Retirement
Employees at Miami University do not pay into social security, but do contribute to the state retirement plans. Faculty contribute to the State Teachers Retirement System (STRS) and all other employees contribute to the Ohio Public Retirement System (OPERS). Employees contribute 10% of annual pay, while the University contributes 14%. All full-time employees are eligible to elect an alternative retirement plan (ARP) within 120 days of hire.
Notice to Interested Parties - ARP (PDF 103KB)
ARP Retirement Vendors List (PDF 220KB)
ARP Vendor Change Form (PDF 181KB)
Deferring Terminal Pay (Vacation/Sick Leave) via a Tax Deferred Annuity (PDF 16KB)
www.opers.org Ohio Public Employees Retirement System (OPERS)
Register for your own personal account on the far right side of the home page.
www.strsoh.org Ohio State Teachers Retirement System (STRS)
Register for your own personal account on the far right side of the home page.
SUPPLEMENTAL RETIREMENT BENEFIT (Annuity) PROGRAM
Miami-Approved Annuity Vendors List
All employees are eligible to participate in Miami University's Supplemental Retirement Benefit Program. Miami offers a 403(b) tax-deferred plan, a 457 tax-deferred plan, and a Roth 403(b) post-tax plan.
What is a tax-deferred 403(b) or 457 plan?
A salary reduction plan available to employees of public educational institutions where contributions and investment earnings grow tax-deferred until withdrawal, at which time they are taxed as ordinary income. Employees lower their taxable income while working, while increasing their retirement savings.
A 403(b) or 457 plan allows you to make your pretax contributions by convenient payroll deduction. You control your retirement future. You experience tax-deferred growth and compounding interest (the difference you would have paid in taxes earns interest plus that interest earns interest, compounding even more).
What is a Roth 403(b) plan?
A salary reduction plan available to employees of public educational institutions where contributions are post-tax. These accounts don’t reduce taxable income while working, but the earnings are tax-free at retirement.
RETIREMENT MANAGER
Log into MyRetirementManager
Retirement Manager Detailed Instructions (PDF 56KB)
Retirement Manager is an interactive website for 403(b) account maintenance and information. Enrollments, contribution changes, and distributions are submitted through this website.
Retirement Manager is not a substitute for the advice and knowledge of the vendor representatives. Please consult the representative before making 403(b) investment decisions.
Employees can access and make changes to the contribution amounts for their 403(b) accounts through the Retirement Manager website.
SOCIETIES of MIAMI EMERITI (SOME) and RETIREES (SOMR)
In keeping with the goal of retirement, the SOME and SOMR organizations are not intended to be a working or business group, but rather one which provides opportunities to gather a few times a year for more social occasions. To that end, the Division of University Advancement provides support to the group to facilitate interaction and activities.
Membership in these societies provides on-going benefits. To help facilitate receipt of some of the benefits, you will need to acquire a new Miami ID through the Office of Housing, Options, Meals & Events (529-5000) in the Shriver Center. Phone numbers are provided should you have a question about a specific benefit.
Current benefits of SOME and SOMR membership:
• Continuation of Miami email account (529-7900)
• Discounted membership at the Recreational Sports Center (529-6868)
• Continued eligibility in Employee Health and Well-being Programs (529-3492)
• Member may receive a parking permit at no cost (529-8535)
• 10% Discount at Shriver Bookstore (529-2600)
• Services at University libraries (529-2800)
• Hosted social activities--typically in the spring, fall, and around the holidays
• Course registration (529-8744, Option 8)
Note: Members may enroll for any course on an audit basis without a fee, with the exception of participation courses--e.g. horseback riding. If credit is desired, the general fee and facility fee will be charged. The instruction fee will be waived in most instances for members, spouses, and widows and widowers depending on the State of Ohio statutes and regulations in effect at the time the fee waiver is requested. Please contact Sherry Schilling, Benefits & Wellness (529-2148) for information and eligibility.
Additional benefits of SOME membership:
• Research and grant information from the Office for the Advancement of Research and Scholarship (513-529-
3600 and oars@miamioh.edu)
• Participation in academic processions
Society membership questions:
Jayne E. Whitehead, Senior Director of Development, Gift Planning (529-5223)
Kim Shann, Administrative Assistant, Gift Planning (529-1286)