Actuarial Summary of Benefit and Contribution Provisions — Defined Benefit Plan Eligibility for Membership Immediate upon commencement of employment.
Service Retirement Eligibility Any age with 30 years of service, age 55 with 25 years of service, or age 60 with five years of service. Members retiring before age 65 with less than 30 years of service credit receive a percentage reduction in benefit amounts. Amounts Annual amount equal to the greater of (a) 2.2% of final average salary for the three highest paid years, multiplied by years of total Ohio service credit, or 2.5% of final average salary for the three highest paid years if the member has 35 or more years of contributing service credit, multiplied by years of total service credit — except that for years of Ohio contributing service credit in excess of 30 the following formula percentage will apply: Year
Percentage
31 32 33 34 35 36 37 38 39
2.5% 2.6% 2.7% 2.8% 2.9% 3.0% 3.1% 3.2% 3.3%
58 59 60 61
Years of Ohio Service Credit 25 26 27 28
62 63 29 64 65
30 or more
Maximum benefit — The lesser of: (a) 100% of average annual salary for the three highest paid years, or (b) the limit as established by Section 415 of the Internal Revenue Code. Minimum benefit — The sum of the annuity provided by: (a) the member’s contribution with interest, (b) a pension equal to the annuity, and (c) an additional pension of $40 multiplied by the number of years of prior and military service.
Disability Retirement Eligibility A member may qualify if the following criteria are met: membership before July 30,1992, and election of this benefit; completion of five or more years of service; under age 60; and incapacitated for the performance of regular job duties for at least 12 months. Amount (1) Annuity with a reserve equal to the member’s accumulated contributions, plus (2) The difference between (1) (noted above) and the greater of 2% of the average salary during the three highest paid years times total service plus years and months from date of disability to age 60, or $86 times total service plus years and months from date of disability to age 60. Maximum allowance is 75% of final average salary. Minimum allowance is 30% of final average salary.
Disability Allowance Eligibility
or (b) $86 multiplied by years of service credit, and adjusted by the following percentage: Attained Age
Annual salary is subject to the limit under Section 401(a)(17).
Percentage of Base Amount 75% 80% 85% 88% 90% 91% 94% 95% 97% 100%
A member may qualify if the following criteria are met: membership after July 29,1992, or membership on or before July 29,1992, and election of this benefit; completion of five or more years of service; and incapacitated for the performance of regular job duties for at least 12 months. Amount The amount is 2.2% of the average salary during the three highest paid years times total service. Maximum allowance is 60% of final average salary. Minimum allowance is 45% of final average salary. The disability allowance payment terminates at age 65 (or later if payment begins after age 60). After termination of the disability allowance, the member may apply for service retirement. STRS Ohio Comprehensive Annual Financial Report 2009
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