Ohio Retirement Plan for Outside Directors
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How to fill out Retirement Plan For Outside Directors?
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FAQ
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.
As a member of OPERS, you do not pay into Social Security. Instead, you contribute 10 percent of your salary to OPERS and your employer contributes the equivalent of 14 percent of your salary. OPERS invests these contributions in order to provide you with retirement benefits when you retire.
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.
-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.
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.
Employers are required to contribute to OPERS based on the percentage of a members' earnable salary. Currently, employer contribution rates are: 14% for state government employees. 14% for local government employees.
See the full retirement and health care eligibility charts on opers.org. You can retire at age 55, no matter how long you work.
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.
