Your Retirement Benefits

TIME IS TICKING

You have 120 days from your date of hire to choose either the State Retirement Plan or the ARP.

If you elect the State Retirement Plan, you have 180 days from your date of hire to select one of the three retirement plan options. Once you select an option, make your choice with the applicable retirement plan system, (OPERS or STRS) via their website or telephone.

Mandatory Retirement Savings Plans

As a full-time employee of a public higher education institution, you belong to a retirement plan that is part of a public retirement system, or an alternative retirement plan (ARP) rather than the Social Security system.

Mandatory Retirement Plan Choices

The State Retirement Plan

I. Ohio Public Employees Retirement System (OPERS) – Non-Faculty

II. State Teachers Retirement System (STRS) – Faculty

The Alternative Retirement Plan (ARP)

I. Full-time employees only – Faculty and Non-Faculty

During the election period until your election is processed, your retirement funds will be deposited with the applicable State Retirement Plan (OPERS/STRS). If you enroll in the ARP, your employee contributions and eligible employer contributions, beginning on your ARP eligibility date, will automatically transfer to your selected ARP vendor. Your ARP election cancels your service credit and benefits in the State Retirement Plan from your date of hire to your election date. Your election between the State Retirement Plan and the ARP is irrevocable and cannot be changed while you are continuously employed at the College. It also cannot be changed if you leave employment with the College and are re-employed within 365 days of your separation date.

Election Period

You have 120 days from your date of hire to make a choice between the State Retirement Plan (OPERS/STRS) and the ARP. If you do not make an election, you will default to the applicable State Retirement Plan.

If you elect to stay within the State Retirement Plan, you have an option between three plan choices. You have 180 days from your date of hire to make a choice among the three plan options. If you do not make an election, you will default to the Traditional Pension Plan for OPERS or the Defined Benefit Plan for STRS.

Contribution Amounts

Both employee and employer contribution amounts are statutorily determined and codified in the Ohio Revised Code and are subject to change. They cannot be increased nor decreased by the individual employee.

OPERS CONTRIBUTION AMOUNTS

Non-Faculty Law Enforcement

STRS CONTRIBUTION AMOUNTS

Faculty /Preceptors/Tutors

COLLEGE

14% 18.1%

14%

EMPLOYEE

10% 13%

14%

ARP CONTRIBUTION AMOUNTS

OPERS COVERED POSITIONS

ARP Contributions ARP Contributions Law Enforcement *Mitigating Rate

STRS COVERED POSITIONS

ARP Contributions *Mitigating Rate

COLLEGE

11.56% 15.66% 2.44%

9.53% 4.47%

EMPLOYEE

10% 13%

14%

*Mitigating Rate – The Ohio Revised Code provides that if the State Retirement Plan determines that the defined contribution plans have had a negative financial impact on the OPERS Traditional Pension or STRS Defined Benefit Plans, then a percentage of the employer contributions shall be redirected to the applicable Traditional Pension or Defined Benefit Plan to compensate for that negative impact. This impact is reviewed each year. Participants accrue no benefits within the OPERS Traditional Pension or STRS Defined Benefit Plans from this contribution.

Overview of the Plans

Ohio Public Employees Retirement System (OPERS) Plan Options

Traditional Pension Plan – This plan is a defined benefit plan providing fixed retirement benefits every month of life based on a formula that rewards years of service. The formula includes your years of service credit and final average salary. OPERS manages the investment of employee and College contributions to ensure that funds are available to pay a benefit. As an employee participating in the Traditional Pension Plan, upon separation of service you may receive your accumulated contributions, interest on those contributions and, if you have five or more years of qualified service credit in the plan, an additional amount that is determined based on your years of service credit.

Member Directed Plan – This plan is a defined contribution plan in which employee contributions and a portion of College contributions are deposited into an individual account within the plan for each employee. The employee directs how contributions are invested (within certain limitations) and bears sole responsibility for the investment risk. With this plan option, you are 100% vested in your employee contributions and any investment earnings (or losses) on those contributions. Depending on the number of years you have attained in the plan, you may also receive a portion of the College’s contributions plus any investment earnings (or losses). Your account will vest at a rate of 20% each year for College contributions, with 100% vesting after five years of service.

Combined Plan – This plan combines features of the defined benefit and defined contribution plans. Under the defined benefit portion of the plan, your retirement benefit is determined by a reduced formula (similar to the formula described above for the Traditional Plan). Under the defined contribution portion, employee contributions are deposited into the employee’s individual account within the plan and invested, as directed by the employee, into one or more of the OPERS investment options. You are fully vested in all of the employee contributions, plus or minus any investment gains or losses on those contributions. Also, if you have five or more years of qualified service credit in the plan, you are eligible for an additional amount that is determined based on your years of service credit. ELECTION BETWEEN STATE RETIREMENT PLAN AND THE ARP IS IRREVOCABLE

and cannot be changed while you are continuously employed at the College. It also cannot be changed if you leave employment with the College and are re-employed within 356 days of your separation date.

DID YOU KNOW?

If you elect the ARP, you must contact the approved ARP vendor of your choice and open your ARP account prior to completing and returning the Retirement Plan Election form to the Total Rewards office.

FOR MORE INFORMATION ABOUT THE RETIREMENT PLANS

Ohio Public Employees Retirement System (OPERS) Opers.org | 1-800-222-7377 State Teachers Retirement System (STRS) Strsoh.org | 1-888-227-7877 ARP Plan Document and List of Approved Vendors My Tri-C Space > Employee > Employee Quicklinks > Benefit Plan Information > Retirement Plans, Mandatory (OPERS/STRS/ARP) State Teachers Retirement System (STRS) Plan Options

Defined Benefit Plan – This plan provides a guaranteed retirement benefit based on a formula. The formula uses your age, years of service and final average salary to determine your retirement benefit. STRS manages the investment of employee and College contributions to ensure that funds are available to pay the benefit. Monthly retirement benefits are payable with five or more years of service credit depending upon your age at retirement.

Defined Contribution Plan – In this plan, your retirement income is based on the performance of investment choices you select for the contributions made by you and the College. You may allocate your contributions among various investment options managed by STRS Ohio. This plan is not eligible for combined retirement with other Ohio public pension plans. You are 100% vested in your employee contributions and any investment earnings (or losses) on those contributions. Depending on the number of years you have attained in the plan, you may also receive a portion of the College’s contributions plus any investment earnings (or losses). Your account will vest at a rate of 20% each year for College contributions, with 100% vesting after five years of service.

Combined Plan – This plan combines features of the defined benefit and defined contribution plans. College contributions will be contributed to a defined benefit account, and the retirement benefit will be determined based on a formula using your age, years of service and final average salary. Employee contributions will be contributed to the defined contribution account. This portion of the retirement benefit will be determined based on the performance of investment choices you select. You are fully vested in all of the employee contributions, plus or minus any investment earnings or losses on those contributions. Also, if you have five or more years of qualified service credit, you will be eligible for a retirement benefit from the defined benefit account.

Alternative Retirement Plan (ARP)

This is a 401(a) defined contribution plan in which your retirement income is determined based on the performance of investment choices you select for the contributions made by you and the College. You may allocate your contributions among various investment options managed by one of the approved vendors.

Completing the Enrollment Process

Once you have decided which retirement plan you want to participate in, you must take the following action: 1.

2. Complete your Retirement Plan Election Form indicating either the State Retirement Plan or the ARP and submit it to the Total Rewards Office within the 120-day election period. If you choose the ARP, you must open your vendor account before submitting your Retirement Plan Election form to the Total Rewards Office. If you choose the State Retirement Plan, select one of the three plan options and submit that information to OPERS/STRS within the 180-day election period.

Voluntary Retirement Savings Plans

The College offers 403(b), 457(b) and 457(b) Roth plan options. Participation in these plans is optional, but funds in the accounts can be used to supplement retirement benefits from other sources such as OPERS, STRS, ARP or Social Security. Contributions to the 403(b) and 457(b) reduce taxable wages for federal and state purposes but do not reduce wages for determining OPERS, STRS or ARP deductions.

The College does not match contributions to voluntary retirement plans. There are several approved 403(b) and 457(b) vendors for you to choose from. Log in to my Tri-C space > Employee > Benefit Plan Information > Retirement Plans > Voluntary 403(b) and 457(b) for a list of approved vendors.

403(b) Tax Deferred Annuity Plan

A 403(b) plan is a defined contribution retirement plan that allows you to make pre-tax contributions to a 403(b) account in which funds grow tax-deferred until distribution. Distributions at age 59 ½ or later will be distributed without penalty and taxed at your ordinary tax rate. Distributions must begin by age 72.

Withdrawals prior to age 59 ½ are subject to IRS regulations. If you make withdrawals before age 59 ½, these will be taxed as ordinary income and you may be subject to an additional 10% early withdrawal penalty.

457(b) Deferred Compensation Plan

This is a defined contribution retirement plan that allows employees to make pre-tax contributions to an account. These funds grow tax-deferred until you withdraw them at retirement or separate employment. Distribution options are available at separation or when you reach age 72. Upon distribution, funds are taxed at your ordinary tax rate.

457(b) Deferred Compensation Plan: Roth Contribution Option

In addition to pretax deferrals, Ohio Public Employees Deferred Compensation also permits Roth 457(b) deferrals, which are made on an after-tax basis. Roth deferrals and associated earnings can be withdrawn tax-free in retirement if qualified distribution requirements are met.

Qualified “Tax-Free” Distributions

Distributions of Roth assets (contributions and associated earnings) are qualified if:

A period of five years has passed since Jan. 1 of the year in which the first contribution (including rollovers) was made to your Roth account; and

You are at least 59 ½ years old, disabled or deceased. If the qualified distribution requirements are not met, and the assets are not rolled over to another eligible plan, the earnings portion of the distribution will be taxable.

Retirement Manager

Retirement Manager is a convenient, secure, web-based access point from which you can manage your 403(b) plan and Voya Financial 457(b) accounts at any time. The Ohio Deferred Compensation 457(b) plans are excluded from management via Retirement Manager. If you are in those plans, you should continue to access Ohio Deferred Compensation online or via telephone.

Visit myretirementmanager.com to get started. HOW MUCH CAN I CONTRIBUTE?

Both programs allow you to contribute up to $19,500 or 100% of your salary, whichever is less. If you are age 50 or older, both plans offer you the opportunity to make additional contributions of up to $6,500 through the “catch-up” provision.

If you are an employee whose service with the College is longer than 15 years, you may be able to defer an additional $3,000 per year, up to a lifetime max of $15,000, in the 403(b) plan. To determine if you are eligible for an additional deferral, speak with your tax accountant, financial planner or 403(b) representative.

If you are nearing retirement, you may be able to contribute more funds with the 457(b) plan than with the 403(b) plan. During the three years prior to your normal Social Security retirement age, you may be eligible to defer an additional $19,500 under the “final three-year” provision. Participants who take advantage of this provision cannot also take advantage of the catch-up provision. To determine if you are eligible for an additional deferral, speak with your tax accountant, financial planner or 457(b) representative.