As a faculty member, you are automatically enrolled in STRS upon your hire, rehire, or job change.  Faculty who are considered full time also have the choice to elect the ARP, however part time and adjunct faculty members are not eligible.  All faculty members are eligible to participate in the supplemental retirement plans.

If you elect to participate in an ARP, an election form must be received by the Office of Human Resources no later than 120 days from, and including, the effective date of your eligible appointment.  If an ARP election form is not received timely, you will automatically be placed into STRS.  If you remain in STRS, you have 180 days from your date of hire to select a plan within STRS.

If you elect to participate in an ARP and waive your right to participate in the STRS it is irrevocable while continuously employed at UA. You would have to have a break in service of 365 days or more, in order to change to STRS.

To compare the difference between the STRS plans and an ARP, please see retirement plan comparison chart provided by STRS website.

Both you and the university contribute to your retirement account.  Your contributions are made on a pre-tax basis; federal and state taxes are deferred until benefits are paid. Benefits are exempt from local and municipal taxes within Ohio, except school district income tax.  Any investment return on your account is also tax-deferred.

To learn more about the three options offered by STRS, please visit the STRS website or contact them directly at 1-888-227-7877.  To learn more about the ARP, please review the Alternative Retirement Plan Tab.

As a staff or professional staff member, you are automatically enrolled in OPERS upon your hire, rehire, or job change.  Staff who are considered full time also have the choice to elect the ARP.  Staff members who are not considered full time are not eligible for the ARP.  All staff members are eligible to participate in the supplemental retirement plans.

If you elect to participate in an ARP, an election form must be received by the Office of Human Resources no later than 120 days from, and including, the effective date of your eligible appointment.  If an ARP election form is not received timely, you will automatically be placed into OPERS.  If you remain in OPERS, you have 180 days from your date of hire to select a plan within OPERS.

If you elect to participate in an ARP and waive your right to participate in the OPERS it is irrevocable while continuously employed at UA. You would have to have a break in service of 365 days or more, in order to change to OPERS.

Both you and the university contribute to your retirement account.  Your contributions are made on a pre-tax basis; federal and state taxes are deferred until benefits are paid. Benefits are exempt from local and municipal taxes within Ohio, except school district income tax.  Any investment return on your account is also tax-deferred.

To learn more about the options offered by OPERS, please visit the OPERS website or contact them directly at 1-800-222-7377.  To learn more about the ARP, please review the Alternative Retirement Plan Tab. 

(Note:  Staff and Professional Staff hired prior to September 28, 2016 elected retirement from the School Employees Retirement System (OHSERS).  To learn more about the options offered by OHSERS, please visit the SERS website or contact them directly at 1-866-280-7377. Professional Staff may have been enrolled in OHSERS prior to September 28, 2016 or may be grandfathered in STRS based on their job specification. To learn more about options offered by STRS, please visit the STRS website or contact them directly at 1-888-227-7877.)

The alternative retirement plan, a 401(a) account, is a defined contribution plan in which an employee and employer contribute a defined pre-tax percentage of pay. The employee makes the investment decisions and those choices determine the amount of investment risk that the employee bears. The account balance consists of contributions made by the employee and the employer, along with the account’s investment gains or losses. This provides flexibility to the employee to make choices that are right for you.
Ohio Law requires a portion of the employer contribution for an ARP member go to the state retirement system to mitigate any negative financial impact of the ARP on the state retirement system. This is known as the mitigating rate. The mitigating rate is subject to fluctuation and may increase or decrease at any time based on current law.
The current mitigating rate for staff who selected the ARP in place of OPERS is 2.24%.
The current mitigating rate for faculty who selected the ARP in place of STRS is 2.91%. 

Please see the table below. 

Screenshot 2023-06-07 084707.png

Total Service for Vesting
Less than 3 years 0%
2-5 years 50%
5+ years 100%

Year of Service for Vesting:

An employee shall be credited with a "Year of Service for Vesting" on the first anniversary of the 12-consecutive month period beginning on the later of the employee's Employment Commencement Date or the date that the employee performs an Hour of Service after he or she attains age 18, and each anniversary thereof.


Administrative Employees with nine-month contracts and Academic Employees shall be credited with a "Year of Service for Vesting" upon the earlier of: (a) the first anniversary of the 12-consecutive month period beginning on the employee's Employment Commencement Date; or (b) the completion of each nine-month academic year or nine-month contract.

Website: https://ohiohighered.aigrs.com/home

AIG Transition Presentation

Transition Guide

Customer Service: 1-800-448-2542 – Preferred number for existing Corebridge account holders

 

Enrollment Center: 1-888-569-7055 – Preferred number for assistance with new plan enrollments

Financial Professional contact information
James Musengo, CFP®
VALIC Financial Advisors, Inc.
Tel 216 643 6340 | Cell 330 221 1899| Fax 216 777 1171
james.musengo@aig.com

Andrew Bragg
VALIC Financial Advisors, Inc.
Tel 614 436 4551 | Cell 614 448 6015 | Fax 614 961 4254
Andrew.Bragg@aig.com

Chase Pegrim
VALIC Financial Advisors, Inc.

Tel 216 643 6340 | Cell 216 347 2874 | Fax 234 888 5012
Chase.Pegrim@aig.com 

Website: https://equitable.com/

Equitable Presentation

Equitable Transition Timeline

Enrollment Flyer

Annuities v. Mutual Funds Flyer

www.equitable.com/my401a

www.equitable.com/my403b

Customer Service:  1-800-551-2423

The Schwab Personal Choice Retirement Account has been established for your retirement plan.  Below listed are your Schwab plan IDs and participant login information.   

University of Akron 403b
Plan ID  6565 
Login 151645 
Password 2059 

University of Akron 457
Plan ID  8991 
Login 078229 
Password 3005 

University of Akron ARP
Plan ID  6825 
Login 531896 
Password 0997 

You can register to manage your account by going to www.schwab.com/pcraopen.  Below is an enrollment guide along with a helpful “How-To” video to assist you. 

PCRA How-To video www.schwab.com/pcrahowto   

 

Website: https://www.tiaa.org/public/tcm/uakron

TIAA Transition Presentation

Manage your account: Visit https://www.tiaa.org/public/tcm/uakron and log in to manage your account. If you're new to TIAA, select "Log in" then "Register" for online access. Follow the on-screen directions to access your account. 

Phone: 800-842-2252, weekdays 8:00 a.m. to 10:00 p.m. (ET)

Schedule an investment advice session: https://www.tiaa.org/public/support/contact-us/consultations-seminars 

Transition Guide

Announcement Letter

Enrollment Flyer

Retirement Planning Flyer

Website: https://www.voyaretirementplans.com

VOYA Transition Newsletter

Online Enrollment Instructions

VOYA Presentation

403(b) Comparison Chart

VOYA Retirement Choice II

VOYA Cover Letter

VOYA Performance Update

VOYA Fund Mapping

Customer Service:  1-800-584-6001

Call for an appointment:  330-471-8897

Brian D. Koch, AIF®

Financial Advisor

D.P. Cushing and Associates

5906 Mayfair Rd., NW

North Canton, OH 44720

Tel: 234.347.0384

Email: Brian.Koch@voyafa.com

www.dpcushing.com

 

David P. Cushing, CRPC®, AIF®

Financial Advisor

D.P. Cushing and Associates

5906 Mayfair Rd., NW

North Canton, OH 44720

Tel: 330.471.8897

Email: David.Cushing@voyafa.com

www.dpcushing.com

Beginning June 1, 2022, you’ll have access to the Retirement@Work® online retirement plan portal. It brings all of your UA retirement plan account information together, regardless of investment provider – AIG, Equitable, TIAA or Voya. (Please note this portal does not include information regarding OPERS, SERS, STRS, or Ohio Deferred Compensation.)

Not a participant yet? You will be able to enroll through Retirement@Work beginning on June 1, 2022, and start saving for your financial future.

With Retirement@Work, you can manage your savings online in one spot whenever you want, making it easier for you to:
• Track your progress: Get a snapshot of all your investments, and view current and past transactions.
• Make informed decisions: Learn more about your retirement plan(s), and use calculators and other tools to help plan for the type of retirement you want.
• Take action: Change your contribution amount or how it’s split among your selected investment provider(s).

Retirement@Work Online Portal

Click here for step-by-step instructions on how to access the Retirement@Work online portal. 

If you are having issues logging on to the portal, please contact TIAA by phone at 1-800-842-2252, weekdays 8:00 a.m. to 10:00 p.m. (ET).

Forms

Steps to Retirement


Related:

Benefits Administration

Mailing Address:
The University of Akron
Human Resources, Benefits Administration
Akron, Ohio 44325-0602

Building Location:
Administrative Services Building
185 E. Mill St

Email us!

Phone: 330-972-7381
Fax: 330-972-2336

Contact Us