Retirement
Benefit-Eligible Faculty, Classified, & Unclassified Administrative Staff
Benefit-eligible faculty, classified and unclassified administrative staff have the opportunity to participate in either the State Teachers Retirement System of Ohio (STRS-faculty) or the Ohio Public Employees Retirement System (OPERS-classified and unclassified administrative staff) or elect instead to enroll in an Alternative Retirement Plan (ARP).
Retirement Plan Election Form - must be completed within 120 days of hire date
Notice of Mitigating Contributions for ARP participants - February 2008
Ohio Public Employees Retirement System (OPERS) www.opers.org
Ohio State Teachers Retirement System (STRS) www.strsoh.org
All other Faculty and Classified and Unclassified Administrative Staff
Faculty, classified and unclassified administrative staff employed less than 32 hours per week, nine months per year are required to participate in either the State Teachers Retirement System of Ohio (STRS-Faculty) or the Ohio Public Employees Retirement System (OPERS-classified and unclassified administrative staff). Such employees do not have the option to participate in the Alternative Retirement Plan
Supplemental Retirement Benefit Programs
Annuity Vendors ListAll employees are eligible to contribute to a tax deferred annuity while employed at Miami University. Miami offers a 403(b) plan and a 457 plan.
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.
What is the difference between a traditional 403(b) and a Roth 403(b)?
Traditional 403(b)
Roth 403(b)
Contributions
Pre-tax basis
After-tax basis
Distributions
Subject to taxes
Not subject to taxes (certain rules apply)
Are there limits on how much can be contributed each year?
Yes, the IRS limits the amount an employee can contribute each calendar year in a 403(b) plan and a 457 plan. The 2009 annual limit for 403(b) accounts and 457 accounts is $16,500 plus an additional $5,500 in catch-up contributions if the employee is age 50 or older at the end of the year. This limit is a combined limit for both the traditional 403(b) and the Roth 403(b). The limit applies separately to the 457 plan. For example, an employee (under age 50) may contribute $16,500 per year in a 403(b) account (traditional and Roth combined) and $16,500 per year in a 457 account.
How and when can employees enroll in the plans?
There is no specific open enrollment period; employees can enroll anytime by contacting one of the approved vendors to set up an account.
When can contributions be changed or stopped?
Contributions can be changed or stopped at any time. To change your contribution amount or investment allocations, please contact your vendor. To stop 403(b) contributions, complete the Annuity Salary Reduction Cancellation Form and submit it to Benefit Services. For the 457 plan, please contact the plan directly to change or cancel contributions.
Retirement Forums
Held quarterly, Retirement Forums are set up to help employees compare key features of OPERS, STRS and the ARP In addition, information is provided on the voluntary tax-deferred accounts, 403(b) and 457 plans.
Retirement Preparation Sessions
Held monthly, these sessions are for employees nearing retirement. Click on the link for a complete schedule. Click here for schedule.
Benefit Services
15 Roudebush Hall
(513) 529-3926
(513) 529-4223 FAX