21-104 21-104 . . . Supplemental Executive Retirement Plan which permits eligible management and highly-compensated employees to receive benefits that will compensate them for limitations imposed by Sections 401(a)(17), 401(k), 401(m) and 402(g) of Internal Revenue Code on salary deferrals and matching contributions under 401(k) plan
Ohio Supplemental Retirement Plan
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US-CC-21-104
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Generally, membership is required for: Any person paid from public funds and employed in the public schools under any type of contract described in Section 3311.77 or 3319.08, R.C., in a position for which the person is required to have a license or registration issued pursuant to Sections 3319.22 to 3319.31, R.C.
STRS is an educator-only pension fund for Ohio public school system teachers, while SERS provides pension benefits for non-teaching public school employees, such as administrative assistants, bus drivers, cafeteria works, custodians, librarians, maintenance workers, and teacher's aides.
The employer buys the insurance policy, pays the premiums, and has access to its cash value. The employee receives supplemental retirement income paid for through the insurance policy. Once the employee receives income in retirement, that benefit is taxable. At that point, the employer receives a tax deduction.
STRS Ohio is funded through investment returns and contributions made by members and their employers. Members currently contribute 14% of gross earnings. Employers contribute an additional 14% of members' annual salary into the Employers' Trust Fund.
Upon termination of public employment in Ohio, you may elect to withdraw your account. It is important to understand that withdrawing your STRS Ohio account is not a type of service retirement.
As a member of the Ohio Public Employees Retirement System (OPERS), you have options when it comes to terminating OPERS-covered employment. Regardless of the OPERS retirement plan in which you participate, you may leave your account on deposit with OPERS or take a lump-sum refund upon leaving an OPERS-covered position.
Retirement Income You are eligible for a benefit at age 65 with five years of service or any age with 34 years of service. The service credit requirement for unreduced benefits at any age will increase to 35 years on Aug.
The basic limit on elective deferrals is $22,500 in 2023, $20,500 in 2022, $19,500 in 2020 and 2021, and $19,000 in 2019, or 100% of the employee's compensation, whichever is less. The elective deferral limit for SIMPLE plans is 100% of compensation or $15,500 in 2023, $14,000 in 2022, and $13,500 in 2020 and 2021.
