Retirement
RETIREMENT PREPARATION OPERS/STRS
Held monthly, these sessions are for employees nearing retirement.
SUPPLEMENTAL RETIREMENT BENEFIT PROGRAM
Annuity Vendors ListAll 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.
RETIREMENT MANAGER
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 their 403(b) accounts through the Retirement Manager website.
Click Here for detailed instructions.
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 2010 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. To set up the payroll deductions via a salary reduction agreement, log on to the Retirement Manager website.
When can contributions be changed or stopped?
Contributions can be changed or stopped at any time by logging on to the Retirement Manager website. Click Here for instructions.
For the Ohio Deferred Compensation 457 Plan, changes cannot be made via the Retirement Manager website. Employees should contact the Plan at 1-877-644-6457 or www.ohio457.org
Contributions can be changed or stopped at any time by loggin
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).
Notice to Interested Parties - ARP (April 2010)
Retirement Plan Election Form - must be completed within 120 days of hire date
Ohio Public Employees Retirement System (OPERS) www.opers.org
Ohio State Teachers Retirement System (STRS) www.strsoh.org
Deferring Terminal Pay (Vacation/Sick Leave) via a Tax Deferred Annuity
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.
Benefit Services
15 Roudebush Hall
(513) 529-3926
(513) 529-4223 FAX