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Options for retirement - PERSpective I have a traditional retirement account in Ohio (OPERS), where I used to live and work. We have received different info from OPERS Legal Services who are very busy and slightly resentful of doing what isnt in their job description. OPERS recognizes the best choice of a retirement plan varies by individual and as such, there are important factors to consider when making a plan selection. For more information, contact your local Social Security office. The purchase may be done either by direct payment to OPERS or, on certain purchases, through payroll deduction. Any re-employed retiree who works for a different college or university immediately after retirement is eligible for an ARP election. If you anticipate that your move is only temporary, you may lose more than you gain by pulling your money out of your pension account. municipal? Contributions will be required to be withheld and remitted on a post-tax basis. Pensions offer greater stability than 401 (k) plans. You can change those beneficiaries at any time through your online account. That is up to your new employer, not OPERS. In addition, we urge you to encourage your employees to contact the OPERS Member Services Center at 1-800-222-7377 with any questions they might have. We have hundreds of thousands such accounts. The public employer who contracts with the private employer is ultimately responsible for ensuring continuation of contribution report submission and payment. Q&A: Dual Benefit Payments | RRB.Gov If you have enough years of service that your pension is already vested, there's no point in trying to transfer it to another state. I am planning to retired in 2028 after I put in 20 years of work with Cuyahoga county. A: Your retirement payout options can be summarized into three main options, regardless of whether youre enrolled in our Traditional, Member-Directed or Combined pension plan: Take the entire amount as a lifetime annuity, take part of your account as a lump sum and the remainder as a lifetime annuity, or refund your entire account. By signing up you are agreeing to receive emails according to our privacy policy. Q: Are OPERS retirees able to change the percentage of our pension weve said well leave to dependents? Q: My retirement date was set as March 1. OPERS provides age and service retirement, disability benefit and survivor benefit programs for public employees throughout the state who are not covered by another state or local retirement system. OPERS website offers a search function to locate contributing positions by city.

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