohio plan optionsPredictable monthly retirement benefit
Disability and survivor benefits during career*
Access to health care coverage in retirement*
Plan summaryInvestments selected by you
Greatest portability
Greatest investment risk
Plan summaryInvestments selected by you (DC portion)
Predictable monthly retirement benefit (DB portion)
Disability and survivor benefits during career*
Access to health care coverage in retirement*
Plan summaryStep 3
Compare the plans
Side-by-side comparison of all three STRS Ohio plans and an ARPStep 4
Choose your plan
Making your choiceHow and when to make your choice
You have 120 days from your first day of paid service to choose between STRS Ohio or an ARP. If you do not respond, you will participate in STRS Ohio. You will then have an additional 60 days to choose your STRS Ohio plan. If STRS Ohio does not receive your plan selection within 180 days, you will be automatically enrolled in the Defined Benefit (DB) Plan and this will be your plan for the duration of your STRS Ohio membership.
Plan selection scenarios
Below, we hav provided three examples of members who need to choose a plan. Because they are at varying stages of their working lives, they may prioritize their benefit needs differently. Each member’s situation is unique, and you should consider your options carefully. You may wish to take advantage of the services available to you to help make your decision or consult with a financial planner or tax advisor concerning your retirement planning needs.
Kasey, 30-year-old single mother with two children
- An interest in future benefits for her family
- No investment experience
- Limited time to follow future investment issues and trends
- Little desire to manage financial issues beyond her family’s monthly budget
For Kasey, the DB Plan may be the best choice. STRS Ohio is nationally recognized for providing financially secure, comprehensive benefits for members while teaching and during retirement.
If she chooses the DB Plan at this time, she will remain in it throughout her teaching career. There are no additional opportunities to choose another plan at a later date.
Jason, 24-year-old with his first teaching appointment
- Uncertainty about teaching in Ohio his entire career
- Limited investment experience
- Recognition that he needs to establish a long-term retirement plan
- A desire for flexibility and choice
Plan portability and little need for other benefits are key issues for Jason; the DC Plan may be his best choice. In this plan, his retirement income is based on the performance of investment choices he selects, the amount of contributions deposited to his account and annuity rates at the time of retirement.
He will have the opportunity to reevaluate his selection and choose another plan or stay in his current plan in his fifth year of membership.
Andrea, 50-year-old former entrepreneur who is starting a second career as an educator
- Confident experience as an investment decision-maker
- Long-term experience with 401(k) plans and expectations to manage retirement assets
- Concerns about “other benefit” issues
- 25 years of adult experiences, including dealing with personal finances
Andrea may find the CO Plan is the best choice. This plan allows her to direct her investment choices, while providing benefits during teaching and retirement.
She will have the opportunity to reevaluate her selection and choose another plan or stay in her current plan in her fifth year of membership.
Plan summaries
DB Plan
- This plan tends to be a popular choice among career educators.
- You receive a monthly benefit payment based on your age, years of service credit and final average salary — not prevailing market conditions — and access to STRS Ohio health care coverage upon retirement if you meet health care eligibility requirements.
- You are not responsible for making investment decisions.
- Benefits while you are teaching include survivor and disability benefits.
- If you choose this plan now, your decision is permanent. You will not have an opportunity to change STRS Ohio plans at a later date.
DC Plan
- This plan offers portability to those not planning on being a career educator. It also offers greater value than the DB Plan upon withdrawing the account.
- Your retirement income is based on the performance of investment choices you select for the contributions deposited to your account and the annuity rate at retirement.
- Access to STRS Ohio health care coverage upon retirement is not provided.
- You can plan for your retirement by developing an allocation strategy that balances your long-term needs with the opportunities and risks of the financial markets.
- If you choose this plan now, your decision is not permanent. You will have an opportunity to evaluate your decision before completing your fifth year of membership.
CO Plan
- The this plan tends to appeal to those who want to direct their investment choices while also having disability and survivor benefits and access to STRS Ohio health care coverage.
- You get the security of the DB Plan for a portion of your account with the flexibility, portability and choice of the DC Plan from the other portion of your account.
- You receive a predictable monthly benefit payment in retirement equal to 1% of final average salary for each year of service from your defined benefit account.
- You have control of the investments in your defined contribution account.
- If you choose this plan now, your decision is not permanent. You will have an opportunity to evaluate your decision before completing your fifth year of membership.
Making your choice
How long do I have to decide whether I want to participate in an ARP or an STRS Ohio retirement plan?
Eligible members have 120 days from their first day of paid service to choose between STRS Ohio and an ARP. If you do not respond, you will participate in STRS Ohio. You will then have an additional 60 days to choose your STRS Ohio plan. If STRS Ohio does not receive your plan selection within 180 days, you will be automatically enrolled in the Defined Benefit (DB) Plan and this will be your plan for the duration of your STRS Ohio membership.
How do I indicate my selection between STRS Ohio and an ARP?
Complete the Retirement Plan Election form available from your employer to choose between participating in STRS Ohio or an ARP.
Is there a deadline to make my STRS Ohio retirement plan selection?
Yes. You have 180 days from your first day of paid service to choose your plan. If STRS Ohio does not receive your plan selection within 180 days, you will be automatically enrolled in the DB Plan and this will be your plan for the duration of your STRS Ohio membership.
How do I make my STRS Ohio retirement plan choice?
First you must register for an Online Personal Account. After you register, log in to your Online Personal Account, click the “Member Information” tab and then click “Retirement Plan Selection” under the Useful Links section.
What happens if I do not select an STRS Ohio retirement plan?
Under Ohio law, members who do not select a plan within 180 days will automatically enrolled in the DB Plan. If you choose or are automatically enrolled in the DB Plan, there is no reselection option and you will remain in this plan for the duration of your STRS Ohio membership.
Still have questions?
Find answers to other frequently asked questions about membershipResources
STRS Ohio recognizes the importance of the decision you are making. That’s why we offer several services to help you make the decision that will best meet your goals for retirement.
Retirement plan selection packet
You will automatically receive a packet of information from STRS Ohio to help you consider which retirement plan best meets your needs. It includes a Retirement Plan Options brochure and a separate Investment Options Guide brochure.
Website
Our website offers this Higher Education Faculty Member page with plan selection information. You also have access to your Online Personal Account, where you can access your account information throughout your career.
Retirement Plan Options Series: Higher Education Faculty
These videos cover overviews of each plan and important considerations for your plan selection.
Member Services Center
For access to professionals who can answer your questions about each plan, call us at 888‑227‑7877 (toll-free), Monday–Friday, 8 a.m.–5 p.m.
Member education
We provide educational webinars, seminars and workshops to help you plan for a financially secure future — at all stages of your career. Individual and group benefits counseling opportunities are also available.
We also publish newsletters and provide an email news service to keep you informed about plan changes, legislative initiatives and other events of interest. If you are enrolled in the DC or CO Plan, you will receive a quarterly statement showing your account balance and activity. DB and CO Plan members receive an annual statement that shows your account value, service credit and other defined benefit account information.
Investment assistance
Nationwide Retirement Solutions (NRS) administers the defined contribution aspects of the plan options. NRS retirement specialists can discuss your defined contribution account investment choices with you by phone at 866‑332‑3342 (toll-free), Monday–Friday, 8 a.m.–11 p.m. and Saturday, 9 a.m.–6 p.m. If you choose the DC or CO Plan, you can use an interactive voice response system or access your defined contribution account on the NRS/STRS Ohio website to make allocation changes, move existing funds among the various investment choices and access performance information about each investment choice.