Employees at Miami University do not pay into social security, but do contribute to the state retirement plans. Faculty contribute to the State Teachers Retirement System (STRS) and all other employees contribute to the Ohio Public Retirement System (OPERS). STRS members contribute 14% of annual pay and OPERS members contribute 10% of annual pay, while the University contributes 14%.
Full-time employees are eligible to elect an alternative retirement plan (ARP) within 120 days of the effective date of full-time employment. When choosing the ARP, please note that there is a mitigating fee of 0.77% for OPERS members and 4.5% for STRS members. This means that 0.77% (OPERS) and 4.5% (STRS) of the University's contribution will go to the corresponding state plan.
www.opers.org Ohio Public Employees Retirement System (OPERS)
Register for your own personal account on the home page.
www.strsoh.org Ohio State Teachers Retirement System (STRS)
Register for your own personal account on the home page.
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 Elimination Provision
Under the Windfall Elimination Provision, your Social Security retirement or disability benefit is figured using a modified formula when you are also entitled to a pension from a job where you did not pay Social Security tax. As a result, you will receive a lower Social Security benefit than if you were not entitled to a pension from this job. For example, if you are age 62 in 2013, the maximum monthly reduction in your Social Security benefit as a result of this provision is $395.50. This amount is updated annually. This provision reduces, but does not totally eliminate, your Social Security benefit. For additional information, please refer to Social Security Publication, “Windfall Elimination Provision.”
Government Pension Offset Provision
Under the Government Pension Offset Provision, any Social Security spouse or widow(er) benefit to which you become entitled will be offset if you also receive a Federal, State or local government pension based on work where you did not pay Social Security tax. The offset reduces the amount of your Social Security spouse or widow(er) benefit by two-thirds of the amount of your pension.
For example, if you get a monthly pension of $600 based on earnings that are not covered under Social Security, two-thirds of that amount, $400, is used to offset your Social Security spouse or widow(er) benefit. If you are eligible for a $500 widow(er) benefit, you will receive $100 per month from Social Security ($500 - $400=$100). Even if your pension is high enough to totally offset your spouse or widow(er) Social Security benefit, you are still eligible for Medicare at age 65. For additional information, please refer to Social Security Publication, “Government Pension Offset.”
For More Information
Social Security publications and additional information, including information about exceptions to each provision, are available at www.socialsecurity.gov. You may also call toll free 1-800-772-1213, or for the deaf or hard of hearing call the TTY number 1-800-325-0778, or contact your local Social Security office.
All employees are eligible to participate in Miami University's Supplemental Retirement Benefit Program. Miami offers a 403(b) tax-deferred plan, a 457 tax-deferred plan, and a Roth 403(b) post-tax plan.
$18,000 Regular Deferral Limit
$24,000 Age 50-Plus Deferral Limit
$36,000 Catch-Up Deferral Limit
To change your 403(b) contribution, please see the instructions for Retirement Manager below. To change your Ohio Deferred Compensation Plan (457) contribution, please contact them at 877-644-6457 or www.ohio457.org.
What is a tax-deferred 403(b) or 457 plan?
A salary reduction plan available to employees of public educational institutions where contributions and investment earnings grow tax-deferred until withdrawal, at which time they are taxed as ordinary income. Employees lower their taxable income while working, while increasing their retirement savings.
A 403(b) or 457 plan allows you to make your pretax contributions by convenient payroll deduction. You control your retirement future. You experience tax-deferred growth and compounding interest (the difference you would have paid in taxes earns interest plus that interest earns interest, compounding even more).
What is a Roth 403(b) plan?
A salary reduction plan available to employees of public educational institutions where contributions are post-tax. These accounts don’t reduce taxable income while working, but the earnings are tax-free at retirement.
Retirement Manager is a convenient, secure, web-based access point from which you can manage your annuity retirement plan accounts anytime and anywhere, 24 hours a day, seven days a week. To access Retirement Manager, simply go to www.myretirementmanager.com.
You can use the Retirement Manager site to:
Effective January 1, 2015, the Retirement Manager support line is available to take calls from members regardless of their investment provider selection.
The support line is staffed with a dedicated group of Client Service Professionals that are available to help with:
The login process
General navigation questions
How to use the enrollment and disbursement transaction screens.
Account-specific questions related to a particular provider should be addressed directly to the provider.
The Society of Emeriti was established in 1972 and the Society of Retirees in 2005 to provide members the opportunity to remain connected to each other and the university through social events, where members can gather on campus a few times each year. To this end, University Advancement and the Office of Gift Planning provide direct support for:
Society sponsored activities in the spring, summer, and winter. Invitations are mailed four to six weeks prior to an activity to members with mailing addresses within a 100-mile radius of campus. Contact us if you live outside the 100-mile radius and wish to be included in activity notifications.
A membership directory is printed and mailed each spring. This is a more exclusive publication than the Miami electronic directory. You must contact us to participate. The directory allows you to control the information that is published in your listing.
Other university sponsored benefits are shown below. All become automatically available to you upon retirement--you do not need to sign up or contact anyone. If you have a question about a particular benefit, please contact the office that oversees that benefit.
Jayne E. Whitehead, Senior Director of Development, Gift Planning (529-5223)
Kim Shann, Administrative Assistant, Gift Planning (529-1286)