Ohio Admin. Code 3357:12-5-20
Members of state teachers retetirement system currently contribute ten percent of their annual salaries and the college board of trustees contributes fourteen percent. An approved tax-deferred program also known as employee pick-up, became effective July 1, 1984, for all employees. There are no deductions for social security. Effective April 1, 1986, all new employees at the college contribute 1.45 percent of their gross salary to medicare.
State teachers retirement system is a defined benefits plan. Retirement benefits, if vested, include optional retirement age, disability retirement income, survivor benefits, optional retirement plans, healthcare plans, withdrawal privileges, opportunity to purchase additional increments, and ability to coordinate with other state retirement programs. Brochures describing this in detail are available from human resources and at the websitehttp://www.strsoh.org.
Ohio Admin. Code 3357:12-5-20
Promulgated Under: 111.15
Statutory Authority: 3357
Rule Amplifies: 3357