Common use of OPERS Clause in Contracts

OPERS. Members of the Bargaining Unit appointed after July 1, 1977 shall participate in the Ohio Public Employees Retirement System (OPERS) with eligibility and contributions determined by regulations of said retirement systems. ARP – Full-time (100% FTE) Bargaining Unit members hired after August 1, 2005, or with less than five years of service credit in OPERS as of that date, can elect to participate in the Ohio Alternative Retirement Plan (ARP). Eligible members may make a one-time irrevocable election to opt out of OPERS and participate in the ARP. The election must be made within 120 days of the date of hire. Bargaining Unit members shall make periodic contributions with the University. The University contribution may be adjusted based on any changes to the unfunded liability percentage remitted to OPERS as required and set by law and/or the Ohio Retirement Commission.

OPERS. Members of the Bargaining Unit appointed after July 1, 1977 1 977 shall participate in the Ohio Public Employees Retirement System (OPERS) with eligibility and contributions determined by regulations of said retirement systems. ARP – - Full-time (1001 00% FTE) Bargaining Unit members hired after August 1, 2005, or with less than five years of service credit in OPERS as of that date, can elect to participate in the Ohio Alternative Retirement Plan (ARP). Eligible members may make a one-time irrevocable election to opt out of OPERS and participate in the ARP. The election must be made within 120 1 20 days of the date of hire. Bargaining Unit members shall make periodic contributions with the University. The University contribution may be adjusted based on any changes to the unfunded liability percentage remitted to OPERS as required and set by law and/or the Ohio Retirement Commission.