A: OPERS Ohio can be a fantastic retirement plan because it guarantees a consistent source of income in retirement regardless of your age. This allows you to easily build other sources into OPERS Ohio while providing an emergency backup fund should any unexpected circumstances require supplementing it.
OPERS Ohio investments offer you a competitive return based on the risk you are willing to take in order to outstrip inflation and earn more. In 2015, these investments returned 6.09 percent – significantly above the national average return.
The Ohio Public Employee Retirement System Investment Program stands out as one of the nation’s premier investment programs, boasting an 81-year track record of prudent management which has resulted in secure, well-funded retirement benefits enjoyed by tens of thousands of public employees across Ohio.
OPERS is also an ideal retirement plan because of the tax deduction it can offer during retirement. Most Ohio retirees take full advantage of this tax break and use it to help maximize their personal retirement savings accounts.
OPERS Ohio offers more than tax benefits; we are also an exceptionally well-funded system with substantial reserves due to decades of careful stewardship by both our Board and members, and an expansive and diversified investment portfolio. As the largest public pension fund in Ohio, we boast an enviable record of managing liabilities and assets effectively.
Ohio residents have heard frequent and serious discussions regarding reductions to OPERS benefits at retirement time. Though it may not be possible to stop this trend entirely, you can protect yourself by working with a qualified financial planner on planning for your own future entitlements.
Answer:
To be eligible for OPERS Ohio, you must work in an OPERS-covered position such as public school teaching or law enforcement officer; an employee of an Ohio municipality or government agency; elected official; volunteer firefighter; certain volunteer roles or certain volunteer roles. Depending on your service credit in each of these plans (Traditional Pension Plan; School Employees Retirement System of Ohio Defined Benefit Plan and Ohio Police and Fire Pension Fund), retirement can either occur independently from OPERS, or combined across them to determine your benefits.
Your group number is the primary criterion in determining eligibility for benefits under both Traditional and Combined Plans. Your group number can be found either on your latest OPERS statement or online.
OPERS members are eligible for Survivor Benefits upon the death of a spouse or dependent. These payments represent life insurance at no additional cost to you; taking out a PLOP can reduce lifetime survivor benefits; therefore it is wise to consult a qualified financial planner before making this decision.