Section 3358:5-5-02 - State-approved retirement systems(A) Eligible employees are required to establish membership in either the Ohio state teachers retirement system (STRS) or the Ohio school employees retirement system (SERS). Generally, instructional faculty and adjunct faculty employees participate in and contribute to STRS while staff employees participate in and contribute to SERS.(B) The amount of contribution, retirement, and other benefits which accrue to employees are subject to the provisions of these respective retirement systems.(C) The employee's contribution is supplemented by the board of trustees' contribution which is in addition to the employee's annual salary.(D) The board of trustees, in recognition of the tax benefit to employees, pays the employee share to the respective retirement system through a salary reduction agreement. This institutional payment, on behalf of employees, is in accordance with existing laws and current rulings and interpretations.(E) Information concerning rules associated with the retirement systems including eligibility for retirement and benefits available can be secured from the human resources office or STRS/SERS.Ohio Admin. Code 3358:5-5-02
Effective: 10/23/2015
Promulgated Under: 111.15
Statutory Authority: 3358
Rule Amplifies: 3358
Prior Effective Dates: 3/13/78, 6/15/02, 1/15/84, 3/15/84, 7/1/94, 7/1/98, 3/27/2015