If I select the STRS Ohio Combined Plan, then switch to the STRS Ohio Defined Contribution Plan at the five-year point, how much of my account transfers to the new plan?
You will take your account withdrawal value to the Defined Contribution Plan as of July 1 of the switch year. This would include the entire defined contribution account balance and the present value of future benefits you earned in the defined benefit portion of your account. If the service credit is less than five years, the value of the defined benefit portion is $0. If you have five years of service credit, you will get the present value of being paid 5% of final average salary for life at age 60.
Related Questions
- If I select the STRS Ohio Defined Contribution or Combined Plan, are there any restrictions on moving money from one investment option to another? How do I make changes to my account?
- If I elect the STRS Ohio Defined Contribution or Combined Plan now and switch to the STRS Ohio Defined Benefit Plan following my fourth anniversary, how will my account be affected?
- Is service credit applicable in the STRS Ohio Defined Contribution or Combined Plan options?
