Human Resources: Benefits
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State Teachers Retirement System
The State Teachers Retirement System of Ohio (STRS) is a statewide pension plan for Ohio educators that offers a range of benefits and services to its 365,607 active and inactive members and retirees. STRS operated by authority of the Ohio General Assembly, and benefits are provided under Chapter 3307 of the Revised Code. Membership in the system includes public school teachers and administrators and college and university faculty. Certain college and university faculty may select STRS or a defined-contribution plan when their employers begin offering alternative retirement plans during the 1998-99 school year.
The general administration and management of STRS is vested in the State Teachers Retirement Board. The Retirement Board consists of five active teachers, one retired teacher and three ex officio members. Teacher members are elected to four-year terms by members of the Retirement System. The retired teacher member is elected by retirees receiving benefits from STRS. Board members serve without compensation other than actual, necessary expenses.
With more than $42 billion in assets, STRS is widely recognized as one of the largest and more financially sound retirement systems in the United States.
As a member of STRS, you make contributions to the system through payroll deductions. Your current contribution rate is 10% on your earnings; however, STRS has made legislative changes and the employee contribution rate will be as follows:
7/1/2013 - 11%
7/1/2014 - 12%
7/1/2015 - 13%
7/1/2016 - 14%
BGSU contributes 14% of your salary to STRS. An STRS annual statement for the previous year, ending June 30, is mailed to you during the last quarter of each year.
For more information about the STRS Retirement check their web page.
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