Alternative Retirement Program (ARP). For full-time bargaining unit members electing to enroll in an ARP, the University shall reduce their salary by the applicable OPERS rates. The University shall also contribute a designated amount to the ARP as well as a mandatory contribution to OPERS in compliance with OPERS rates.
Alternative Retirement Program (ARP). Full-time (100% FTE) Bargaining Unit members appointed after June 23, 1998 can elect to participate in the Ohio Alternative Retirement Plan (ARP). Eligible members may make a one time irrevocable election to opt out of the State Teachers Retirement System (STRS) or the Ohio Public Employees Retirement System (OPERS) and participate in the ARP. The election must be made within ninety (90) days of the date of hire. Bargaining Unit members participating in the ARP shall make periodic contributions with the University. The rates on the effective date of this Agreement are: STRS Eligible: ARP: University 10.5% Bargaining Unit Members 10.0% OPERS Eligible: ARP: University 12% Bargaining Unit Members 8.5% The University contribution may be adjusted based on any changes to the unfunded liability percentage remitted to STRS and/or OPERS and set by law and/or the Ohio Retirement Commission.
Alternative Retirement Program (ARP). Full time (100% FTE) Bargaining Unit members appointed after June 23, 1998 can elect to participate in the Ohio Alternative Retirement Plan (ARP). Eligible members may make a one time irrevocable election to opt out of the State Teachers Retirement Plan (STRS) and participate in the ARP. The election must be made within ninety (90) days of the date of hire. Bargaining unit members participating in the ARP shall make periodic contributions with the University as follows: ARP: University 8.0% Bargaining Unit Member 9.30% The University will contribute 6% to STRS toward the unfunded liability as required by law. The University contribution may be adjusted based on any changes to the unfunded liability percentage remitted to STRS as required and set by law and/or the Ohio Retirement Commission.
