Under the Ohio Public Employees Retirement System, or OPERS, members choose to retire under one of three benefit plans: a defined benefit plan, a member-directed plan or a combination plan, according to OPERS. The system also offers retirees the benefit of for-purchase health insurance for themselves and their families.Continue Reading
The OPERS defined benefit plan pays retirees a fixed monthly amount defined by a calculation based on the employee's age and years of service, explains OPERS.
Under the member-directed plan, which consists of contributions from the employee and the state, the employee invests the funds, and payments are defined by investment returns.
The combined plan consists of funds contributed and managed by the state as well as contributions the employee chooses to contribute and invest. Payment includes a variable return on the employee-invested contributions in addition to the fixed amount paid on the state's portion, states OPERS.Learn more about Financial Planning