State Teacher Plans for Ohio

Many teachers do not have access to low-cost choices in their 403(b) plans. Of the 240 district 403(b) plans that we have graded so far in Ohio, 0 districts have an A rating, 0 districts have a B rating, 117 districts have a C rating, 30 districts have a D rating, and 93 districts have an F rating.

If you are a teacher in Ohio, here are the state teacher plan options that are available to you.

Ohio STRS

Most states still offer a traditional formula-based pension. Under this type of arrangement an educator would receive a percentage of their final year's salary until death that is based on some combination of years worked, age, and salary. Some states have made pension plans less generous to new hires, and some states have replaced traditional pensions with 401(k)-type plans.

More information about the Ohio STRS plan is available directly from the pension website, and Karl Fisch's book on the Ohio pension is available here. Pension plan information for other states is also available for reference through this state pension search tool. This data is shared with us by Karl Fisch, and it is current as of January 1, 2025.

Applicable to All Teachers

Social Security

Ohio teachers do not pay into Social Security

Administrative Fee for Supplemental Plans

0.14% for 457

New Teachers Hired On or After 1/1/2024

Choice of Defined Benefit, Defined Contribution, or Hybrid

Employee 14%
Hybrid plan: 12% into defined contribution Employer 14%
Defined contribution plan: 9.53% into defined contribution
Hybrid plan: 14% into defined contribution

Multiplier

2.2% for defined benefit
1% for hybrid plan

Average Salary

Highest 5 years

Normal Retirement

Age 60 or later

Cost-of-Living Adjustment (COLA)

Defined benefit5-year delay
Determined yearly by legislature

Veteran Teachers Hired Prior to 1/1/2001

There are no additional benefit tiers between the new teacher and veteran teacher tiers compared here. The exact transition date between these tiers is not relevant to this comparison.

Choice of Defined Benefit, Defined Contribution, or Hybrid

Employee 14%
Hybrid plan: 12% into defined contribution Employer 14%
Defined contribution plan: 9.53% into defined contribution
Hybrid plan: 14% into defined contribution

Multiplier

2.2% for defined benefit
1% for hybrid plan

Average Salary

Highest 5 years

Normal Retirement

Defined benefitAny age with 35 years of service
Age 65 with 5 years of serviceHybrid planAge 60 or later

Cost-of-Living Adjustment (COLA)

Defined benefit5-year delay
Determined yearly by legislature

Ohio 457(b)

Every state operates a 457(b) plan that serves governmental workers like police, fire, and state government officials. These plans are generally excellent, and in many cases they are superior to the 403(b) offerings available in school district plans. Most states allow educators to participate in these plans; unfortunately, about a dozen do not.

Find out more about how we rate state 457(b) plans and view plans in other states.

Green Ohio Deferred Compensation Plan

Ohio teachers are eligible to contribute to this plan.

Fees

0.14% admin fee, $0 account fee, and a low index fee

Record Keeper

Nationwide

Target Date Fund

Blackrock

NOTE: Annual admin fees capped at $220. No fees on balances under $5,000.

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