26 · Survey Results: Survey Questions And Responses
For librarians it is 9.77% for salaries up to $47,200, 12.71% for salaries over $47,200, .87% for salaries over $138,882.
For support staff it is 9.10% for salaries under $47,200 and 13.00% for salaries over $47,200.
For non-exempt staff, the university contributes to the state pension fund. Non-exempt university staff receive
retirement from the state pension plan.
PERF -University contribution is determined by the state. Of this contribution, 3% is allocated to an annuity savings
account and remaining portion is directed to the PERF defined Benefit Fund.
The above percentage equals 10.15% paid to employee’s PERA account, plus 2.20% amortization equalization
disbursement (AED) and 1.50% supplemental AED. Faculty and professional exempts are only eligible for this plan if
they have an account when hired by the university.
The amount of pension payment is determined for each participant by a formula that gives weight to salary, length of
service, and age at retirement. The costs to the university for the plan are determined by an annual actuarial review (the
“valuation”) which considers such factors as number of participants, salary levels and their probable growth, earnings
on plan assets, probable ages at retirement, and mortality expectations for retirees.
The university completely funds the plan. Non-exempt staff are not required or allowed to contribute to the plan.
The university offers a hybrid of defined benefit/contribution retirement plan.
The university offers two different retirement plans. They pay 10% for academic and professional staff. Support and
service staff have a retirement plan with two benefits, 1) University pays years of creditable service X final average
salary X 1.1% =annual benefit for life and 2) University pays 3%.
There are two retirement options offered to employees: the State retirement and an optional retirement system which is
TIAA-CREF. State retirement requires 10 years to be vested. TIAA-CREF vestment period is 13 months.
This is not a defined percentage. “The University pays the difference between your contributions and what it actually
costs to provide your pension benefits under the defined benefit concept. The University’s contribution rate is
determined in accordance with an actuarial valuation report filed with the regulatory authorities.”
This plan is available only to part-time employees (those who are not eligible to participate in the university’s primary
403(b) plan.
Total of 8.14% goes to retirement benefit fund. This is broken down as follows: 3.36% to pension plan .16% to death
benefit 4.1% to retiree’s health plan reserve .52% to disability income.
University employees participate in OPERS (Ohio Public Employees Retirement System). State law sets contribution rates
regardless of participation in OPERS or an alternative retirement plan (ARP).
Vesting begins the month after being hired for full-time employees. For part-time employees (category 2), vesting begins
after completing 1000 hours in any given fiscal year.
We have 4 different Defined Benefit plans, 1 Defined Contribution plan, and 1 hybrid plan (Employer=Defined Benefit,
Employee=Defined Contribution).
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