Public Employee Retirement Blog

Public Employee Retirement and Pension Blog

Public employee pensions are an essential part of retirement planning for many individuals who work in government jobs. Understanding the ins and outs of these plans can be complicated, as well as coordinating the pension with the other pieces of the retirement puzzle. In this blog, we'll dive into the basics of public employee pensions, including the different types of plans, their benefits, and potential risks.

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Ohio State Retirement System: What You Need to Know

May 11, 20232 min read

As a state employee in Ohio, you may be eligible for the Ohio Public Employees Retirement System (OPERS), which provides retirement, disability, and survivor benefits to eligible members. It's important to understand how OPERS works and what benefits it offers to help you plan for a secure retirement.

What is OPERS?

OPERS is a defined benefit plan that provides retirement, disability, and survivor benefits to eligible Ohio public employees. To be eligible, you must be employed by a participating employer, including state agencies, universities, and local governments, and meet certain age and service requirements.

How Does OPERS Work?

OPERS is a defined benefit plan, which means that your retirement benefit is based on a formula that takes into account your years of service and salary. You earn service credit for each year you work for a participating employer, and your benefit is calculated based on a formula that takes into account your final average salary and years of service.

In addition to the defined benefit plan, OPERS also offers an optional defined contribution plan, which allows you to contribute a portion of your salary to a retirement savings account. Your employer may also contribute to the plan on your behalf.

What Benefits Does OPERS Offer?

OPERS offers a range of benefits to eligible members, including:

Retirement benefits: You can retire with full benefits at age 65 with at least five years of service credit, or at age 60 with at least 20 years of service credit. If you have at least 30 years of service credit, you can retire at any age with full benefits.

Disability benefits: If you become disabled and can no longer work, you may be eligible for disability benefits.

Survivor benefits: If you pass away while you are an active or retired member of OPERS, your eligible survivors may be eligible for survivor benefits.

Optional retirement plans: In addition to the defined benefit plan, OPERS offers optional defined contribution plans, including the Deferred Compensation Plan and the Hybrid Plan.

How Can You Enroll in OPERS?

If you are eligible for OPERS, you will automatically be enrolled in the plan. However, you can also enroll in optional retirement plans, such as the Deferred Compensation Plan or the Hybrid Plan, by contacting OPERS directly.

Schedule a Free Consultation

If you have questions about OPERS or need help planning for your retirement, our team of financial experts is here to help. We offer free consultations to help you understand your options and make the best decisions for your retirement. Contact us today to schedule your consultation.

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