Choosing a Plan

Both public retirement systems—Ohio Public Employees Retirement System (OPERS), for all non-faculty employees and State Teachers Retirement System of Ohio (STRS), for faculty—offer different retirement plan options.

If you are a new employee, you have 180 days from date of hire to review these state plan options and select the plan within your retirement system that best meets your needs.

Please note: Full time employees eligible to choose an alternative retirement plan (ARP) have 120 days from date of hire to elect a plan. Please see below.

OPERS (for Non-Faculty Employees)

OPERS offers its members three retirement plans to non-faculty Miami employees:

  • Traditional Pension
  • Member-Directed
  • Combined

You may review details for each plan on the OPERS website or contact OPERS to schedule a counseling session. Currently, your employee contribution to OPERS is 10% of your salary, which is deducted from each paycheck and sent to your OPERS account. Miami's employer contribution is up to 14% of your salary.

When you have selected a plan, submit your plan election to OPERS by phone (866-673-7748), online, or through the OPERS Retirement Plan Selection Form included within your Selection Kit.

Please note: If you do not make a plan election within 180 days, you will default to the OPERS Traditional Pension Plan.

STRS (for Faculty)

STRS Ohio offers Miami faculty three retirement plans:

  • Defined Benefit
  • Defined Contribution
  • Combined

You may review details for each plan on the STRS website or contact OPERS to speak to Member Services. Currently, your employee contribution to OPERS is 14% of your salary, which is deducted from each paycheck and sent to your STRS account. Miami's employer contribution is an amount equivalent up to 14% of your salary.

When you have selected a plan, submit your plan election to STRS through the STRS Ohio Retirement Plan Selection Form.

Please note: If you do not make a plan election within 180 days, you will default to the Defined Benefit Plan.

Alternative Retirement Plan (ARP) Option for Full Time Employees Only

New, full-time Miami employees (including those who are moving from part-time or a temporary position to a full-time position) may elect to participate in an Alternative Retirement Plan (ARP) rather than the state retirement system (OPERS or STRS), under which their service would normally be covered.

For the ARP, you choose an approved ARP vendor, set up an account, and then allow the vendor to invest your retirement contributions. You can evaluate each vendor's information, annual reports, fee disclosures, and objectives to determine what they have to offer. You may also consult with a financial expert, if you feel the need.

Electing the ARP

You have 120 days from your full-time hire date to elect either the state plan or the ARP by submitting the Retirement Plan Election (PDF 65KB) to the Benefits office in 15 Roudebush or faxing to 513-529-4223.

Once your have selected the ARP, your election is final and irrevocable (i.e., you cannot change to OPERS or STRS), but you can change your ARP vendor once per calendar month. Your vendor change will be effective on the first of the following month.

Contribution Amounts

ARP participants are required to contribute the same amount under the ARP as they would to the applicable state retirement system (OPERS or STRS).

However, Ohio Revised Code Section 3305.06 requires that when an ARP is chosen, a portion of the employer contribution (called a "mitigating fee") is also sent to the applicable state system (OPERS or STRS) to mitigate negative financial impacts of the ARP on that system. As a result, ARP contribution amounts are as follows:

  • Non-faculty employees must contribute 10% of their salary to the ARP. Miami will also contribute an amount equivalent to 14% of their salary (less a 2.44% ARP-OPERS mitigating fee, for a total ARP contribution of 11.56%). 
  • Faculty must contribute 14% of their salary to the ARP. Miami will also contribute an amount equivalent to 14% of their salary (less a 4.47% ARP-STRS mitigating fee, for a total ARP contribution of 9.53%). 

You are 100% vested in your contributions immediately. After completing one year of service, you are 100% vested in Miami's employer contributions.

Please note: If you do not submit the retirement plan election form and set up your account with your chosen approved vendor within 120 days, you will default to the State's plan.