GETTING TO KNOW SERS
Serving the People Who Serve Our Schools®
MEMBERSHIP IN SERS
SERS is a defined benefit (DB) plan:
�
AGE
FINAL AVERAGE
SALARY (FAS)
SERVICE
CREDIT
EARNING SERVICE CREDIT
Fiscal year: July 1 – June 30
120 days in a fiscal year =
1 year of service credit
One day includes paid:
=
PURCHASABLE SERVICE
System with the greatest service credit = paying system
SERS, OPERS, AND STRS
Only one year of service credit can be earned in any 12-month period
Your accounts and service credit may be combined at retirement
POST-PENSION REFORM ELIGIBILITY
For members who had less than
25 years of service credit as of August 1, 2017
AGE
SERVICE
CREDIT
62
60
57
10
25
30
PENSION BASED ON:
AGE
FINAL
AVERAGE
SALARY
(FAS)
SERVICE
CREDIT
YOUR
PAYCHECK
IN
RETIREMENT
THINGS TO CONSIDER
Marital Status
Health
Finances
$
Beneficiary Needs for Health Care
Pension for life
PLANS OF PAYMENT
JOINT PLANS OF PAYMENT
Plan A – Joint Survivor Allowance
Plan C – Joint Survivor Allowance
Plan D – Joint Survivor Allowance
To you for life. After your death, one-half of this amount to your spouse for life.
Member Amount $1,340.00
Beneficiary Amount $ 670.00
To you for life. After your death, other proportionate amount to your beneficiary.
Member Amount $1,438.00
Beneficiary Amount $ 100.00
To you for life. After your death, the same amount to your beneficiary.
Member Amount $1,243.00
Beneficiary Amount $1,243.00
**includes continuing health care coverage for a spouse
PLANS OF PAYMENT
Plan E – Guaranteed Allowance Certain and Continuous
Plan F – Joint Survivor Allowance, Multiple Beneficiaries
5 Years Certain – To you for life. After your death, the same amount to your beneficiary(s)
for 5 years after effective retirement date.
Amount $1,447.00
10 Years Certain – To you for life. After your death, the same amount to your beneficiary(s)
for 10 years after effective retirement date.
Amount $1,424.00
15 Years Certain – To you for life. After your death, the same amount to your beneficiary(s)
for 15 years after effective retirement date.
Amount $1,388.00
To you for life. After your death, other amount to your beneficiaries.
Contact SERS for estimate
LIFE-CHANGING EVENTS
POP
UP
POP
DOWN
PARTIAL LUMP SUM OPTION PAYMENT�(PLOP)
DISABILITY BENEFITS
Apply within two years from the date your contributing service stopped
QUALIFICATIONS:
Minimum five years service credit
Disabled from your SERS-covered position for a period of at least 12 months
SURVIVOR BENEFITS
If you die before you begin receiving a monthly service retirement or while you are receiving a disability benefit, your qualifying survivors are entitled to certain benefits.
REFUNDING YOUR SERS ACCOUNT
No matter the amount of the refund, consider rolling that money into a retirement savings account
Only entitled to the contributions you contributed and any amounts you paid for the purchase of service credit
Only available after SERS-covered employment has ended
- No hardship withdrawals, partial refund, or loans
Once refund is paid, you lose any right to a retirement or disability benefit, and your dependents lose any right to survivor benefits
HEALTH CARE
COVERAGE
WHEN CAN I ENROLL?
Within 31 days of involuntary loss of coverage
At retirement or when you start�receiving a disability benefit
Within 90 days of becoming eligible for Medicare
ELIGIBILITY AND SERS SUBSIDY
Eligibility for employer health care
10
Years of qualified service credit
Eligibility for SERS health care
20 25 30
Premium
Subsidy
2026 PREMIUM EXAMPLE
SERS Coverage | No Premium Subsidy | Subsidized Premiums | ||
20 Years Qualified Service | 25 Years Qualified Service | 30 Years Qualified Service | ||
Non-Medicare Plan �(under age 65) | $1,671 | $853 | $526 | $362 |
Medicare Plan | $178 | $97 | $64 | $48 |
WORKING AFTER RETIRING
CONTACT INFORMATION AND LINKS
Call SERS at 1-800-878-5853
Visit our website: www.ohsers.org
Connect with us:
Visit the Social Security Administration website: http://www.ssa.gov/gpo-wep/
facebook.com/SERSofOhio
youtube.com/SERSofOhio
QUESTIONS?