401(K)

Retirement

Staff

As a new full-time staff member, you have the opportunity to select between Ohio Public Employees Retirement System (OPERS) and the Alternative Retirement Plan (ARP) for your mandatory retirement contributions. Earnings from your Northeast Ohio Medical University employment are not covered under Social Security. Instead, you contribute 10% to a mandatory retirement plan. Your retirement contributions will be sent to the OPERS defined benefit plan until an election is made.

As an eligible staff member, you may elect one of the two OPERS plan options or the university-sponsored ARP. OPERS Traditional Pension Plan (Defined Benefit) or the OPERS Member-Directed Plan (Defined Contribution). You may want to consider the ARP if you’re unsure about working long enough to qualify for a state benefit, prefer to direct and manage your own investments, or value flexibility and portability. This option may also be a better fit if you do not need or expect to qualify for potential state-provided retirement benefits, such as retiree health care (if available and eligibility requirements are met).

You have 120 days to choose between OPERS and ARP and 180 days to choose between the two OPERS plan options.

Faculty

As a new full-time faculty, you have the opportunity to select between State Teachers Retirement System of Ohio (STRS) and the Alternative Retirement Plan (ARP) for your mandatory retirement contributions. Earnings from your Northeast Ohio Medical University employment are not covered under Social Security. Instead, you contribute 14% to a mandatory retirement plan. Your retirement contributions will be sent to the STRS defined benefit plan until an election is made.

As an eligible faculty member, you may elect one of the three STRS plan options or the university-sponsored ARP. STRS Defined Benefit Plan (DB), STRS Defined Contribution Plan (DC) or the STRS Combined Plan. You may want to consider the ARP if you’re unsure about teaching long enough to qualify for a state benefit, prefer to direct and manage your own investments, or value flexibility and portability. This option may also be a better fit if you do not need or expect to qualify for potential state-provided retirement benefits, such as retiree health care (if available and eligibility requirements are met).

You have 120 days to choose between STRS and ARP and 180 days to choose between the three STRS plan options.

Supplemental Retirement Plans

Supplemental retirement options—such as 403(b) and 457(b) plans—are designed to complement a primary retirement system (like a pension). They provide an opportunity to save additional funds, direct your own investments, and build a more flexible source of income for retirement.

Employees working 20 hours or more per week are eligible to participate in the 403(b) Supplemental Retirement Accounts (SRA). These plans allow you to enhance your retirement savings through two available contribution types (pretax and Roth).

Employees working 40 hours per week are eligible to participate in the 457(b) Supplemental Retirement Accounts (SRA). These plans allow you to enhance your retirement savings through two available contribution types (pretax and Roth).