21-166 21-166 . . . Retirement Benefits Plan under which trustees and officers with 15 or more years of service receive annual retirement benefit based on percentage of average annual compensation for 36 months of service immediately preceding retirement. The amount of annual benefit ranges from 25% of such average annual compensation for 15 years of service to 75% for 25 or more years of service
Ohio Retirement Benefits Plan
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-Retire with full benefits at age 55 if age plus contributing service equals 80 or more. (Known as the Rule of 80). -Retire with full benefits at age 60 if he or she has 5 or more years of contributing service. -Retire at age 55 with reduced benefits if he or she has 10 or more years of service.
Because your STRS Ohio pension is not from a job covered by Social Security, any Social Security benefits you and/or your spouse may be eligible for from other employment may be reduced by the Windfall Elimination Provision ( WEP ) and/or the Government Pension Offset ( GPO ).
A worker can choose to retire as early as age 62, but doing so may result in a reduction of as much as 30 percent. Starting to receive benefits after normal retirement age may result in larger benefits. With delayed retirement credits, a person can receive his or her largest benefit by retiring at age 70.
You can start claiming Social Security at age 62, although claiming early permanently reduces your benefits. Social Security was never designed to be the sole retirement income for a retiree.
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.
Early retirement You can receive Social Security retirement benefits as early as age 62. However, we'll reduce your benefit if you start receiving benefits before your full retirement age. For example, if you turn age 62 in 2023, your benefit would be about 30% lower than it would be at your full retirement age of 67.
If you are eligible for Social Security benefits and are receiving a retirement benefit from OPERS, your Social Security benefits may be affected by the Government Pension Offset or the Windfall Elimination Provision.
See the full retirement and health care eligibility charts on opers.org. You can retire at age 55, no matter how long you work.
