Retirement Systems

Welcome to the Retirement Systems webpage, we hope that you can utilize our page to help you navigate our Retirement Programs. If you have any additional questions, please feel free to contact us at 419.530.4747, option 3 or email us at: benefits@utoledo.edu

Retirement Program Quick Facts:

ALL full-time, part-time, temporary, contingent, and seasonal employees are required to be enrolled in a Retirement Plan at The University of Toledo
ALL retirement eligible employees are automatically enrolled in OPERS (staff) or STRS (faculty), or Full-time employees have option to instead elect to our Alternative Retirement Plan (401a) within 120 days of start date.
Law Enforcement Officers contribute to a branch of OPERS, called LEO (Law Enforcement Officers)

Retirement Workshops

New for 2024 :

The University of Toledo is committed to offering retirement programs that help you build long-term financial savings. As part of this commitment, we are offering an additional 457(B) Deferred Compensation Plan through TIAA! Please see the 457(B) section for more information on how to enroll.

TIAA Webinar Series and 1:1 Scheduling, TIAA will be on campus October 29th: register here
OPERS Upcoming Live Webinars: register here
Ohio Deferred Compensation will be on campus October 24th, Thursday. Register for an in-person appointment here.
Ohio Deferred Compensation Online Retirement Readiness Course RetireU. Register here
VOYA will be on campus October 30th, Wednesday. Register for an in-person appointment here.
LinkedIn Learning Retirement Course: begin here
Fidelity Fall Event Webinar Series: register here
Retirement Planning Session on Monday 10/21/2024 (in-person or virtual).
- Morning Session (10am - 11am) register here
- Afternoon Session (3pm - 4pm) register here
Social Security Training on Tuesday 10/22/2024 (virtual).
- Morning Session (10am - 11am) register here
- Afternoon Session (3pm - 4pm)register here

OPERS

The Ohio Public Employees Retirement System (OPERS) is a defined benefit plan that provides retirement, disability, and survivor benefit programs for public employees throughout the state who are not covered by another state or local retirement system. Membership begins the first date of employment. The employer share is subject to vesting.

www.opers.org
1-800-222-7377

Understanding Retirement
Request for previous service credit search
OPERS Traditional Plan Retirement Eligibility
OPERS Member-Directed Plan Retirement Eligibility

LEO

LEO is the Law Enforcement Public Safety Officers branch of OPERS. This is only offered to our law enforcement officers within the University or Hospital.
Understanding LEO

Retirement System Contributions

Retirement Plan	Employee Contribution (mandatory)	Employer Contribution
OPERS/LEO	10%	14%

STRS

State Teachers Retirement System of Ohio is the defined benefit plan for Faculty members. It is legally separate from and fiscally independent of state and local governments. Membership begins the first date of employment.

www.strsoh.org
1-888-227-7877

Understanding Retirement
Request for previous credit search
Plan Comparison Chart

Retirement System Contributions

Retirement Plan	Employee Contribution (mandatory)	Employer Contribution
STRS	14%	14%

ARP-Alternative Retirement Plans (401a)

The Alternative Retirement Plan is a defined contribution plan. This option gives you the choice to seek out the option to invest your money into mutual funds with one of our vendors off our Vendor Contact list below. You have 120 days from your hire date to choose this option. This option is only available to full time employees. The employer share is 100% vested on day one.

ARP Vendor Comparison Guide
ARP Vendor Contact List and Plan Codes
ARP Enrollment Form
ARP Plan Document

Distributions

ARP
Distributions	-Any age (withdrawals made before age 59½ may be subject to an additional federal penalty)

Contributions

Retirement Plan	Employee Contribution (mandatory)	Employer Contribution
Faculty-ARP	14%	14% (11.09% to Plan, 2.91% Administrative Fee*)
Staff-ARP	10%	14% (11.76% to Plan, 2.24% Administrative Fee*)
*Employer ARP Mitigating Contribution.

403(b) Voluntary Plan

A 403(b) plan (tax-sheltered annuity plan or TSA) is a retirement plan offered by public schools and certain charities. The University of Toledo’s plan is voluntary, meaning only the employee contributes additional retirement funds to this account. The pre-tax/deferred contribution is not subject to federal or state income tax until it's distributed. However, employees have the option to elect a 403(b) Roth option, contributions to a Roth account is taxed currently but is tax-free (including earnings) when distributed.

403(b) IRS Information
403(b) vs 457b TIAA document
Vendor Comparison Guide
Vendor Contact Information & Plan Codes

403(b) Enrollment & Contribution Changes:

Employees may elect or change contributions by enrolling in or updating their Retirement@Work profile. All contributions changes must go through Retirement@Work, not your direct vendor.

University of Toledo Retirement@Work
User Guide - Retirement@Work
403(b) Step-by-Step Guide - Initiate or Change Your Contribution Amounts

Deductions will begin on the pay date you indicate, if received within the payroll-processing deadline. Student Employees are not eligible for a 403(b) plan.

403(b) Plan Document

2024 Universal Availability Limits (per IRS)
Age 49 or Younger	-$23,000 for the year
Age 50 or Older	-$30,500 for the year ($7,500 catchup)

Legal Notice on Universal Availability

457(b) Voluntary RetirEment Plans

A 457(b) plan is a tax-advantaged retirement savings plan offered to employees of many state and local governments and some nonprofit organizations. The University of Toledo’s plans are voluntary, meaning only the employee contributes additional retirement funds to this account. The pre-tax/deferred contribution is not subject to federal or state income tax until it's withdrawn. However, employees have the option to elect a 457(b) Roth option, contributions to a Roth account is taxed currently but is tax-free (including earnings) when distributed.

Deductions will begin on the pay date you indicate, if received within the payroll-processing deadline. Student Employees are not eligible for a 457(b) plan.

457(b) IRS Information
403(b) vs 457(b) TIAA Document

TIAA

Employees may elect or change contributions for their TIAA's 457b by enrolling in or updating their Retirement@Work profile. All contributions changes for TIAA must go through Retirement@Work.

University of Toledo Retirement@Work
User Guide - Retirement@Work
457(b) Step-by-Step - Initiate or Change Your Contribution Amounts with TIAA

Representative:
Eric Roberts
734-332-3530
eric.roberts@TIAA.org

TIAA is available for individual appointments and further guidance - Appointment Link

Ohio Deferred Compensation

Ohio Deferred Compensation Website
457(b) Step-by-Step - Initiate or Change Your Contribution Amounts with ODC

Representative:
Jim Montgomery
419-290-2368
montgj7@nationwide.com

2024 Universal Availability Limits (per IRS)
Age 49 or Younger	$23,000 for the year
Age 50 or Older	$30,500 for the year ($7,500 catchup)

Social Security & Medicare

Social Security

Social Security Website
Social Security Account Login
Notice: Your earnings from this job are not covered under Social Security. When you retire, or if you become disabled, you may receive a pension based on earnings from this job. If you do, and you are also entitled to a benefit from Social Security based on either your own work or the work of your husband or wife, or former husband or wife, your pension may affect the amount of the Social Security benefit you receive. Your Medicare benefits, however, will not be affected. Under the Social Security law, there are two ways your Social Security benefit amount may be affected (windfall and spousal benefits).

Social Security Resources:

Windfall Elimination Provision - information on how your retirement plan effects your social security
How Your Government Pension May Effect Social Security Benefits - WEP calculator
Social Security Forms
Social Security Office Locator - to find your local office and the contact information.

Medicare

Medicare Website

If you are considering retirement, there are important factors to consider when you are preparing for Retirement. Our team is dedicated to helping you have a smooth transition into retirement. Please review our guides and resources below to get started. If you would like to schedule an appointment with our Retirement Specialist, please contact us at 419.530.4747, option 3 or email us at benefits@utoledo.edu.

Attending our Retirement Workshops are a great way to get ahead in preparing for Retirement.

To retain your UToledo email address, please contact your supervisor.
Faculty, please contact Academic Affairs to discuss additional retiree benefits.

FAQs

Questions in general? Here is a list of common FAQs that may answer your questions. If not please feel free to contact us at benefits@utoledo.edu or 419-530-4747.

How much Sick Time will I get paid-out?

Policy 3364-25-123 states: [AAR1] Cash Benefit Conversion of Sick Leave Upon Retirement Employees with ten (10) or more years of service with the state (service as defined by a State of Ohio retirement system excluding non-Ohio purchased time) shall be compensated in an amount not to exceed one-fourth of accrued but unused sick leave credit, based upon the individual’s annual rate of compensation at the time of retirement up to a maximum payment of two hundred-forty (240) hours. Please read the policy for exact details and eligibility.

IF I'm IN THE ARP, At what age am I considered fully retired?

ARP participants are considered fully retired at sixty-five (65) years old and ten (10) or more years of service with the state to be eligible for the cash benefit conversion of sick leave.

Does the University contribute to Social Security on my behalf?

No. As a state employer your typical social security deductions are placed in your retirement plan. Additional details can be found here regarding this statement. Please note we do, however, contribute to Medicare on your behalf.

Can I rollover my Sick/Vacation to my 403b or 457b when I retire?

Yes, you may rollover these funds into a 403(b) or 457(b) account. You will need to ensure you have the account set up with one of our approved vendors. This addition is subject to the yearly total maximum contribution. In order to ensure this rolls over properly, please enter the contribution amount you want rolled over into through Retirement@Work or through Ohio Deferred Compensation, the day after your last regular pay. This will ensure it goes on your final vacation payout which is estimated to be around a month after your last regular pay.

How Does OPERS disburse my funds once I contribute?

When it comes to your OPERS account it is specific to you and we do not have access to the specific account details. Please reach out to OPERS at: 1-800-222-7377.

I am enrolled in benefits at the university, do I have to enroll in Medicare while still working at UT?

No, you may wait to enroll once you retire. The Benefits Department can complete Medicare Part B forms upon request stating you have credible coverage so you will not be penalized for not enrolling at the age of 65.

What Happens to my retirement money if I want to return to the University?

Re-Employed Retirees should fill out the Notice of Re-Employment of an OPERS/STRS Benefit Recipient form.

OPERS retirees who become re-employed on a full-time basis by a public university or college have the option of participating in OPERS/STRS or they may be eligible to participate in an Alternative Retirement Plan (ARP). Retirees have to have been separated for one year before the option of changing retirement plans is available.

Refer to re-employment sections on the OPERS website or the STRS website for information on how re-employment may affect your pension and your benefits.

What happens if I retire and decide to come back to work? How will it affect my retirement benefits?

If you have “retired” before the age of 65 and come back to work with the university, some of your benefits will not be payable to you through OPERS/STRS while you are working. Please review this process over with OPERS/STRS before making any decisions.

How long do I have to work for UT to retire with maximum benefits?

Please refer to the OPERS/LEO, STRS & ARP tabs on our retirement systems website to clarify this for you.

University of Toledo Retirement Systems Webpage

Will I be able to keep my UT email if I retire?

Faculty and staff members who are no longer employed by UT will no longer be able to gain access to their mailbox, with the exception of retired employees with 10 or more years of service. All other services (One Drive, Office Online, etc) will be discontinued. Note: The University reserves the right to remove and not reinstate your mailbox if your UTAD password is not kept up-to-date and has expired. Because logging into your mailbox requires your UTAD user ID and password, UT assumes that you are no longer using your mailbox. Refer to this chart for further details.

When should I start getting ready to retire? (notify manager, call OPERS, etc)

Review over our Retiring from UT tab on our page:
https://www.utoledo.edu/depts/hr/total-rewards/retirement/

What is the Disability retirement process?

This depends on which program you are applying to. Please see the links below describing the different methods:

Social Security Disability: https://www.ssa.gov/benefits/disability/

OPERS: https://www.opers.org/disability/

STRS: https://www.strsoh.org/actives/teaching/disability.html

I had OPERS/STRS at my prior employer, what do I need to do enroll when I start at UT?

If you are eligible through OPERS/STRS through UT, you are automatically enrolled at hire. Your funds stay within those systems and you will not need to do anything additional.

UToledo Human Resources